LPL Financial LLC Grows Stake in The Bank of New York Mellon Corporation (NYSE:BK)

Key Points

• LPL Financial LLC increased its stake in The Bank of New York Mellon Corporation by 16.7%, owning 523,554 shares valued at approximately $43.91 million after purchasing an additional 74,882 shares during the first quarter.
• The Bank of New York Mellon reported a 9.4% increase in revenue year-over-year for the latest quarter, with earnings per share of $1.94, surpassing analysts' expectations by $0.21.
• The bank announced a quarterly dividend increase from $0.47 to $0.53 per share, equating to an annual yield of 2.1% and a payout ratio of 32.37%.

LPL Financial LLC boosted its position in shares of The Bank of New York Mellon Corporation (NYSE:BK - Free Report) by 16.7% during the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 523,554 shares of the bank's stock after purchasing an additional 74,882 shares during the quarter. LPL Financial LLC owned about 0.07% of Bank of New York Mellon worth $43,910,000 as of its most recent filing with the Securities & Exchange Commission.

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

Bank of New York Mellon Stock Performance

Shares of BK stock opened at $99.78 on Friday. The company has a quick ratio of 0.69, a current ratio of 0.72 and a debt-to-equity ratio of 0.86. The Bank of New York Mellon Corporation has a 52-week low of $60.93 and a 52-week high of $103.16. The business has a 50-day simple moving average of $93.13 and a 200-day simple moving average of $86.84. The stock has a market cap of $71.39 billion, a PE ratio of 15.23, a price-to-earnings-growth ratio of 0.99 and a beta of 1.12.

Bank of New York Mellon (NYSE:BK - Get Free Report) last announced its quarterly earnings results 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 analyst estimates of $4.80 billion. During the same quarter in the previous year, the business earned $1.51 EPS. Bank of New York Mellon's revenue for the quarter was up 9.4% compared to the same quarter last year. On average, equities analysts expect that The Bank of New York Mellon Corporation will post 6.96 EPS for the current year.

Bank of New York Mellon Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, August 7th. Shareholders of record on Friday, July 25th will be paid a dividend of $0.53 per share. This is an increase from Bank of New York Mellon's previous quarterly dividend of $0.47. The ex-dividend date is Friday, July 25th. This represents a $2.12 annualized dividend and a yield of 2.1%. Bank of New York Mellon's dividend payout ratio (DPR) is presently 32.37%.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on BK shares. Wells Fargo & Company raised their price objective 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. Truist Financial raised their price objective on Bank of New York Mellon from $97.00 to $100.00 and gave the stock a "hold" rating in a research report on Wednesday, July 16th. Evercore ISI raised their price objective 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. Morgan Stanley raised their price objective on 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. Finally, Keefe, Bruyette & Woods raised their price objective 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 investment 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.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $94.38.

Insider Buying and Selling

In other Bank of New York Mellon 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 position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company 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.

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