The Bank of New York Mellon Corporation (NYSE:BK) Shares Bought by ING Groep NV

Key Points

• ING Groep NV increased its holdings in The Bank of New York Mellon Corporation by 33.1% in the first quarter, owning a total of 10,312 shares valued at approximately $865,000.
• The company recently announced a quarterly dividend of $0.53, up from the previous $0.47, representing an annualized yield of 2.1%.
• After beating earnings estimates with an EPS of $1.94, research analysts have raised price targets for the stock, with the average target now at $94.38 and a consensus rating of "Moderate Buy".

ING Groep NV boosted its holdings in The Bank of New York Mellon Corporation (NYSE:BK - Free Report) by 33.1% in the first quarter, according to its most recent Form 13F filing with the SEC. The fund owned 10,312 shares of the bank's stock after purchasing an additional 2,563 shares during the period. ING Groep NV's holdings in Bank of New York Mellon were worth $865,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Parvin Asset Management LLC purchased a new position in Bank of New York Mellon in the fourth quarter valued at about $25,000. Opal Wealth Advisors LLC purchased a new position in Bank of New York Mellon in the first quarter valued at about $25,000. Alpine Bank Wealth Management purchased a new position in Bank of New York Mellon in the first quarter valued at about $25,000. Bellwether Advisors LLC purchased a new position in Bank of New York Mellon in the fourth quarter valued at about $28,000. Finally, REAP Financial Group LLC lifted its holdings in Bank of New York Mellon by 123.2% during the 4th quarter. REAP Financial Group LLC now owns 395 shares of the bank's stock worth $30,000 after buying an additional 218 shares during the last quarter. Hedge funds and other institutional investors 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 firm's stock in a transaction that occurred on Tuesday, July 22nd. The stock was sold at an average price of $98.45, for a total value of $1,969,000.00. Following the sale, the executive vice president directly owned 35,115 shares in the company, valued at $3,457,071.75. This trade represents a 36.29% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.14% of the stock is currently owned by corporate insiders.

Bank of New York Mellon Stock Performance

Shares of Bank of New York Mellon stock traded up $1.01 on Friday, reaching $103.22. 3,083,288 shares of the company were exchanged, compared to its average volume of 4,312,141. The company has a debt-to-equity ratio of 0.86, a quick ratio of 0.69 and a current ratio of 0.72. The company's 50-day moving average is $94.41 and its two-hundred day moving average is $87.48. The firm has a market cap of $72.79 billion, a price-to-earnings ratio of 15.76, a P/E/G ratio of 0.99 and a beta of 1.12. The Bank of New York Mellon Corporation has a 1-year low of $62.83 and a 1-year high of $103.98.

Bank of New York Mellon (NYSE:BK - Get Free Report) last posted its earnings results on Tuesday, July 15th. The bank reported $1.94 EPS for the quarter, beating the consensus estimate of $1.73 by $0.21. Bank of New York Mellon had a return on equity of 13.46% and a net margin of 12.27%. The firm had revenue of $4.77 billion for the quarter, compared to analysts' expectations of $4.80 billion. During the same period last year, the firm earned $1.51 EPS. The firm's revenue was up 9.4% compared to the same quarter last year. As a group, research analysts expect that The Bank of New York Mellon Corporation will post 6.96 earnings per share for the current fiscal year.

Bank of New York Mellon Increases Dividend

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

Analysts Set New Price Targets

A number of research analysts have commented on BK shares. Wells Fargo & Company increased 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 report on Wednesday, July 16th. Truist Financial increased their target price on Bank of New York Mellon from $97.00 to $100.00 and gave the stock a "hold" rating in a report on Wednesday, July 16th. Morgan Stanley increased their target price on 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. Keefe, Bruyette & Woods increased their target price on Bank of New York Mellon from $105.00 to $113.00 and gave the stock an "outperform" rating in a report on Wednesday, July 16th. Finally, Evercore ISI increased their target price on Bank of New York Mellon from $88.00 to $90.00 and gave the stock an "in-line" rating in a report on Wednesday, July 2nd. Seven research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. According to data from MarketBeat, Bank of New York Mellon has a consensus rating of "Moderate Buy" and an average target price of $94.38.

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.