McElhenny Sheffield Capital Management LLC Makes New Investment in The Bank of New York Mellon Corporation $BK

Key Points

• McElhenny Sheffield Capital Management LLC has acquired a new position in The Bank of New York Mellon Corporation, purchasing 222,000 shares valued at approximately $20.2 million, making it the firm's 15th largest holding.
• Multiple research firms have increased their price targets for Bank of New York Mellon, with Evercore ISI raising it from $91.00 to $110.00 and BMO Capital Markets initiating coverage with a $125.00 target.
• The company recently declared a quarterly dividend increase to $0.53, up from $0.47, representing a yield of 2.0% and reflecting its strong financial performance with a net margin of 12.27%.

McElhenny Sheffield Capital Management LLC acquired a new position in shares of The Bank of New York Mellon Corporation (NYSE:BK - Free Report) in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 222,000 shares of the bank's stock, valued at approximately $20,226,000. Bank of New York Mellon makes up approximately 1.3% of McElhenny Sheffield Capital Management LLC's portfolio, making the stock its 15th biggest holding.

Other hedge funds have also recently bought and sold shares of the company. Opal Wealth Advisors LLC acquired a new position in Bank of New York Mellon during the first quarter worth $25,000. Alpine Bank Wealth Management acquired a new position in Bank of New York Mellon during the first quarter worth $25,000. Cornerstone Planning Group LLC raised its stake in Bank of New York Mellon by 100.0% during the first quarter. Cornerstone Planning Group LLC now owns 392 shares of the bank's stock worth $30,000 after acquiring an additional 196 shares in the last quarter. Orion Capital Management LLC acquired a new position in Bank of New York Mellon during the first quarter worth $32,000. Finally, Hoey Investments Inc. acquired a new position in Bank of New York Mellon during the second quarter worth $32,000. 85.31% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research firms have issued reports on BK. Wells Fargo & Company increased 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 note on Wednesday, July 16th. Weiss Ratings restated a "buy (b+)" rating on shares of Bank of New York Mellon in a report on Wednesday. Evercore ISI increased their target price on Bank of New York Mellon from $91.00 to $110.00 and gave the stock an "in-line" rating in a report on Tuesday, September 30th. BMO Capital Markets started coverage on Bank of New York Mellon in a report on Friday, October 3rd. They set an "outperform" rating and a $125.00 target price on the stock. Finally, Citigroup increased their target price on 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. Ten equities research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $106.77.

Insider Transactions at Bank of New York Mellon

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 value of $1,969,000.00. Following the transaction, the executive vice president owned 35,115 shares in the company, valued at $3,457,071.75. This trade represents a 36.29% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 0.14% of the stock is currently owned by corporate insiders.

Bank of New York Mellon Price Performance

Bank of New York Mellon stock opened at $106.02 on Thursday. The business's 50-day simple moving average is $104.89 and its 200 day simple moving average is $93.39. The stock has a market cap of $74.77 billion, a price-to-earnings ratio of 16.19, a P/E/G ratio of 1.00 and a beta of 1.13. The Bank of New York Mellon Corporation has a 12-month low of $70.46 and a 12-month high of $110.87. The company has a quick ratio of 0.72, a current ratio of 0.72 and a debt-to-equity ratio of 0.86.

Bank of New York Mellon (NYSE:BK - Get Free Report) last posted its quarterly 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. The business had revenue of $4.77 billion for the quarter, compared to analysts' expectations of $4.80 billion. Bank of New York Mellon had a return on equity of 13.46% and a net margin of 12.27%.The firm's quarterly revenue was up 9.4% compared to the same quarter last year. During the same quarter last year, the business earned $1.51 earnings per share. As a group, research analysts anticipate 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 declared a quarterly dividend, which was paid on Thursday, August 7th. Investors of record on Friday, July 25th were issued a $0.53 dividend. 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 2.0%. The ex-dividend date was Friday, July 25th. Bank of New York Mellon's dividend payout ratio (DPR) is 32.37%.

About Bank of New York Mellon

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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