Meridian Wealth Management LLC Makes New $297,000 Investment in The Bank of New York Mellon Corporation (NYSE:BK)

Key Points

• Meridian Wealth Management LLC has made a new investment of approximately $297,000 in The Bank of New York Mellon Corporation, acquiring 3,540 shares in the first quarter.
• The recent earnings report revealed that Bank of New York Mellon exceeded analysts' expectations with an EPS of $1.94, versus a consensus estimate of $1.73.
• The company announced a quarterly dividend increase to $0.53, marking a 2.1% dividend yield, up from the previous $0.47.

Meridian Wealth Management LLC acquired a new position in shares of The Bank of New York Mellon Corporation (NYSE:BK - Free Report) in the first quarter, according to its most recent disclosure with the SEC. The firm acquired 3,540 shares of the bank's stock, valued at approximately $297,000.

A number of other hedge funds also recently added to or reduced their stakes in BK. Parvin Asset Management LLC purchased a new position in shares of Bank of New York Mellon during the 4th quarter worth approximately $25,000. Opal Wealth Advisors LLC purchased a new position in Bank of New York Mellon in the 1st quarter valued at approximately $25,000. Alpine Bank Wealth Management purchased a new position in Bank of New York Mellon in the 1st quarter valued at approximately $25,000. Bellwether Advisors LLC purchased a new position in Bank of New York Mellon in the 4th quarter valued at approximately $28,000. Finally, REAP Financial Group LLC increased its stake in Bank of New York Mellon by 123.2% in the 4th quarter. REAP Financial Group LLC now owns 395 shares of the bank's stock valued at $30,000 after purchasing an additional 218 shares in the last quarter. 85.31% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In related news, EVP J Kevin Mccarthy sold 20,000 shares of Bank of New York Mellon 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 transaction, the executive vice president owned 35,115 shares in the company, valued at approximately $3,457,071.75. This trade represents a 36.29% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 0.14% of the company's stock.

Wall Street Analyst Weigh In

Several equities analysts recently weighed in on the company. Truist Financial raised their price objective on Bank of New York Mellon from $97.00 to $100.00 and gave the company a "hold" rating in a research note on Wednesday, July 16th. Wells Fargo & Company raised 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 note on Wednesday, July 16th. Morgan Stanley raised their price objective on Bank of New York Mellon from $95.00 to $101.00 and gave the company an "overweight" rating in a research note on Wednesday, July 16th. Evercore ISI raised their price objective on Bank of New York Mellon from $88.00 to $90.00 and gave the company an "in-line" rating in a research note on Wednesday, July 2nd. Finally, Keefe, Bruyette & Woods raised their price target 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. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $94.38.

Bank of New York Mellon Price Performance

BK stock opened at $101.91 on Thursday. The Bank of New York Mellon Corporation has a 52-week low of $63.50 and a 52-week high of $104.47. The stock's fifty day simple moving average is $95.25 and its 200-day simple moving average is $87.86. 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 stock has a market capitalization of $71.87 billion, a price-to-earnings ratio of 15.56, a price-to-earnings-growth ratio of 1.00 and a beta of 1.12.

Bank of New York Mellon (NYSE:BK - Get Free Report) last posted its quarterly earnings data on Tuesday, July 15th. The bank reported $1.94 earnings per share (EPS) for the quarter, topping 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 business had revenue of $4.77 billion for the quarter, compared to analysts' expectations of $4.80 billion. During the same quarter last year, the firm earned $1.51 earnings per share. The business's revenue was up 9.4% on a year-over-year basis. Equities research analysts expect 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 announced a quarterly dividend, which was paid on Thursday, August 7th. Investors of record on Friday, July 25th were issued a $0.53 dividend. The ex-dividend date was 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 dividend on an annualized basis and a yield of 2.1%. Bank of New York Mellon's payout ratio is 32.37%.

Bank of New York Mellon 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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