Monument Capital Management Takes $243,000 Position in The Bank of New York Mellon Corporation $BK

Key Points

• Monument Capital Management has acquired a new stake worth approximately $243,000 in The Bank of New York Mellon Corporation, purchasing 2,672 shares in the second quarter.
• Insider activity revealed that EVP J Kevin McCarthy sold 20,000 shares valued at $1,969,000, indicating a 36.29% decrease in his ownership.
• The Bank of New York Mellon recently increased its quarterly dividend to $0.53 per share, up from $0.47, reflecting a dividend yield of 2.0%.

Monument Capital Management acquired a new stake in shares of The Bank of New York Mellon Corporation (NYSE:BK - Free Report) in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor acquired 2,672 shares of the bank's stock, valued at approximately $243,000.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Canada Post Corp Registered Pension Plan bought a new position in shares of Bank of New York Mellon during the first quarter valued at about $1,035,000. TrueMark Investments LLC bought a new position in shares of Bank of New York Mellon during the first quarter valued at about $4,282,000. Wealth Enhancement Advisory Services LLC raised its stake in Bank of New York Mellon by 29.1% in the first quarter. Wealth Enhancement Advisory Services LLC now owns 223,438 shares of the bank's stock worth $18,740,000 after buying an additional 50,368 shares in the last quarter. Formidable Asset Management LLC bought a new position in Bank of New York Mellon in the first quarter worth about $247,000. Finally, Sumitomo Mitsui DS Asset Management Company Ltd raised its stake in Bank of New York Mellon by 121.8% in the first quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 183,602 shares of the bank's stock worth $15,399,000 after buying an additional 100,810 shares in the last quarter. 85.31% of the stock is owned by institutional investors.

Insider Activity at Bank of New York Mellon

In other news, EVP J Kevin Mccarthy sold 20,000 shares of the stock in a transaction that occurred on Tuesday, July 22nd. The shares were sold at an average price of $98.45, for a total transaction of $1,969,000.00. Following the sale, the executive vice president owned 35,115 shares in the company, valued at $3,457,071.75. This represents a 36.29% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. 0.14% of the stock is currently owned by insiders.

Bank of New York Mellon Price Performance

Shares of BK opened at $104.63 on Friday. The stock has a market cap of $73.79 billion, a PE ratio of 15.97, a price-to-earnings-growth ratio of 1.00 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 Bank of New York Mellon Corporation has a fifty-two week low of $70.46 and a fifty-two week high of $110.87. The firm's 50-day simple moving average is $105.10 and its two-hundred day simple moving average is $93.68.

Bank of New York Mellon (NYSE:BK - Get Free Report) last announced its quarterly earnings data on Tuesday, March 26th. The bank reported $1.30 earnings per share for the quarter. The business had revenue of $4.38 billion for the quarter. Bank of New York Mellon had a net margin of 12.27% and a return on equity of 13.46%. Analysts anticipate that The Bank of New York Mellon Corporation will post 6.96 earnings per share for the current fiscal year.

Bank of New York Mellon Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, August 7th. Stockholders of record on Friday, July 25th were issued a dividend of $0.53 per share. The ex-dividend date was 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 dividend on an annualized basis and a dividend yield of 2.0%. Bank of New York Mellon's dividend payout ratio is currently 32.37%.

Analysts Set New Price Targets

BK has been the subject of a number of research reports. Wells Fargo & Company increased their price target on shares of 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. BMO Capital Markets initiated coverage on shares of Bank of New York Mellon in a research note on Friday, October 3rd. They issued an "outperform" rating and a $125.00 price target for the company. The Goldman Sachs Group increased their price target on shares of Bank of New York Mellon from $106.00 to $120.00 and gave the stock a "buy" rating in a research note on Monday, October 6th. Truist Financial increased their price target on shares of Bank of New York Mellon from $109.00 to $118.00 and gave the stock a "hold" rating in a research note on Thursday, October 2nd. Finally, Weiss Ratings reissued a "buy (b+)" rating on shares of Bank of New York Mellon in a research note on Wednesday. Ten analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company. According to data from MarketBeat, Bank of New York Mellon presently has an average rating of "Moderate Buy" and a consensus price target of $106.77.

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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