Pallas Capital Advisors LLC Purchases 3,045 Shares of The Bank of New York Mellon Corporation $BK

Key Points

• Pallas Capital Advisors LLC increased its stake in The Bank of New York Mellon Corporation by 37.5%, acquiring an additional 3,045 shares in the second quarter, bringing its total to 11,165 shares worth approximately $1,017,000.
• The Bank of New York Mellon recently announced a quarterly dividend of $0.53, up from $0.47, representing an annualized payout of $2.12 and a dividend yield of 2.0%.
• Analysts set varied price targets for the stock, with Citigroup raising its target from $92.00 to $105.00 and Wells Fargo increasing theirs from $96.00 to $100.00, reflecting a generally positive outlook for the company.

Pallas Capital Advisors LLC boosted its stake in shares of The Bank of New York Mellon Corporation (NYSE:BK - Free Report) by 37.5% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 11,165 shares of the bank's stock after buying an additional 3,045 shares during the quarter. Pallas Capital Advisors LLC's holdings in Bank of New York Mellon were worth $1,017,000 as of its most recent SEC filing.

Other hedge funds also recently bought and sold shares of the company. Nuveen LLC acquired a new position in shares of Bank of New York Mellon in the 1st quarter valued at $773,627,000. GAMMA Investing LLC increased its stake in Bank of New York Mellon by 9,538.9% in the 1st quarter. GAMMA Investing LLC now owns 1,399,958 shares of the bank's stock valued at $117,414,000 after buying an additional 1,385,434 shares during the period. AustralianSuper Pty Ltd acquired a new position in Bank of New York Mellon in the 1st quarter valued at $92,502,000. Goldman Sachs Group Inc. increased its stake in Bank of New York Mellon by 26.3% in the 1st quarter. Goldman Sachs Group Inc. now owns 5,053,744 shares of the bank's stock valued at $423,858,000 after buying an additional 1,052,145 shares during the period. Finally, Wellington Management Group LLP increased its stake in Bank of New York Mellon by 257.6% in the 1st quarter. Wellington Management Group LLP now owns 1,236,255 shares of the bank's stock valued at $103,685,000 after buying an additional 890,593 shares during the period. Hedge funds and other institutional investors own 85.31% of the company's stock.

Insider Buying and Selling

In other Bank of New York Mellon news, EVP J Kevin Mccarthy sold 20,000 shares of the firm's stock in a transaction dated 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 in the company, 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 SEC, which is available through this hyperlink. Insiders own 0.14% of the company's stock.

Bank of New York Mellon Price Performance

BK stock traded up $0.10 during trading hours on Friday, hitting $108.62. 8,770,370 shares of the stock traded hands, compared to its average volume of 2,747,152. The stock has a 50-day simple moving average of $102.54 and a 200 day simple moving average of $91.17. The Bank of New York Mellon Corporation has a one year low of $70.41 and a one year high of $109.21. The company has a market cap of $76.60 billion, a P/E ratio of 16.58, a P/E/G ratio of 1.02 and a beta of 1.14. The company has a current ratio of 0.72, a quick 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 quarterly earnings results on Tuesday, July 15th. The bank reported $1.94 earnings per share for the quarter, beating 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 business had revenue of $4.77 billion during the quarter, compared to analyst estimates of $4.80 billion. During the same quarter last year, the company posted $1.51 EPS. Bank of New York Mellon's revenue for the quarter was up 9.4% on a year-over-year basis. Equities analysts forecast 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 disclosed a quarterly dividend, which was paid on Thursday, August 7th. Shareholders of record on Friday, July 25th were given a dividend of $0.53 per share. This represents a $2.12 dividend on an annualized basis and a yield of 2.0%. The ex-dividend date was 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 is 32.37%.

Analysts Set New Price Targets

BK has been the topic of several research analyst reports. Morgan Stanley boosted 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. Evercore ISI boosted their target price on shares of Bank of New York Mellon from $88.00 to $90.00 and gave the company an "in-line" rating in a research note on Wednesday, July 2nd. Citigroup boosted 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 research note on Friday, September 5th. Keefe, Bruyette & Woods boosted their target price 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, Truist Financial boosted their target price on shares of Bank of New York Mellon from $100.00 to $109.00 and gave the company a "hold" rating in a research note on Thursday, August 14th. Eight research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company's stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $96.62.

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.