7,331 Shares in The Bank of New York Mellon Corporation $BK Bought by IronOak Wealth LLC.

Key Points

• IronOak Wealth LLC has invested approximately $668,000 in The Bank of New York Mellon Corporation, acquiring 7,331 shares during the second quarter.
• Bank of New York Mellon recently declared an increased quarterly dividend of $0.53, up from the previous $0.47, reflecting a commitment to returning value to shareholders.
• In the second quarter, the bank's stock price has shown positive performance, with a 9.4% year-over-year increase in quarterly revenue, driven by an EPS of $1.94 that exceeded analyst expectations.

IronOak Wealth LLC. bought a new position in The Bank of New York Mellon Corporation (NYSE:BK - Free Report) in the second quarter, according to the company in its most recent disclosure with the SEC. The institutional investor bought 7,331 shares of the bank's stock, valued at approximately $668,000.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Opal Wealth Advisors LLC bought a new position in shares of Bank of New York Mellon during the first quarter valued at $25,000. Alpine Bank Wealth Management bought a new stake in shares of Bank of New York Mellon in the 1st quarter valued at about $25,000. REAP Financial Group LLC increased its stake in shares of Bank of New York Mellon by 123.2% in the fourth quarter. REAP Financial Group LLC now owns 395 shares of the bank's stock valued at $30,000 after buying an additional 218 shares during the period. Cornerstone Planning Group LLC lifted its stake in shares of Bank of New York Mellon by 100.0% in the first quarter. Cornerstone Planning Group LLC now owns 392 shares of the bank's stock worth $30,000 after acquiring an additional 196 shares during the period. Finally, Orion Capital Management LLC acquired a new position in shares of Bank of New York Mellon in the first quarter worth approximately $32,000. 85.31% of the stock is currently owned by institutional investors.

Bank of New York Mellon Trading Up 0.7%

NYSE BK traded up $0.76 during trading on Monday, hitting $109.47. The company had a trading volume of 2,905,255 shares, compared to its average volume of 3,012,109. The company's fifty day moving average is $102.82 and its 200-day moving average is $91.42. 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 company has a market cap of $77.20 billion, a price-to-earnings ratio of 16.71, a price-to-earnings-growth ratio of 1.03 and a beta of 1.14. The Bank of New York Mellon Corporation has a one year low of $70.41 and a one year high of $109.72.

Bank of New York Mellon (NYSE:BK - Get Free Report) last issued its earnings results on Tuesday, July 15th. The bank reported $1.94 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.73 by $0.21. The business had revenue of $4.77 billion during 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%. The business's revenue for the quarter was up 9.4% compared to the same quarter last year. During the same period in the previous year, the company earned $1.51 earnings per share. On average, 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 company 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 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 annualized dividend and a dividend yield of 1.9%. Bank of New York Mellon's dividend payout ratio (DPR) is 32.37%.

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on BK. Truist Financial boosted their target price on shares of Bank of New York Mellon from $100.00 to $109.00 and gave the company a "hold" rating in a report on Thursday, August 14th. Wells Fargo & Company raised 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. Evercore ISI increased their price target 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. Citigroup boosted their target price on shares of Bank of New York Mellon from $92.00 to $105.00 and gave the company a "neutral" rating in a research report on Friday, September 5th. Finally, Keefe, Bruyette & Woods upped their price objective 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 research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target of $96.62.

Insider Activity

In other news, EVP J Kevin Mccarthy sold 20,000 shares of the company's 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 completion of the sale, the executive vice president owned 35,115 shares of the company's stock, valued at approximately $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 accessible through this link. Corporate insiders own 0.14% of the company's stock.

About Bank of New York Mellon

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.