Lecap Asset Management Ltd. Makes New Investment in The Bank of New York Mellon Corporation $BK

Key Points

• Lecap Asset Management Ltd. made a new investment in The Bank of New York Mellon Corporation, acquiring 13,262 shares valued at approximately $1,208,000 in the second quarter.
• Several institutional investors have also recently increased or acquired positions in Bank of New York Mellon, with institutions collectively owning 85.31% of the company's stock.
• The bank announced a recent increase in its quarterly dividend from $0.47 to $0.53, representing an annualized yield of 2.0%.

Lecap Asset Management Ltd. bought a new position in shares of The Bank of New York Mellon Corporation (NYSE:BK - Free Report) in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund bought 13,262 shares of the bank's stock, valued at approximately $1,208,000.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Canada Post Corp Registered Pension Plan acquired a new position in shares of Bank of New York Mellon in the first quarter valued at approximately $1,035,000. TrueMark Investments LLC acquired a new position in shares of Bank of New York Mellon in the first quarter valued at approximately $4,282,000. Wealth Enhancement Advisory Services LLC increased its stake in shares of Bank of New York Mellon by 29.1% in the first quarter. Wealth Enhancement Advisory Services LLC now owns 223,438 shares of the bank's stock valued at $18,740,000 after buying an additional 50,368 shares during the period. Formidable Asset Management LLC acquired a new position in shares of Bank of New York Mellon in the first quarter valued at approximately $247,000. Finally, Sumitomo Mitsui DS Asset Management Company Ltd increased its stake in shares of Bank of New York Mellon by 121.8% in the first quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 183,602 shares of the bank's stock valued at $15,399,000 after buying an additional 100,810 shares during the period. Institutional investors and hedge funds own 85.31% of the company's stock.

Insider Activity

In related news, EVP J Kevin Mccarthy sold 20,000 shares of the stock in a transaction 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 transaction, the executive vice president directly owned 35,115 shares in the company, valued at $3,457,071.75. This trade represents a 36.29% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.14% of the stock is currently owned by corporate insiders.

Bank of New York Mellon Price Performance

Bank of New York Mellon stock opened at $106.89 on Thursday. The stock has a market capitalization of $75.39 billion, a price-to-earnings ratio of 16.32, a PEG ratio of 1.03 and a beta of 1.13. The Bank of New York Mellon Corporation has a 52-week low of $70.41 and a 52-week high of $110.87. The stock's 50 day moving average price is $104.36 and its two-hundred day moving average price is $92.60. The company has a debt-to-equity ratio of 0.86, a quick ratio of 0.72 and a current ratio of 0.72.

Bank of New York Mellon (NYSE:BK - Get Free Report) last posted its quarterly earnings results on Tuesday, July 15th. The bank reported $1.94 earnings per share (EPS) for the quarter, topping analysts' consensus estimates 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 for the quarter, compared to analysts' expectations of $4.80 billion. During the same period in the prior year, the business earned $1.51 EPS. The company's revenue for the quarter was up 9.4% compared to the same quarter last year. On average, equities 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. Investors of record on Friday, July 25th were issued a $0.53 dividend. The ex-dividend date was Friday, July 25th. This represents a $2.12 dividend on an annualized basis and a dividend yield of 2.0%. 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%.

Wall Street Analysts Forecast Growth

BK has been the topic of several analyst reports. Wells Fargo & Company upped their target price on Bank of New York Mellon from $96.00 to $100.00 and gave the company an "equal weight" rating in a report on Wednesday, July 16th. TD Cowen initiated coverage on Bank of New York Mellon in a report on Thursday, September 25th. They issued a "buy" rating on the stock. Truist Financial upped their target price on 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. Evercore ISI upped their target price on Bank of New York Mellon from $91.00 to $110.00 and gave the company an "in-line" rating in a report on Tuesday. Finally, Morgan Stanley upped their target price on Bank of New York Mellon from $101.00 to $116.00 and gave the company an "overweight" rating in a report on Monday. Eight equities research analysts have rated the stock with a Buy rating and six have given a Hold rating to the company's stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $100.92.

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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