L & S Advisors Inc Buys Shares of 51,240 The Bank of New York Mellon Corporation (NYSE:BK)

Key Points

• L & S Advisors Inc acquired a new stake in The Bank of New York Mellon Corporation, purchasing 51,240 shares valued at approximately $4,297,000.
• Bank of New York Mellon recently increased its quarterly dividend from $0.47 to $0.53, representing an annualized yield of 2.1%.
• The bank reported quarterly earnings of $1.94 per share, surpassing estimates and reflecting a 9.4% year-over-year revenue growth.

L & S Advisors Inc purchased 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 Form 13F filing with the SEC. The firm purchased 51,240 shares of the bank's stock, valued at approximately $4,297,000.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in BK. Alpine Bank Wealth Management purchased a new stake in shares of Bank of New York Mellon in the 1st quarter valued at approximately $25,000. Opal Wealth Advisors LLC purchased a new stake in shares of Bank of New York Mellon during the 1st quarter worth approximately $25,000. Parvin Asset Management LLC purchased a new stake in shares of Bank of New York Mellon during the 4th quarter worth approximately $25,000. Bellwether Advisors LLC purchased a new stake in shares of Bank of New York Mellon during the 4th quarter worth approximately $28,000. Finally, Cornerstone Planning Group LLC lifted its position in shares of Bank of New York Mellon by 100.0% during the 1st quarter. Cornerstone Planning Group LLC now owns 392 shares of the bank's stock worth $30,000 after buying an additional 196 shares during the last quarter. Hedge funds and other institutional investors own 85.31% of the company's stock.

Insiders Place Their Bets

In related news, EVP J Kevin Mccarthy sold 20,000 shares of the firm'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 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 position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 0.14% of the stock is owned by insiders.

Bank of New York Mellon Stock Performance

NYSE BK opened at $99.78 on Friday. The Bank of New York Mellon Corporation has a 1-year low of $60.93 and a 1-year high of $103.16. The company has a market capitalization of $71.39 billion, a P/E ratio of 15.23, a PEG ratio of 0.97 and a beta of 1.12. The business has a 50 day moving average price of $93.13 and a 200 day moving average price of $86.87. The company has a debt-to-equity ratio of 0.86, a current ratio of 0.72 and a quick ratio of 0.69.

Bank of New York Mellon (NYSE:BK - Get Free Report) last released its quarterly earnings data 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. Bank of New York Mellon had a return on equity of 13.46% and a net margin of 12.27%. The firm had revenue of $4.77 billion during the quarter, compared to the consensus estimate of $4.80 billion. During the same period last year, the business posted $1.51 EPS. Bank of New York Mellon's quarterly revenue was up 9.4% on a year-over-year basis. Sell-side analysts expect 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 disclosed a quarterly dividend, which will be paid on Thursday, August 7th. Investors of record on Friday, July 25th will be paid a $0.53 dividend. This represents a $2.12 annualized dividend and a yield of 2.1%. The ex-dividend date of this dividend is Friday, July 25th. This is an increase from Bank of New York Mellon's previous quarterly dividend of $0.47. Bank of New York Mellon's dividend payout ratio (DPR) is 32.37%.

Analyst Upgrades and Downgrades

BK has been the topic of a number of research reports. Keefe, Bruyette & Woods raised their target price on shares of Bank of New York Mellon from $105.00 to $113.00 and gave the stock an "outperform" rating in a research report on Wednesday, July 16th. Morgan Stanley raised their target price on shares of 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. Wells Fargo & Company upped their price target 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. Truist Financial upped their price target on Bank of New York Mellon from $97.00 to $100.00 and gave the stock a "hold" rating in a research note on Wednesday, July 16th. Finally, Evercore ISI upped 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 research note on Wednesday, July 2nd. Seven research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company's stock. According to data from MarketBeat.com, Bank of New York Mellon presently has a consensus rating of "Moderate Buy" and a consensus target price of $94.38.

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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