National Bank of Canada FI Increases Holdings in The Bank of New York Mellon Corporation (NYSE:BK)

Key Points

• National Bank of Canada FI has increased its stake in Bank of New York Mellon by 32.2%, now holding approximately 0.08% of the company's stock worth about $50.15 million.
• Equity research analysts have recently increased their price targets for Bank of New York Mellon, with ratings ranging from "hold" to "outperform," signaling positive market sentiment towards the stock.
• The company has raised its quarterly dividend to $0.53 per share, up from $0.47, reflecting a commitment to returning value to shareholders.

National Bank of Canada FI grew its stake in shares of The Bank of New York Mellon Corporation (NYSE:BK - Free Report) by 32.2% in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 597,931 shares of the bank's stock after acquiring an additional 145,731 shares during the period. National Bank of Canada FI owned about 0.08% of Bank of New York Mellon worth $50,150,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of the stock. TrueMark Investments LLC purchased a new stake in shares of Bank of New York Mellon during the 1st quarter valued at $4,282,000. Wealth Enhancement Advisory Services LLC raised its position in Bank of New York Mellon by 29.1% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 223,438 shares of the bank's stock worth $18,740,000 after purchasing an additional 50,368 shares during the period. Formidable Asset Management LLC purchased a new position in Bank of New York Mellon in the 1st quarter worth $247,000. Sumitomo Mitsui DS Asset Management Company Ltd grew its holdings in Bank of New York Mellon by 121.8% in the 1st quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 183,602 shares of the bank's stock worth $15,399,000 after acquiring an additional 100,810 shares during the last quarter. Finally, Benson Investment Management Company Inc. bought a new stake in Bank of New York Mellon in the 1st quarter worth $5,259,000. 85.31% of the stock is owned by institutional investors.

Insider Buying and Selling

In other Bank of New York Mellon news, EVP J Kevin Mccarthy sold 20,000 shares of the company's stock in a transaction that occurred on Tuesday, July 22nd. The shares were sold at an average price of $98.45, for a total value of $1,969,000.00. Following the completion of the transaction, the executive vice president directly 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 document filed with the SEC, which is available through this hyperlink. Corporate insiders own 0.14% of the company's stock.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on BK shares. Keefe, Bruyette & Woods raised their price target on shares of Bank of New York Mellon from $105.00 to $113.00 and gave the stock an "outperform" rating in a report on Wednesday, July 16th. Wells Fargo & Company raised 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 report on Wednesday, July 16th. Morgan Stanley raised their price target on shares of Bank of New York Mellon from $95.00 to $101.00 and gave the stock an "overweight" rating in a report on Wednesday, July 16th. Truist Financial lifted their target price on shares of 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. Finally, Evercore ISI boosted their price objective on shares of Bank of New York Mellon from $88.00 to $90.00 and gave the stock an "in-line" rating in a research note on Wednesday, July 2nd. Seven equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the company's stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $94.38.

Bank of New York Mellon Stock Performance

Shares of BK traded down $1.70 during mid-day trading on Wednesday, hitting $101.91. 4,605,226 shares of the company traded hands, compared to its average volume of 4,253,119. 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 stock has a 50-day moving average price of $94.98 and a two-hundred day moving average price of $87.76. The Bank of New York Mellon Corporation has a 1 year low of $63.50 and a 1 year high of $104.47. The stock has a market cap of $71.87 billion, a price-to-earnings ratio of 15.56, a P/E/G ratio of 1.00 and a beta of 1.12.

Bank of New York Mellon (NYSE:BK - Get Free Report) last released its quarterly earnings data 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. Bank of New York Mellon had a net margin of 12.27% and a return on equity of 13.46%. The firm had revenue of $4.77 billion during the quarter, compared to analysts' expectations of $4.80 billion. During the same period in the previous year, the company earned $1.51 earnings per share. The firm's quarterly revenue was up 9.4% on a year-over-year basis. Equities 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 firm also recently announced a quarterly dividend, which was paid on Thursday, August 7th. Shareholders of record on Friday, July 25th were issued a dividend of $0.53 per share. 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%. The ex-dividend date of this dividend was Friday, July 25th. Bank of New York Mellon's dividend payout ratio is currently 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.