Legacy Financial Advisors Inc. Makes New Investment in The Bank of New York Mellon Corporation $BK

Key Points

• Legacy Financial Advisors Inc. purchased 3,614 shares of Bank of New York Mellon, valued at approximately $303,000, marking a new position in the bank's stock.
• Several institutional investors, including Hsbc Holdings PLC and Wellington Management Group, have increased their holdings in Bank of New York Mellon, with institutional investors now owning 85.31% of the stock.
• Bank of New York Mellon recently reported quarterly earnings that exceeded expectations, posting an EPS of $1.94 against a consensus estimate of $1.73.

Legacy Financial Advisors Inc. bought a new position in shares of The Bank of New York Mellon Corporation (NYSE:BK - Free Report) in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund bought 3,614 shares of the bank's stock, valued at approximately $303,000.

A number of other institutional investors and hedge funds have also recently modified their holdings of BK. Alpine Bank Wealth Management purchased a new position in Bank of New York Mellon during the first quarter valued at approximately $25,000. Opal Wealth Advisors LLC purchased a new position in Bank of New York Mellon during the first quarter valued at approximately $25,000. Parvin Asset Management LLC purchased a new position in Bank of New York Mellon during the fourth quarter valued at approximately $25,000. Bellwether Advisors LLC purchased a new position in Bank of New York Mellon during the fourth quarter valued at approximately $28,000. Finally, Cornerstone Planning Group LLC raised its position in Bank of New York Mellon by 100.0% during the first quarter. Cornerstone Planning Group LLC now owns 392 shares of the bank's stock valued at $30,000 after acquiring an additional 196 shares in the last quarter. Institutional investors and hedge funds own 85.31% of the company's stock.

Analyst Ratings Changes

Several research analysts recently weighed in on the company. Keefe, Bruyette & Woods lifted their price target on 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. Evercore ISI lifted their price target on Bank of New York Mellon from $88.00 to $90.00 and gave the company an "in-line" rating in a research report on Wednesday, July 2nd. Morgan Stanley boosted their price objective on Bank of New York Mellon from $95.00 to $101.00 and gave the company an "overweight" rating in a research report on Wednesday, July 16th. Truist Financial boosted their price objective on Bank of New York Mellon from $100.00 to $109.00 and gave the company a "hold" rating in a research report on Thursday, August 14th. Finally, Wells Fargo & Company boosted their price objective on Bank of New York Mellon from $96.00 to $100.00 and gave the company an "equal weight" rating in a research report on Wednesday, July 16th. Eight research analysts have rated the stock with a Buy rating and six have given a Hold rating to the company's stock. According to MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $95.08.

Bank of New York Mellon Price Performance

Shares of BK traded up $0.7660 during trading hours on Friday, hitting $102.5460. 3,471,633 shares of the stock were exchanged, compared to its average volume of 3,302,293. The company has a debt-to-equity ratio of 0.86, a quick ratio of 0.72 and a current ratio of 0.72. The Bank of New York Mellon Corporation has a 12-month low of $65.50 and a 12-month high of $104.47. The company has a market cap of $72.32 billion, a price-to-earnings ratio of 15.66, a price-to-earnings-growth ratio of 0.97 and a beta of 1.12. The stock's 50-day moving average price is $96.97 and its two-hundred day moving average price is $88.64.

Bank of New York Mellon (NYSE:BK - Get Free Report) last issued its quarterly earnings results on Tuesday, July 15th. The bank reported $1.94 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 firm had revenue of $4.77 billion during the quarter, compared to analysts' expectations of $4.80 billion. During the same period in the previous year, the business earned $1.51 earnings per share. The firm's revenue for the quarter was up 9.4% on a year-over-year basis. Research analysts expect 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 declared 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 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 annualized dividend and a dividend yield of 2.1%. Bank of New York Mellon's dividend payout ratio (DPR) is presently 32.37%.

Insider Activity at Bank of New York Mellon

In related news, EVP J Kevin Mccarthy sold 20,000 shares of the business'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 transaction of $1,969,000.00. Following the completion of the sale, the executive vice president directly owned 35,115 shares in the company, valued at approximately $3,457,071.75. The trade was a 36.29% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 0.14% of the company's stock.

Bank of New York Mellon 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.