KG&L Capital Management LLC Makes New Investment in The Bank of New York Mellon Corporation $BK

Key Points

• KG&L Capital Management LLC acquired 3,237 shares of The Bank of New York Mellon Corporation, valued at approximately $295,000, during the second quarter.
• The Bank of New York Mellon recently increased its quarterly dividend to $0.53 per share, reflecting a boost from the previous dividend of $0.47.
• Bank of New York Mellon reported earnings of $1.94 per share for the last quarter, surpassing estimates and showing a year-over-year revenue increase of 9.4%.

KG&L Capital Management LLC acquired a new position in The Bank of New York Mellon Corporation (NYSE:BK - Free Report) during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The fund acquired 3,237 shares of the bank's stock, valued at approximately $295,000.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the business. Nuveen LLC acquired a new position in shares of Bank of New York Mellon in the 1st quarter worth $773,627,000. GAMMA Investing LLC raised its holdings in Bank of New York Mellon by 9,538.9% during the 1st quarter. GAMMA Investing LLC now owns 1,399,958 shares of the bank's stock worth $117,414,000 after buying an additional 1,385,434 shares during the period. AustralianSuper Pty Ltd purchased a new stake in Bank of New York Mellon during the first quarter valued at about $92,502,000. Goldman Sachs Group Inc. boosted its holdings in shares of Bank of New York Mellon by 26.3% in the first quarter. Goldman Sachs Group Inc. now owns 5,053,744 shares of the bank's stock worth $423,858,000 after buying an additional 1,052,145 shares during the period. Finally, Wellington Management Group LLP increased its position in shares of Bank of New York Mellon by 257.6% in the first quarter. Wellington Management Group LLP now owns 1,236,255 shares of the bank's stock worth $103,685,000 after acquiring an additional 890,593 shares in the last quarter. 85.31% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Bank of New York Mellon

In other news, EVP J Kevin Mccarthy sold 20,000 shares of the firm's stock in a transaction 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 sale, the executive vice president owned 35,115 shares in the company, valued at approximately $3,457,071.75. This trade represents a 36.29% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Corporate insiders own 0.14% of the company's stock.

Bank of New York Mellon Trading Up 0.5%

Bank of New York Mellon stock opened at $109.58 on Monday. The Bank of New York Mellon Corporation has a one year low of $70.41 and a one year high of $110.87. The company's fifty day moving average price is $103.79 and its two-hundred day moving average price is $92.19. The company has a debt-to-equity ratio of 0.86, a current ratio of 0.72 and a quick ratio of 0.72. The company has a market capitalization of $77.28 billion, a price-to-earnings ratio of 16.73, a PEG ratio of 1.03 and a beta of 1.14.

Bank of New York Mellon (NYSE:BK - Get Free Report) last released its quarterly 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. 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 during the quarter, compared to the consensus estimate of $4.80 billion. During the same quarter in the prior year, the company posted $1.51 EPS. The firm's revenue was up 9.4% on a year-over-year basis. On average, analysts forecast 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 disclosed a quarterly dividend, which was paid on Thursday, August 7th. Investors of record on Friday, July 25th were given a dividend of $0.53 per share. The ex-dividend date of this dividend was Friday, July 25th. This represents a $2.12 annualized dividend and a dividend yield of 1.9%. This is a boost from Bank of New York Mellon's previous quarterly dividend of $0.47. Bank of New York Mellon's payout ratio is presently 32.37%.

Analyst Upgrades and Downgrades

BK has been the subject of several research analyst reports. Keefe, Bruyette & Woods upped their price target on shares of Bank of New York Mellon from $105.00 to $113.00 and gave the company an "outperform" rating in a research report on Wednesday, July 16th. TD Cowen started coverage on Bank of New York Mellon in a research report on Thursday. They set a "buy" rating on the stock. Morgan Stanley raised their price objective on Bank of New York Mellon from $95.00 to $101.00 and gave the stock an "overweight" rating in a research report on Wednesday, July 16th. 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 report on Thursday, August 14th. Finally, Citigroup upped their price objective on shares of Bank of New York Mellon from $92.00 to $105.00 and gave the company a "neutral" rating in a research note on Friday, September 5th. Eight equities research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company's stock. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $98.00.

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.

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