Nicolet Advisory Services LLC Makes New $209,000 Investment in The Bank of New York Mellon Corporation (NYSE:BK)

Key Points

• Nicolet Advisory Services LLC made a new investment of approximately $209,000 in The Bank of New York Mellon, acquiring 2,723 shares.
• The Bank of New York Mellon recently announced an increase in its quarterly dividend from $0.47 to $0.53, representing an annualized dividend yield of 2.1%.
• The company's earnings for the last quarter surpassed analysts' expectations with an EPS of $1.94, despite reporting a slight revenue miss of $4.77 billion against a forecast of $4.80 billion.

Nicolet Advisory Services LLC bought a new position in The Bank of New York Mellon Corporation (NYSE:BK - Free Report) in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor bought 2,723 shares of the bank's stock, valued at approximately $209,000.

Several other hedge funds and other institutional investors have also bought and sold shares of the company. Revolve Wealth Partners LLC bought a new stake in Bank of New York Mellon in the fourth quarter valued at approximately $220,000. Trexquant Investment LP bought a new stake in Bank of New York Mellon in the fourth quarter valued at approximately $1,418,000. Massachusetts Financial Services Co. MA bought a new stake in Bank of New York Mellon in the fourth quarter valued at approximately $210,000. World Investment Advisors raised its holdings in shares of Bank of New York Mellon by 14.8% during the fourth quarter. World Investment Advisors now owns 41,833 shares of the bank's stock valued at $3,214,000 after acquiring an additional 5,408 shares in the last quarter. Finally, Thoroughbred Financial Services LLC raised its holdings in shares of Bank of New York Mellon by 9.8% during the fourth quarter. Thoroughbred Financial Services LLC now owns 9,912 shares of the bank's stock valued at $761,000 after acquiring an additional 886 shares in the last quarter. Hedge funds and other institutional investors own 85.31% of the company's stock.

Bank of New York Mellon Price Performance

Shares of BK stock opened at $99.78 on Friday. The Bank of New York Mellon Corporation has a twelve month low of $60.93 and a twelve month high of $103.16. The stock has a market cap of $71.39 billion, a price-to-earnings ratio of 15.23, a PEG ratio of 0.97 and a beta of 1.12. The business's fifty day moving average is $93.13 and its 200 day moving average is $86.87. The company has a quick ratio of 0.69, a current ratio of 0.72 and a debt-to-equity ratio of 0.86.

Bank of New York Mellon (NYSE:BK - Get Free Report) last released its earnings results on Tuesday, July 15th. The bank reported $1.94 EPS for the quarter, topping analysts' consensus estimates 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 firm had revenue of $4.77 billion for the quarter, compared to analysts' expectations of $4.80 billion. During the same period in the prior year, the firm posted $1.51 earnings per share. The company's quarterly revenue was up 9.4% on a year-over-year basis. Research analysts expect that The Bank of New York Mellon Corporation will post 6.96 EPS for the current fiscal year.

Bank of New York Mellon Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, August 7th. Stockholders of record on Friday, July 25th will be paid a $0.53 dividend. 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 dividend yield of 2.1%. The ex-dividend date of this dividend is Friday, July 25th. Bank of New York Mellon's payout ratio is currently 32.37%.

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 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 sale, the executive vice president directly owned 35,115 shares of the company's stock, valued at approximately $3,457,071.75. This represents a 36.29% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Corporate insiders own 0.14% of the company's stock.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on BK. Wells Fargo & Company upped their target price on Bank of New York Mellon from $96.00 to $100.00 and gave the company an "equal weight" rating in a report on Wednesday, July 16th. Evercore ISI upped their target price on Bank of New York Mellon from $88.00 to $90.00 and gave the company an "in-line" rating in a report on Wednesday, July 2nd. Keefe, Bruyette & Woods upped their target price on Bank of New York Mellon from $105.00 to $113.00 and gave the company an "outperform" rating in a report on Wednesday, July 16th. Morgan Stanley upped their target price on Bank of New York Mellon from $95.00 to $101.00 and gave the company an "overweight" rating in a report on Wednesday, July 16th. Finally, Truist Financial upped their target price on Bank of New York Mellon from $97.00 to $100.00 and gave the company a "hold" rating in a report on Wednesday, July 16th. Seven analysts have rated the stock with a hold rating and eight have given a buy rating to the company's stock. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $94.38.

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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