Merit Financial Group LLC Boosts Holdings in The Bank of New York Mellon Corporation $BK

Key Points

• Merit Financial Group LLC increased its stake in The Bank of New York Mellon by 360.7%, owning 61,255 shares valued at approximately $5.58 million after acquiring an additional 47,959 shares in Q2.
• In Q2, several institutional investors, including Iron Horse Wealth Management LLC and Simplicity Wealth LLC, significantly ramped up their holdings, indicating a strong interest in the bank's stock, which 85.31% is now held by institutional investors.
• The Bank of New York Mellon recently announced a quarterly dividend increase to $0.53 per share, elevating its annual dividend yield to 2.0% with a current payout ratio of 32.37%.

Merit Financial Group LLC raised its stake in shares of The Bank of New York Mellon Corporation (NYSE:BK - Free Report) by 360.7% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 61,255 shares of the bank's stock after buying an additional 47,959 shares during the quarter. Merit Financial Group LLC's holdings in Bank of New York Mellon were worth $5,581,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Iron Horse Wealth Management LLC boosted its position in shares of Bank of New York Mellon by 4,500.0% during the second quarter. Iron Horse Wealth Management LLC now owns 920 shares of the bank's stock worth $84,000 after acquiring an additional 900 shares during the last quarter. Simplicity Wealth LLC lifted its stake in Bank of New York Mellon by 210.2% in the 2nd quarter. Simplicity Wealth LLC now owns 14,151 shares of the bank's stock worth $1,289,000 after purchasing an additional 9,589 shares in the last quarter. AMF Tjanstepension AB lifted its stake in Bank of New York Mellon by 13.8% in the 2nd quarter. AMF Tjanstepension AB now owns 203,294 shares of the bank's stock worth $18,535,000 after purchasing an additional 24,654 shares in the last quarter. Quent Capital LLC grew its position in shares of Bank of New York Mellon by 12.1% during the second quarter. Quent Capital LLC now owns 4,447 shares of the bank's stock valued at $405,000 after purchasing an additional 480 shares in the last quarter. Finally, 111 Capital grew its position in shares of Bank of New York Mellon by 112.4% during the second quarter. 111 Capital now owns 18,026 shares of the bank's stock valued at $1,642,000 after purchasing an additional 9,541 shares in the last quarter. Institutional investors own 85.31% of the company's stock.

Insider Buying and Selling 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 that occurred on 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 completion of the sale, the executive vice president directly owned 35,115 shares of the company's stock, valued at approximately $3,457,071.75. This trade represents a 36.29% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 0.14% of the company's stock.

Analyst Ratings Changes

A number of equities analysts recently commented on BK shares. Wells Fargo & Company increased their price target 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. Truist Financial increased their target price on Bank of New York Mellon from $109.00 to $118.00 and gave the company a "hold" rating in a research report on Thursday, October 2nd. Citigroup raised their target price on shares of Bank of New York Mellon from $92.00 to $105.00 and gave the company a "neutral" rating in a report on Friday, September 5th. Keefe, Bruyette & Woods upped their price target on shares of Bank of New York Mellon from $105.00 to $113.00 and gave the company an "outperform" rating in a research note on Wednesday, July 16th. Finally, Weiss Ratings reiterated a "buy (b+)" rating on shares of Bank of New York Mellon in a research report on Saturday, September 27th. Ten investment analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company's stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $106.77.

Bank of New York Mellon Stock Down 0.1%

NYSE BK opened at $106.46 on Tuesday. 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 Bank of New York Mellon Corporation has a 52 week low of $70.46 and a 52 week high of $110.87. The firm has a market capitalization of $75.08 billion, a price-to-earnings ratio of 16.25, a PEG ratio of 1.01 and a beta of 1.13. The company has a fifty day moving average of $104.71 and a two-hundred day moving average of $93.21.

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 (EPS) for the quarter, topping the consensus estimate of $1.73 by $0.21. The firm had revenue of $4.77 billion during the quarter, compared to analyst estimates 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 revenue was up 9.4% on a year-over-year basis. During the same quarter last year, the business earned $1.51 EPS. On average, 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 firm also recently announced a quarterly dividend, which was paid on Thursday, August 7th. Stockholders of record on Friday, July 25th were paid a dividend of $0.53 per share. This is a positive change 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 dividend yield of 2.0%. The ex-dividend date of this dividend was Friday, July 25th. 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.

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