LGT Group Foundation Has $31.33 Million Stock Position in The Bank of New York Mellon Corporation (NYSE:BK)

Key Points

• LGT Group Foundation has acquired an additional 208,118 shares of The Bank of New York Mellon Corporation, increasing its holdings by 125.8%, bringing its total ownership to approximately 0.05%, valued at $31.33 million.
• Bank of New York Mellon recently increased its quarterly dividend to $0.53, reflecting a boost from the previous dividend and a current yield of 2.1%.
• The company reported earnings per share (EPS) of $1.94 in its latest quarter, surpassing analyst expectations by $0.21, while its revenue increased by 9.4% compared to the same period last year.

LGT Group Foundation boosted its stake in shares of The Bank of New York Mellon Corporation (NYSE:BK - Free Report) by 125.8% during the 1st quarter, according to its most recent 13F filing with the SEC. The firm owned 373,577 shares of the bank's stock after buying an additional 208,118 shares during the period. LGT Group Foundation owned approximately 0.05% of Bank of New York Mellon worth $31,332,000 as of its most recent filing with the SEC.

Other hedge funds have also recently bought and sold shares of the company. Alpine Bank Wealth Management acquired a new stake in Bank of New York Mellon during the 1st quarter worth approximately $25,000. Opal Wealth Advisors LLC acquired a new stake in Bank of New York Mellon during the 1st quarter worth approximately $25,000. Parvin Asset Management LLC acquired a new stake in Bank of New York Mellon during the 4th quarter worth approximately $25,000. Bellwether Advisors LLC acquired a new stake in Bank of New York Mellon during the 4th quarter worth approximately $28,000. Finally, Cornerstone Planning Group LLC raised its holdings in 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 period. 85.31% of the stock is currently owned by institutional investors and hedge funds.

Bank of New York Mellon Stock Down 2.4%

Shares of Bank of New York Mellon stock traded down $2.44 on Friday, reaching $100.91. 3,736,893 shares of the company were exchanged, compared to its average volume of 3,571,795. The Bank of New York Mellon Corporation has a one year low of $65.01 and a one year high of $104.47. The company has a market capitalization of $71.17 billion, a price-to-earnings ratio of 15.41, a PEG ratio of 1.00 and a beta of 1.12. The company has a current ratio of 0.72, a quick ratio of 0.72 and a debt-to-equity ratio of 0.86. The company has a 50-day moving average of $95.77 and a 200 day moving average of $88.08.

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 for the quarter, beating 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 business had revenue of $4.77 billion for the quarter, compared to analysts' expectations of $4.80 billion. During the same quarter in the prior year, the business earned $1.51 EPS. The firm's revenue for the quarter was up 9.4% on a year-over-year basis. On average, equities research analysts forecast 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 disclosed a quarterly dividend, which was paid on Thursday, August 7th. Shareholders of record on Friday, July 25th were given a dividend of $0.53 per share. This represents a $2.12 annualized dividend and a yield of 2.1%. 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. Bank of New York Mellon's dividend payout ratio (DPR) is 32.37%.

Analysts Set New Price Targets

Several analysts have commented on BK shares. 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 report on Wednesday, July 16th. Truist Financial upped their price target on Bank of New York Mellon from $100.00 to $109.00 and gave the stock a "hold" rating in a research report on Thursday. 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 report on Wednesday, July 2nd. 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 report on Wednesday, July 16th. Finally, Keefe, Bruyette & Woods upped their price target on 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. Seven analysts have rated the stock with a hold rating and eight have given a buy rating to the company's stock. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price of $95.08.

Insiders Place Their Bets

In other Bank of New York Mellon 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 transaction of $1,969,000.00. Following the transaction, the executive vice president owned 35,115 shares in the company, valued at $3,457,071.75. This trade represents a 36.29% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.14% of the stock is owned by insiders.

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.