The Bank of New York Mellon Corporation $BK Shares Purchased by Hsbc Holdings PLC

Key Points

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Hsbc Holdings PLC grew its position in The Bank of New York Mellon Corporation (NYSE:BK - Free Report) by 0.5% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 2,465,689 shares of the bank's stock after buying an additional 12,939 shares during the quarter. Hsbc Holdings PLC owned 0.34% of Bank of New York Mellon worth $206,311,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also recently bought and sold shares of the company. Parvin Asset Management LLC acquired a new position in Bank of New York Mellon in the 4th quarter valued at about $25,000. Opal Wealth Advisors LLC purchased a new stake in Bank of New York Mellon during the 1st quarter worth approximately $25,000. Alpine Bank Wealth Management purchased a new position in Bank of New York Mellon in the 1st quarter valued at approximately $25,000. Bellwether Advisors LLC acquired a new position in shares of Bank of New York Mellon in the fourth quarter worth $28,000. Finally, REAP Financial Group LLC increased its position in shares of Bank of New York Mellon by 123.2% during the fourth quarter. REAP Financial Group LLC now owns 395 shares of the bank's stock worth $30,000 after acquiring an additional 218 shares during the period. Institutional investors and hedge funds own 85.31% of the company's stock.

Insider Buying and Selling

In related news, EVP J Kevin Mccarthy sold 20,000 shares of the stock in a transaction on Tuesday, July 22nd. The shares were sold at an average price of $98.45, for a total transaction of $1,969,000.00. Following the completion of the sale, the executive vice president owned 35,115 shares in the company, valued at $3,457,071.75. This represents a 36.29% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 0.14% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

Several research firms recently commented on BK. Wells Fargo & Company boosted their target price on Bank of New York Mellon from $96.00 to $100.00 and gave the stock an "equal weight" rating in a research note on Wednesday, July 16th. Keefe, Bruyette & Woods lifted their price objective on Bank of New York Mellon from $105.00 to $113.00 and gave the company an "outperform" rating in a research note on Wednesday, July 16th. Truist Financial upped their target price on shares of Bank of New York Mellon from $100.00 to $109.00 and gave the stock a "hold" rating in a research note on Thursday, August 14th. Evercore ISI lifted their price target on shares of Bank of New York Mellon from $88.00 to $90.00 and gave the stock an "in-line" rating in a research note on Wednesday, July 2nd. Finally, Morgan Stanley boosted their price target on shares of Bank of New York Mellon from $95.00 to $101.00 and gave the stock an "overweight" rating in a report on Wednesday, July 16th. Eight analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company. According to MarketBeat.com, Bank of New York Mellon currently has a consensus rating of "Moderate Buy" and a consensus target price of $95.08.

Bank of New York Mellon Stock Up 0.5%

Shares of NYSE BK traded up $0.4720 during mid-day trading on Thursday, reaching $101.7220. The company had a trading volume of 2,451,255 shares, compared to its average volume of 3,391,840. The firm has a 50 day simple moving average of $96.69 and a two-hundred day simple moving average of $88.50. The Bank of New York Mellon Corporation has a 52-week low of $65.24 and a 52-week high of $104.47. The company has a current ratio of 0.72, a quick ratio of 0.72 and a debt-to-equity ratio of 0.86. The stock has a market cap of $71.74 billion, a P/E ratio of 15.53, a PEG ratio of 0.96 and a beta of 1.12.

Bank of New York Mellon (NYSE:BK - Get Free Report) last released its quarterly earnings data on Tuesday, July 15th. The bank reported $1.94 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.73 by $0.21. Bank of New York Mellon had a net margin of 12.27% and a return on equity of 13.46%. The company had revenue of $4.77 billion during the quarter, compared to the consensus estimate of $4.80 billion. During the same quarter in the prior year, the firm posted $1.51 earnings per share. Bank of New York Mellon's revenue for the quarter was up 9.4% on a year-over-year basis. Sell-side analysts predict that The Bank of New York Mellon Corporation will post 6.96 earnings per share for the current year.

Bank of New York Mellon Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, August 7th. Stockholders of record on Friday, July 25th were issued a $0.53 dividend. This represents a $2.12 dividend on an annualized basis and a dividend yield of 2.1%. The ex-dividend date of this dividend was Friday, July 25th. This is a positive change from Bank of New York Mellon's previous quarterly dividend of $0.47. Bank of New York Mellon's dividend payout ratio is presently 32.37%.

Bank of New York Mellon Profile

The Bank of New York Mellon Corporation provides a range of financial products and services in the United States and internationally. The company operates through Securities Services, Market and Wealth Services, Investment and Wealth Management, and other segments. The Securities Services segment offers custody, trust and depositary, accounting, exchange-traded funds, middle-office solutions, transfer agency, services for private equity and real estate funds, foreign exchange, securities lending, liquidity/lending services, and data analytics.