Knights of Columbus Asset Advisors LLC Acquires Shares of 76,631 The Bank of New York Mellon Corporation $BK

Key Points

• Knights of Columbus Asset Advisors LLC acquired 76,631 shares of The Bank of New York Mellon Corporation, valued at approximately $6,982,000, during the 2nd quarter.
• Bank of New York Mellon announced a quarterly dividend increase to $0.53 per share, reflecting a positive change from the previous $0.47 dividend.
• Wall Street analysts have generally rated Bank of New York Mellon positively, with 10 analysts issuing a "Buy" rating and a consensus price target of $103.46.

Knights of Columbus Asset Advisors LLC purchased a new stake in The Bank of New York Mellon Corporation (NYSE:BK - Free Report) during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund purchased 76,631 shares of the bank's stock, valued at approximately $6,982,000.

A number of other institutional investors also recently modified their holdings of the business. Alpine Bank Wealth Management purchased a new stake in shares of Bank of New York Mellon during the first quarter worth $25,000. Opal Wealth Advisors LLC purchased a new position in shares of Bank of New York Mellon in the first quarter valued at $25,000. Hoey Investments Inc. bought a new stake in shares of Bank of New York Mellon during the 2nd quarter valued at $32,000. Orion Capital Management LLC purchased a new stake in Bank of New York Mellon during the 1st quarter worth about $32,000. Finally, Cornerstone Planning Group LLC boosted its stake in Bank of New York Mellon by 100.0% in the 1st quarter. Cornerstone Planning Group LLC now owns 392 shares of the bank's stock worth $30,000 after purchasing an additional 196 shares during the period. 85.31% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity 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 dated Tuesday, July 22nd. The shares were sold at an average price of $98.45, for a total transaction of $1,969,000.00. Following the sale, the executive vice president owned 35,115 shares of the company's stock, valued at approximately $3,457,071.75. The trade was a 36.29% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Corporate insiders own 0.14% of the company's stock.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on BK. Truist Financial increased their price target on shares of Bank of New York Mellon from $109.00 to $118.00 and gave the stock a "hold" rating in a report on Thursday. Citigroup increased their target price on shares of Bank of New York Mellon from $92.00 to $105.00 and gave the stock a "neutral" rating in a research note on Friday, September 5th. Keefe, Bruyette & Woods boosted 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 began coverage on Bank of New York Mellon in a research note on Thursday, September 25th. They set a "buy" rating for the company. Finally, Evercore ISI upped their target price on Bank of New York Mellon from $91.00 to $110.00 and gave the stock an "in-line" rating in a research note on Tuesday, September 30th. Ten investment 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 stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $103.46.

Bank of New York Mellon Price Performance

Shares of Bank of New York Mellon stock opened at $106.48 on Monday. 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 Bank of New York Mellon Corporation has a one year low of $70.46 and a one year high of $110.87. The business's 50 day simple moving average is $104.60 and its two-hundred day simple moving average is $93.05. The stock has a market capitalization of $75.09 billion, a P/E ratio of 16.26, a price-to-earnings-growth ratio of 1.01 and a beta of 1.13.

Bank of New York Mellon (NYSE:BK - Get Free Report) last announced its quarterly earnings results on Tuesday, July 15th. The bank reported $1.94 earnings per share for the quarter, beating 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 firm's revenue for the quarter was up 9.4% compared to the same quarter last year. During the same quarter in the prior year, the company posted $1.51 EPS. Analysts forecast that The Bank of New York Mellon Corporation will post 6.96 EPS for the current year.

Bank of New York Mellon Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, August 7th. Investors of record on Friday, July 25th were paid a $0.53 dividend. The ex-dividend date of this dividend was Friday, July 25th. This is a positive change from Bank of New York Mellon's previous quarterly dividend of $0.47. This represents a $2.12 dividend on an annualized basis and a yield of 2.0%. Bank of New York Mellon's payout ratio is 32.37%.

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.

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