McKinley Carter Wealth Services Inc. grew its position in shares of The Bank of New York Mellon Corporation (NYSE:BK - Free Report) by 13.2% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 36,771 shares of the bank's stock after buying an additional 4,294 shares during the period. McKinley Carter Wealth Services Inc.'s holdings in Bank of New York Mellon were worth $3,350,000 at the end of the most recent reporting period.
A number of other institutional investors have also recently made changes to their positions in BK. Ameriprise Financial Inc. raised its stake in shares of Bank of New York Mellon by 1.9% during the 1st quarter. Ameriprise Financial Inc. now owns 12,043,601 shares of the bank's stock valued at $1,010,093,000 after purchasing an additional 221,613 shares during the period. Nuveen LLC bought a new stake in shares of Bank of New York Mellon during the 1st quarter valued at $773,627,000. Invesco Ltd. increased its stake in Bank of New York Mellon by 8.8% in the 1st quarter. Invesco Ltd. now owns 8,264,176 shares of the bank's stock worth $693,116,000 after acquiring an additional 667,966 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its stake in Bank of New York Mellon by 5.7% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 8,125,577 shares of the bank's stock worth $681,492,000 after acquiring an additional 436,100 shares during the last quarter. Finally, Goldman Sachs Group Inc. increased its stake in Bank of New York Mellon by 26.3% in the 1st quarter. Goldman Sachs Group Inc. now owns 5,053,744 shares of the bank's stock worth $423,858,000 after acquiring an additional 1,052,145 shares during the last quarter. Hedge funds and other institutional investors own 85.31% of the company's stock.
Bank of New York Mellon Price Performance
NYSE BK opened at $106.83 on Friday. The company has a market capitalization of $75.34 billion, a PE ratio of 16.31, a price-to-earnings-growth ratio of 0.99 and a beta of 1.13. The company has a debt-to-equity ratio of 0.86, a quick ratio of 0.72 and a current ratio of 0.72. The business's fifty day moving average is $105.00 and its 200 day moving average is $93.55. The Bank of New York Mellon Corporation has a fifty-two week low of $70.46 and a fifty-two week high of $110.87.
Bank of New York Mellon (NYSE:BK - Get Free Report) last released its 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. 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 quarterly revenue was up 9.4% compared to the same quarter last year. During the same period in the previous year, the business earned $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 business also recently announced a quarterly dividend, which was paid on Thursday, August 7th. Investors of record on Friday, July 25th were given a dividend of $0.53 per share. This represents a $2.12 annualized dividend and a yield of 2.0%. This is a boost from Bank of New York Mellon's previous quarterly dividend of $0.47. The ex-dividend date was Friday, July 25th. Bank of New York Mellon's dividend payout ratio (DPR) is presently 32.37%.
Analyst Upgrades and Downgrades
A number of equities analysts have recently issued reports on BK shares. Truist Financial upped their price objective on Bank of New York Mellon from $109.00 to $118.00 and gave the stock a "hold" rating in a report on Thursday, October 2nd. Morgan Stanley increased their target price on Bank of New York Mellon from $101.00 to $116.00 and gave the stock an "overweight" rating in a research report on Monday, September 29th. BMO Capital Markets assumed coverage on Bank of New York Mellon in a research report on Friday, October 3rd. They set an "outperform" rating and a $125.00 price objective for the company. The Goldman Sachs Group raised their price objective on Bank of New York Mellon from $106.00 to $120.00 and gave the company a "buy" rating in a research report on Monday. Finally, Weiss Ratings reissued a "buy (b+)" rating on shares of Bank of New York Mellon in a report on Wednesday. Ten equities research analysts have rated the stock with a Buy rating and six have given a Hold rating to the company's stock. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $106.77.
Check Out Our Latest Report on Bank of New York Mellon
Insider Buying and Selling
In other Bank of New York Mellon 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 transaction 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 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 through the SEC website. 0.14% of the stock is currently owned by corporate insiders.
Bank of New York Mellon Company Profile
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Free Report)
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.
Further Reading
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