IFM Investors Pty Ltd boosted its stake in The Bank of New York Mellon Corporation (NYSE:BK - Free Report) by 8.2% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 167,826 shares of the bank's stock after purchasing an additional 12,684 shares during the period. IFM Investors Pty Ltd's holdings in Bank of New York Mellon were worth $14,076,000 at the end of the most recent quarter.
A number of other large investors have also added to or reduced their stakes in the stock. TrueMark Investments LLC bought a new stake in shares of Bank of New York Mellon during the 1st quarter valued at $4,282,000. O Shaughnessy Asset Management LLC grew its position in shares of Bank of New York Mellon by 11.7% during the 4th quarter. O Shaughnessy Asset Management LLC now owns 786,496 shares of the bank's stock valued at $60,426,000 after acquiring an additional 82,671 shares during the period. Wealth Enhancement Advisory Services LLC grew its position in shares of Bank of New York Mellon by 29.1% during the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 223,438 shares of the bank's stock valued at $18,740,000 after acquiring an additional 50,368 shares during the period. Sumitomo Mitsui DS Asset Management Company Ltd grew its position in shares of Bank of New York Mellon by 121.8% during the 1st quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 183,602 shares of the bank's stock valued at $15,399,000 after acquiring an additional 100,810 shares during the period. Finally, Natixis Advisors LLC grew its position in shares of Bank of New York Mellon by 6.5% during the 4th quarter. Natixis Advisors LLC now owns 285,965 shares of the bank's stock valued at $21,971,000 after acquiring an additional 17,457 shares during the period. Institutional investors own 85.31% of the company's stock.
Bank of New York Mellon Price Performance
BK stock traded down $0.53 during mid-day trading on Tuesday, hitting $92.72. The company had a trading volume of 4,318,704 shares, compared to its average volume of 4,131,744. The company has a market capitalization of $66.33 billion, a price-to-earnings ratio of 15.10, a P/E/G ratio of 1.04 and a beta of 1.07. The Bank of New York Mellon Corporation has a 12-month low of $59.41 and a 12-month high of $93.79. The company has a quick ratio of 0.69, a current ratio of 0.69 and a debt-to-equity ratio of 0.81. The company has a 50-day moving average price of $88.86 and a 200 day moving average price of $84.29.
Bank of New York Mellon (NYSE:BK - Get Free Report) last announced its quarterly earnings results on Friday, April 11th. The bank reported $1.58 EPS for the quarter, topping the consensus estimate of $1.50 by $0.08. The business had revenue of $4.79 billion for the quarter, compared to analysts' expectations of $4.76 billion. Bank of New York Mellon had a net margin of 11.78% and a return on equity of 12.96%. The business's quarterly revenue was up 5.9% compared to the same quarter last year. During the same quarter in the previous year, the company earned $1.29 EPS. On average, research analysts anticipate that The Bank of New York Mellon Corporation will post 6.96 earnings per share for the current year.
Bank of New York Mellon Announces Dividend
The business also recently declared a quarterly dividend, which was paid on Friday, May 2nd. Shareholders of record on Monday, April 21st were paid a $0.47 dividend. This represents a $1.88 annualized dividend and a yield of 2.03%. The ex-dividend date of this dividend was Monday, April 21st. Bank of New York Mellon's payout ratio is currently 30.62%.
Analyst Upgrades and Downgrades
A number of equities research analysts have recently issued reports on BK shares. Citigroup boosted their price objective on shares of Bank of New York Mellon from $82.00 to $85.00 and gave the company a "neutral" rating in a research report on Monday, March 24th. Morgan Stanley lifted their target price on shares of Bank of New York Mellon from $94.00 to $95.00 and gave the company an "overweight" rating in a research note on Tuesday, June 3rd. Evercore ISI lifted their target price on shares of Bank of New York Mellon from $88.00 to $90.00 and gave the company an "in-line" rating in a research note on Wednesday, July 2nd. Royal Bank Of Canada restated a "sector perform" rating and set a $90.00 target price on shares of Bank of New York Mellon in a research note on Monday, March 17th. Finally, Truist Financial cut shares of Bank of New York Mellon from a "buy" rating to a "hold" rating and lifted their target price for the company from $87.00 to $97.00 in a research note on Wednesday, May 28th. Seven analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $92.08.
Read Our Latest Stock Analysis on Bank of New York Mellon
Insiders Place Their Bets
In other news, VP Catherine Keating sold 65,473 shares of the company's stock in a transaction dated Monday, April 14th. The shares were sold at an average price of $77.31, for a total transaction of $5,061,717.63. Following the sale, the vice president directly owned 87,542 shares in the company, valued at approximately $6,767,872.02. This represents a 42.79% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP J Kevin Mccarthy sold 30,000 shares of the company's stock in a transaction dated Tuesday, April 29th. The shares were sold at an average price of $79.03, for a total transaction of $2,370,900.00. Following the sale, the executive vice president owned 55,115 shares in the company, valued at $4,355,738.45. This represents a 35.25% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 101,114 shares of company stock worth $7,869,795 in the last 90 days. 0.14% of the stock is currently owned by corporate insiders.
About Bank of New York Mellon
(
Free Report)
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.
Further Reading
Before you consider Bank of New York Mellon, you'll want to hear this.
MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Bank of New York Mellon wasn't on the list.
While Bank of New York Mellon currently has a Moderate Buy rating among analysts, top-rated analysts believe these five stocks are better buys.
View The Five Stocks Here
Just getting into the stock market? These 10 simple stocks can help beginning investors build long-term wealth without knowing options, technicals, or other advanced strategies.
Get This Free Report
