Marble Harbor Investment Counsel LLC Buys Shares of 2,600 The Bank of New York Mellon Corporation (NYSE:BK)

Key Points

• Marble Harbor Investment Counsel LLC acquired 2,600 shares of The Bank of New York Mellon, valued at approximately $218,000, marking a new investment by the firm.
• Multiple hedge funds have increased their positions in the bank's stock, with FMR LLC boosting its stake by 19.3% to nearly 23.1 million shares valued at about $1.77 billion.
• Analysts have increased their target prices for Bank of New York Mellon, with Morgan Stanley raising it from $95.00 to $101.00 and a consensus rating of "Moderate Buy" among research firms.

Marble Harbor Investment Counsel LLC bought a new stake in shares of The Bank of New York Mellon Corporation (NYSE:BK - Free Report) in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund bought 2,600 shares of the bank's stock, valued at approximately $218,000.

A number of other hedge funds have also added to or reduced their stakes in the stock. FMR LLC boosted its position in shares of Bank of New York Mellon by 19.3% during the 4th quarter. FMR LLC now owns 23,071,584 shares of the bank's stock valued at $1,772,590,000 after acquiring an additional 3,732,862 shares during the last quarter. Ameriprise Financial Inc. lifted its position in Bank of New York Mellon by 0.3% in the 4th quarter. Ameriprise Financial Inc. now owns 11,821,988 shares of the bank's stock worth $908,281,000 after buying an additional 35,413 shares during the last quarter. Northern Trust Corp lifted its position in Bank of New York Mellon by 19.1% in the 4th quarter. Northern Trust Corp now owns 9,533,615 shares of the bank's stock worth $732,468,000 after buying an additional 1,526,686 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its position in Bank of New York Mellon by 15.9% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 7,689,477 shares of the bank's stock worth $590,783,000 after buying an additional 1,055,389 shares during the last quarter. Finally, Invesco Ltd. lifted its position in Bank of New York Mellon by 2.4% in the 4th quarter. Invesco Ltd. now owns 7,596,210 shares of the bank's stock worth $583,617,000 after buying an additional 175,704 shares during the last quarter. Hedge funds and other institutional investors own 85.31% of the company's stock.

Analysts Set New Price Targets

A number of analysts recently weighed in on the company. Morgan Stanley boosted their target price 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. Truist Financial boosted their target price 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. 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. Evercore ISI boosted their target price 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. Finally, Wells Fargo & Company boosted their price objective on 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. Seven 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, the company presently has a consensus rating of "Moderate Buy" and an average target price of $94.38.

Insiders Place Their Bets

In related news, EVP J Kevin Mccarthy sold 20,000 shares of the company's stock in a transaction on Tuesday, July 22nd. The stock was sold at an average price of $98.45, for a total value of $1,969,000.00. Following the sale, the executive vice president directly owned 35,115 shares of the company's stock, valued at $3,457,071.75. This represents a 36.29% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.14% of the stock is currently owned by insiders.

Bank of New York Mellon Price Performance

BK opened at $99.78 on Friday. 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 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 market capitalization of $71.39 billion, a PE ratio of 15.23, a price-to-earnings-growth ratio of 0.97 and a beta of 1.12. The stock's 50 day moving average price is $93.13 and its 200-day moving average price is $86.87.

Bank of New York Mellon (NYSE:BK - Get Free Report) last posted its earnings results on Tuesday, July 15th. The bank reported $1.94 earnings per share (EPS) 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 for the quarter, compared to analysts' expectations of $4.80 billion. During the same period in the previous year, the firm earned $1.51 earnings per share. The business's revenue was up 9.4% compared to the same quarter last year. On average, equities research analysts predict 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 declared a quarterly dividend, which will be paid on Thursday, August 7th. Investors of record on Friday, July 25th will be paid a $0.53 dividend. The ex-dividend date of this dividend is Friday, July 25th. This is a positive change 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 payout ratio is currently 32.37%.

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.

Want to see what other hedge funds are holding BK? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for The Bank of New York Mellon Corporation (NYSE:BK - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.