Invst LLC bought a new stake in The Bank of New York Mellon Corporation (NYSE:BK - Free Report) in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm bought 8,410 shares of the bank's stock, valued at approximately $705,000.
Several other institutional investors and hedge funds have also recently modified their holdings of BK. Ameriprise Financial Inc. grew its holdings in shares of Bank of New York Mellon by 1.9% in the first quarter. Ameriprise Financial Inc. now owns 12,043,601 shares of the bank's stock valued at $1,010,093,000 after purchasing an additional 221,613 shares in the last quarter. Nuveen LLC purchased a new stake in Bank of New York Mellon during the 1st quarter worth about $773,627,000. Invesco Ltd. boosted its stake in shares of Bank of New York Mellon by 8.8% in the 1st quarter. Invesco Ltd. now owns 8,264,176 shares of the bank's stock valued at $693,116,000 after buying an additional 667,966 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its stake in shares of Bank of New York Mellon by 5.7% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 8,125,577 shares of the bank's stock worth $681,492,000 after buying an additional 436,100 shares during the period. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its holdings in Bank of New York Mellon by 15.9% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 7,689,477 shares of the bank's stock valued at $590,783,000 after acquiring an additional 1,055,389 shares in the last quarter. Hedge funds and other institutional investors own 85.31% of the company's stock.
Bank of New York Mellon Stock Performance
BK traded up $1.41 on Thursday, hitting $108.42. 1,190,394 shares of the company's stock were exchanged, compared to its average volume of 4,055,649. 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 fifty day moving average of $101.95 and a two-hundred day moving average of $90.88. The firm has a market cap of $76.46 billion, a PE ratio of 16.54, a P/E/G ratio of 1.00 and a beta of 1.14. The Bank of New York Mellon Corporation has a twelve month low of $70.41 and a twelve month high of $108.55.
Bank of New York Mellon (NYSE:BK - Get Free Report) last posted its earnings results on Tuesday, July 15th. The bank reported $1.94 earnings per share (EPS) for the quarter, beating analysts' consensus estimates 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 company had revenue of $4.77 billion for the quarter, compared to analysts' expectations of $4.80 billion. During the same period last year, the business posted $1.51 earnings per share. The firm's quarterly revenue was up 9.4% compared to the same quarter last year. On average, research analysts anticipate 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 business also recently disclosed a quarterly dividend, which was paid on Thursday, August 7th. Stockholders of record on Friday, July 25th were given a dividend of $0.53 per share. This is a boost from Bank of New York Mellon's previous quarterly dividend of $0.47. The ex-dividend date was Friday, July 25th. This represents a $2.12 dividend on an annualized basis and a dividend yield of 2.0%. Bank of New York Mellon's payout ratio is currently 32.37%.
Insider Transactions at Bank of New York Mellon
In other news, EVP J Kevin Mccarthy sold 20,000 shares of Bank of New York Mellon stock in a transaction that occurred on Tuesday, July 22nd. The shares were sold at an average price of $98.45, for a total value of $1,969,000.00. Following the transaction, the executive vice president directly owned 35,115 shares of the company's stock, valued at $3,457,071.75. This trade represents a 36.29% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Insiders own 0.14% of the company's stock.
Analyst Ratings Changes
A number of research analysts have recently commented on BK shares. Morgan Stanley increased their price objective on Bank of New York Mellon from $95.00 to $101.00 and gave the company an "overweight" rating in a report on Wednesday, July 16th. Citigroup increased their price objective on Bank of New York Mellon from $92.00 to $105.00 and gave the company a "neutral" rating in a report on Friday, September 5th. 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 report on Wednesday, July 2nd. Truist Financial increased their price target 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. Finally, Keefe, Bruyette & Woods upped their target price on shares of Bank of New York Mellon from $105.00 to $113.00 and gave the company an "outperform" rating in a report on Wednesday, July 16th. Eight equities research analysts have rated the stock with a Buy rating and six have given a Hold rating to the company. According to MarketBeat, Bank of New York Mellon has an average rating of "Moderate Buy" and a consensus price target of $96.62.
View Our Latest Report on Bank of New York Mellon
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.
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