Mackenzie Financial Corp Boosts Holdings in The Bank of New York Mellon Corporation (NYSE:BK)

Key Points

• Mackenzie Financial Corp increased its stake in The Bank of New York Mellon Corporation by 4.1%, owning 104,252 shares valued at approximately $8.74 million after purchasing additional shares in Q1.
• Wells Fargo, Truist Financial, and other analysts have raised their price targets for the stock, with an average target price now set at $94.38 amidst a mix of hold and buy ratings.
• The Bank of New York Mellon announced an increase in its quarterly dividend to $0.53 per share, raising its annualized dividend yield to 2.1%.

Mackenzie Financial Corp increased its stake in The Bank of New York Mellon Corporation (NYSE:BK - Free Report) by 4.1% during the first quarter, according to its most recent filing with the SEC. The fund owned 104,252 shares of the bank's stock after buying an additional 4,073 shares during the quarter. Mackenzie Financial Corp's holdings in Bank of New York Mellon were worth $8,744,000 at the end of the most recent quarter.

Other hedge funds have also added to or reduced their stakes in the company. TrueMark Investments LLC bought a new position in Bank of New York Mellon in the 1st quarter worth approximately $4,282,000. Wealth Enhancement Advisory Services LLC raised its stake in shares of Bank of New York Mellon by 29.1% during the first quarter. Wealth Enhancement Advisory Services LLC now owns 223,438 shares of the bank's stock worth $18,740,000 after acquiring an additional 50,368 shares in the last quarter. Formidable Asset Management LLC purchased a new stake in Bank of New York Mellon during the first quarter valued at about $247,000. Sumitomo Mitsui DS Asset Management Company Ltd grew its holdings in Bank of New York Mellon by 121.8% in the 1st quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 183,602 shares of the bank's stock worth $15,399,000 after acquiring an additional 100,810 shares during the last quarter. Finally, Benson Investment Management Company Inc. purchased a new position in Bank of New York Mellon during the 1st quarter valued at about $5,259,000. Institutional investors own 85.31% of the company's stock.

Bank of New York Mellon Stock Performance

NYSE BK traded down $1.67 during trading hours on Friday, reaching $99.78. The stock had a trading volume of 3,665,800 shares, compared to its average volume of 4,302,989. The Bank of New York Mellon Corporation has a 52-week low of $60.93 and a 52-week high of $103.16. The stock has a fifty day moving average of $93.13 and a 200 day moving average of $86.87. The company has a debt-to-equity ratio of 0.86, a quick ratio of 0.69 and a current ratio of 0.72. The stock has a market cap of $71.39 billion, a P/E ratio of 15.23, a price-to-earnings-growth ratio of 0.97 and a beta of 1.12.

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 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.73 by $0.21. The company had revenue of $4.77 billion for the quarter, compared to the consensus estimate of $4.80 billion. Bank of New York Mellon had a return on equity of 13.46% and a net margin of 12.27%. Bank of New York Mellon's revenue for the quarter was up 9.4% on a year-over-year basis. During the same quarter in the prior year, the business posted $1.51 earnings per share. Sell-side 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 disclosed a quarterly dividend, which will be paid on Thursday, August 7th. Investors of record on Friday, July 25th will be given a dividend of $0.53 per share. The ex-dividend date is Friday, July 25th. This is an increase from Bank of New York Mellon's previous quarterly dividend of $0.47. This represents a $2.12 annualized dividend and a yield of 2.1%. Bank of New York Mellon's dividend payout ratio (DPR) is 32.37%.

Analyst Upgrades and Downgrades

Several analysts have commented on the stock. Truist Financial raised their price objective on shares of Bank of New York Mellon from $97.00 to $100.00 and gave the stock a "hold" rating in a report on Wednesday, July 16th. Wells Fargo & Company raised their target price on shares of Bank of New York Mellon from $96.00 to $100.00 and gave the stock an "equal weight" rating in a report on Wednesday, July 16th. Morgan Stanley increased their price objective on shares of Bank of New York Mellon from $95.00 to $101.00 and gave the stock an "overweight" rating in a research note on Wednesday, July 16th. Evercore ISI upped their price target on shares of 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. Finally, Keefe, Bruyette & Woods boosted their target price 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 equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the company. Based on data from MarketBeat.com, Bank of New York Mellon currently has a consensus rating of "Moderate Buy" and a consensus price target of $94.38.

Insider Transactions at Bank of New York Mellon

In other Bank of New York Mellon news, EVP J Kevin Mccarthy sold 20,000 shares of the stock in a transaction dated Tuesday, July 22nd. The shares were sold at an average price of $98.45, for a total transaction of $1,969,000.00. Following the completion of the transaction, the executive vice president owned 35,115 shares of the company's stock, valued at $3,457,071.75. This trade represents a 36.29% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 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.