Pacer Advisors Inc. Has $6.16 Million Position in The Bank of New York Mellon Corporation (NYSE:BK)

Key Points

• Pacer Advisors Inc. has reduced its stake in The Bank of New York Mellon by 36.2%, having owned 73,402 shares at the end of the first quarter after selling 41,698 shares.
• Bank of New York Mellon recently announced a quarterly dividend increase from $0.47 to $0.53 per share, reflecting a 2.10% dividend yield.
• Several analysts have raised their price targets for Bank of New York Mellon, with the average target reaching $94.38 and a general rating of "Moderate Buy."

Pacer Advisors Inc. cut its stake in The Bank of New York Mellon Corporation (NYSE:BK - Free Report) by 36.2% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 73,402 shares of the bank's stock after selling 41,698 shares during the period. Pacer Advisors Inc.'s holdings in Bank of New York Mellon were worth $6,156,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also made changes to their positions in the company. Assetmark Inc. increased its position in shares of Bank of New York Mellon by 20.6% during the first quarter. Assetmark Inc. now owns 70,961 shares of the bank's stock worth $5,951,000 after purchasing an additional 12,137 shares in the last quarter. Cetera Investment Advisers lifted its stake in Bank of New York Mellon by 14.7% in the first quarter. Cetera Investment Advisers now owns 293,722 shares of the bank's stock valued at $24,634,000 after buying an additional 37,693 shares during the last quarter. Avantax Advisory Services Inc. boosted its holdings in shares of Bank of New York Mellon by 7.1% in the first quarter. Avantax Advisory Services Inc. now owns 67,927 shares of the bank's stock valued at $5,697,000 after acquiring an additional 4,496 shares during the period. Gilbert & Cook Inc. grew its position in Bank of New York Mellon by 2.3% during the 1st quarter. Gilbert & Cook Inc. now owns 8,785 shares of the bank's stock worth $737,000 after purchasing an additional 198 shares during the last quarter. Finally, Brookwood Investment Group LLC purchased a new position in shares of Bank of New York Mellon during the first quarter worth about $306,000. 85.31% of the stock is owned by institutional investors and hedge funds.

Bank of New York Mellon Stock Performance

Shares of Bank of New York Mellon stock traded up $0.10 during trading on Thursday, hitting $102.40. 722,656 shares of the stock were exchanged, compared to its average volume of 4,280,909. The company has a debt-to-equity ratio of 0.86, a quick ratio of 0.69 and a current ratio of 0.72. The stock's fifty day moving average is $92.67 and its 200 day moving average is $86.50. The stock has a market cap of $73.26 billion, a PE ratio of 15.64, a P/E/G ratio of 0.99 and a beta of 1.07. The Bank of New York Mellon Corporation has a 12 month low of $60.93 and a 12 month high of $103.16.

Bank of New York Mellon (NYSE:BK - Get Free Report) last announced 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 net margin of 12.27% and a return on equity of 13.46%. The company had revenue of $4.77 billion for the quarter, compared to analysts' expectations of $4.80 billion. During the same quarter in the previous year, the company posted $1.51 EPS. The business's revenue was up 9.4% compared to the same quarter last year. As a group, sell-side analysts anticipate 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 firm also recently announced a quarterly dividend, which will be paid on Thursday, August 7th. Stockholders of record on Friday, July 25th will be given a $0.53 dividend. This represents a $2.12 annualized dividend and a dividend yield of 2.07%. The ex-dividend date of this dividend is Friday, July 25th. This is a boost from Bank of New York Mellon's previous quarterly dividend of $0.47. Bank of New York Mellon's dividend payout ratio (DPR) is 32.37%.

Analysts Set New Price Targets

A number of research analysts have recently issued reports on the stock. Evercore ISI boosted their price target 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. Keefe, Bruyette & Woods increased their price objective 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. Morgan Stanley upped their target price on shares of Bank of New York Mellon from $95.00 to $101.00 and gave the stock an "overweight" rating in a research report on Wednesday, July 16th. Truist Financial boosted their price target on Bank of New York Mellon from $97.00 to $100.00 and gave the stock a "hold" rating in a research note on Wednesday, July 16th. Finally, 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. Seven analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company's stock. According to MarketBeat, Bank of New York Mellon currently has an average rating of "Moderate Buy" and a consensus target price of $94.38.

Insiders Place Their Bets

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

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.