Mainstay Capital Management LLC ADV Makes New $2.19 Million Investment in The Bank of New York Mellon Corporation $BK

Key Points

• Mainstay Capital Management LLC ADV invested approximately $2.19 million in The Bank of New York Mellon Corporation, acquiring 24,004 shares in the second quarter.
• The Bank of New York Mellon increased its quarterly dividend to $0.53 per share from $0.47, resulting in an annual yield of 2.0% and a payout ratio of 32.37%.
• Bank of New York Mellon's stock currently holds a consensus rating of "Moderate Buy" with a price target of $106.77, as analysts project earnings per share of 6.96 for the current year.

Mainstay Capital Management LLC ADV acquired a new position in The Bank of New York Mellon Corporation (NYSE:BK - Free Report) in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor acquired 24,004 shares of the bank's stock, valued at approximately $2,187,000.

Several other institutional investors have also added to or reduced their stakes in the stock. GFG Capital LLC bought a new position in Bank of New York Mellon in the 2nd quarter worth $36,000. McElhenny Sheffield Capital Management LLC bought a new position in Bank of New York Mellon in the 2nd quarter worth $20,226,000. Tectonic Advisors LLC raised its holdings in Bank of New York Mellon by 2.2% in the 2nd quarter. Tectonic Advisors LLC now owns 9,841 shares of the bank's stock worth $897,000 after purchasing an additional 216 shares in the last quarter. Vontobel Holding Ltd. raised its holdings in Bank of New York Mellon by 184.4% in the 2nd quarter. Vontobel Holding Ltd. now owns 137,883 shares of the bank's stock worth $12,563,000 after purchasing an additional 89,397 shares in the last quarter. Finally, Maryland State Retirement & Pension System raised its holdings in Bank of New York Mellon by 3.4% in the 2nd quarter. Maryland State Retirement & Pension System now owns 34,792 shares of the bank's stock worth $3,170,000 after purchasing an additional 1,142 shares in the last quarter. 85.31% of the stock is currently owned by institutional investors.

Bank of New York Mellon Stock Performance

Shares of NYSE BK opened at $106.02 on Thursday. The firm's 50-day moving average price is $104.89 and its 200-day moving average price is $93.39. The company has a quick ratio of 0.72, a current ratio of 0.72 and a debt-to-equity ratio of 0.86. The company has a market cap of $74.77 billion, a PE ratio of 16.19, a PEG ratio of 1.00 and a beta of 1.13. The Bank of New York Mellon Corporation has a 52-week low of $70.46 and a 52-week high of $110.87.

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 (EPS) for the quarter, beating analysts' consensus estimates of $1.73 by $0.21. The firm 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 net margin of 12.27% and a return on equity of 13.46%. The business's quarterly revenue was up 9.4% compared to the same quarter last year. During the same quarter last year, the firm posted $1.51 EPS. As a group, analysts anticipate 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 business also recently declared a quarterly dividend, which was paid on Thursday, August 7th. Stockholders of record on Friday, July 25th were issued 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 boost from Bank of New York Mellon's previous quarterly dividend of $0.47. Bank of New York Mellon's payout ratio is 32.37%.

Wall Street Analyst Weigh In

Several research analysts have commented on BK shares. Wells Fargo & Company upped their price objective 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. Weiss Ratings restated a "buy (b+)" rating on shares of Bank of New York Mellon in a report on Wednesday. Citigroup upped their price objective on shares of Bank of New York Mellon from $92.00 to $105.00 and gave the stock a "neutral" rating in a report on Friday, September 5th. Morgan Stanley raised their price objective on shares of Bank of New York Mellon from $101.00 to $116.00 and gave the company an "overweight" rating in a research note on Monday, September 29th. Finally, Evercore ISI raised their price objective on shares of Bank of New York Mellon from $91.00 to $110.00 and gave the company an "in-line" rating in a research note on Tuesday, September 30th. Ten investment analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company. Based on data from MarketBeat.com, Bank of New York Mellon presently has a consensus rating of "Moderate Buy" and a consensus price target of $106.77.

Insider Activity

In other news, EVP J Kevin Mccarthy sold 20,000 shares of the firm's 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 sale, 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 position. The sale was disclosed in a legal filing with the SEC, which is available through this link. 0.14% of the stock is currently owned by insiders.

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.

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