16,430 Shares in The Bank of New York Mellon Corporation (NYSE:BK) Bought by IPG Investment Advisors LLC

Key Points

• IPG Investment Advisors LLC has invested $1.38 million in The Bank of New York Mellon Corporation, acquiring approximately 16,430 shares of the bank's stock.
• Analysts have raised their price targets for Bank of New York Mellon, with the consensus rating being "Moderate Buy" and a target price of $94.38.
• The bank announced an increase in its quarterly dividend to $0.53 per share, reflecting a 2.1% yield and a payout ratio of 32.37%.

IPG Investment Advisors LLC acquired a new position in shares of The Bank of New York Mellon Corporation (NYSE:BK - Free Report) in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm acquired 16,430 shares of the bank's stock, valued at approximately $1,378,000.

Other large investors also recently modified their holdings of the company. Parvin Asset Management LLC purchased a new position in Bank of New York Mellon during the 4th quarter worth $25,000. Opal Wealth Advisors LLC purchased a new position in Bank of New York Mellon during the 1st quarter worth $25,000. Alpine Bank Wealth Management purchased a new position in Bank of New York Mellon during the 1st quarter worth $25,000. Bellwether Advisors LLC purchased a new position in Bank of New York Mellon during the 4th quarter worth $28,000. Finally, REAP Financial Group LLC boosted 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 acquiring an additional 218 shares during the last quarter. Institutional investors and hedge funds own 85.31% of the company's stock.

Analyst Ratings Changes

BK has been the topic of a number of research analyst reports. Truist Financial boosted their price target on shares of 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 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. Evercore ISI boosted 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 report on Wednesday, July 2nd. Keefe, Bruyette & Woods boosted their price target on shares of 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, Wells Fargo & Company boosted their price target on shares of 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. Seven research analysts have rated the stock with a hold rating and eight have given a buy rating to the company. According to MarketBeat.com, Bank of New York Mellon has an average rating of "Moderate Buy" and a consensus target price of $94.38.

Insider Transactions at Bank of New York Mellon

In other Bank of New York Mellon news, EVP J Kevin Mccarthy sold 20,000 shares of the company'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 completion of the sale, the executive vice president owned 35,115 shares of the company's stock, valued at $3,457,071.75. This represents a 36.29% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 0.14% of the stock is currently owned by corporate insiders.

Bank of New York Mellon Price Performance

Shares of BK traded down $0.77 during midday trading on Tuesday, hitting $100.64. 3,630,031 shares of the company traded hands, compared to its average volume of 4,386,090. The company has a debt-to-equity ratio of 0.86, a current ratio of 0.72 and a quick ratio of 0.69. The stock has a 50-day moving average of $93.59 and a 200-day moving average of $87.12. The firm has a market cap of $70.98 billion, a P/E ratio of 15.37, a PEG ratio of 0.99 and a beta of 1.12. The Bank of New York Mellon Corporation has a one year low of $61.25 and a one year high of $103.16.

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

Bank of New York Mellon Increases Dividend

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

Bank of New York Mellon Company 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.