LGT Group Foundation Increases Stake 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 position 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 fund owned 373,577 shares of the bank's stock after purchasing an additional 208,118 shares during the quarter. LGT Group Foundation owned about 0.05% of Bank of New York Mellon worth $31,332,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of BK. Parvin Asset Management LLC bought a new stake in Bank of New York Mellon during the 4th quarter worth approximately $25,000. Opal Wealth Advisors LLC bought a new stake in Bank of New York Mellon during the 1st quarter worth approximately $25,000. Alpine Bank Wealth Management bought a new stake in Bank of New York Mellon during the 1st quarter worth approximately $25,000. Bellwether Advisors LLC bought a new stake in Bank of New York Mellon during the 4th quarter worth approximately $28,000. Finally, REAP Financial Group LLC raised its stake in Bank of New York Mellon by 123.2% during the 4th quarter. REAP Financial Group LLC now owns 395 shares of the bank's stock worth $30,000 after acquiring an additional 218 shares during the period. 85.31% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several research firms have recently issued reports on BK. Evercore ISI lifted their price objective on shares of 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. Wells Fargo & Company lifted their price objective on shares of 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. Keefe, Bruyette & Woods lifted their price objective 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. Morgan Stanley lifted their price objective on shares of 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. Finally, Truist Financial lifted their price objective on shares of Bank of New York Mellon from $100.00 to $109.00 and gave the company a "hold" rating in a research report on Thursday. Seven investment analysts have rated the stock with a hold rating and eight have given a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $95.08.

Bank of New York Mellon Price Performance

BK stock traded up $1.59 during midday trading on Thursday, reaching $103.50. The stock had a trading volume of 2,943,077 shares, compared to its average volume of 3,708,944. The company's fifty day simple moving average is $95.55 and its 200 day simple moving average is $87.98. 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 market cap of $72.99 billion, a price-to-earnings ratio of 15.80, a price-to-earnings-growth ratio of 0.98 and a beta of 1.12. The Bank of New York Mellon Corporation has a 52-week low of $64.50 and a 52-week high of $104.47.

Bank of New York Mellon (NYSE:BK - Get Free Report) last announced its quarterly earnings data 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 company had revenue of $4.77 billion for the quarter, compared to analyst estimates of $4.80 billion. During the same quarter last year, the firm posted $1.51 EPS. The firm's revenue for the quarter was up 9.4% on a year-over-year basis. As a group, sell-side analysts predict that The Bank of New York Mellon Corporation will post 6.96 earnings per share for the current fiscal year.

Bank of New York Mellon Increases Dividend

The firm also recently disclosed 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. This represents a $2.12 dividend on an annualized basis and a dividend yield of 2.0%. 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. Bank of New York Mellon's dividend payout ratio is 32.37%.

Insider Activity

In related news, EVP J Kevin Mccarthy sold 20,000 shares of the firm's stock in a transaction dated 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 of the company's stock, valued at approximately $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 can be accessed through this hyperlink. Insiders own 0.14% of the company's stock.

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.