Patriot Financial Group Insurance Agency LLC Buys 3,707 Shares of The Bank of New York Mellon Corporation $BK

Key Points

• Patriot Financial Group Insurance Agency LLC increased its stake in The Bank of New York Mellon Corporation by 19.9%, acquiring 3,707 shares in the second quarter, bringing their total holdings to 22,296 shares worth approximately $2.03 million.
• The Bank of New York Mellon declared a quarterly dividend of $0.53 per share, up from the previous $0.47, providing a yield of 2.0%.
• The company reported earnings of $1.94 per share for the latest quarter, surpassing expectations, with a year-over-year revenue increase of 9.4%.

Patriot Financial Group Insurance Agency LLC boosted its stake in shares of The Bank of New York Mellon Corporation (NYSE:BK - Free Report) by 19.9% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 22,296 shares of the bank's stock after purchasing an additional 3,707 shares during the quarter. Patriot Financial Group Insurance Agency LLC's holdings in Bank of New York Mellon were worth $2,031,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in BK. Revolve Wealth Partners LLC purchased a new stake in Bank of New York Mellon in the fourth quarter valued at about $220,000. Merit Financial Group LLC raised its stake in Bank of New York Mellon by 89.0% in the first quarter. Merit Financial Group LLC now owns 13,296 shares of the bank's stock valued at $1,115,000 after buying an additional 6,262 shares during the last quarter. Hennion & Walsh Asset Management Inc. raised its stake in Bank of New York Mellon by 111.8% in the first quarter. Hennion & Walsh Asset Management Inc. now owns 25,585 shares of the bank's stock valued at $2,146,000 after buying an additional 13,503 shares during the last quarter. Apella Capital LLC purchased a new stake in Bank of New York Mellon in the first quarter valued at about $257,000. Finally, Beacon Financial Group raised its stake in Bank of New York Mellon by 3.9% in the first quarter. Beacon Financial Group now owns 17,693 shares of the bank's stock valued at $1,484,000 after buying an additional 666 shares during the last quarter. 85.31% of the stock is currently owned by hedge funds and other institutional investors.

Bank of New York Mellon Stock Down 0.5%

Shares of BK stock opened at $106.32 on Friday. The stock has a 50 day moving average of $104.49 and a 200 day moving average of $92.76. The company has a current ratio of 0.72, a quick ratio of 0.72 and a debt-to-equity ratio of 0.86. The stock has a market cap of $74.98 billion, a P/E ratio of 16.23, a P/E/G ratio of 1.01 and a beta of 1.13. The Bank of New York Mellon Corporation has a twelve month low of $70.41 and a twelve month high of $110.87.

Bank of New York Mellon (NYSE:BK - Get Free Report) last announced its quarterly earnings results 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. The company had revenue of $4.77 billion during the quarter, compared to analysts' expectations of $4.80 billion. Bank of New York Mellon had a return on equity of 13.46% and a net margin of 12.27%.Bank of New York Mellon's quarterly revenue was up 9.4% on a year-over-year basis. During the same period last year, the business earned $1.51 earnings per share. As a group, sell-side analysts expect 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 business also recently declared a quarterly dividend, which was paid on Thursday, August 7th. Investors of record on Friday, July 25th were given 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 annualized dividend and a yield of 2.0%. The ex-dividend date was Friday, July 25th. Bank of New York Mellon's dividend payout ratio (DPR) is 32.37%.

Analyst Upgrades and Downgrades

A number of equities research analysts have commented on BK shares. Wells Fargo & Company increased their price target 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. Citigroup increased their price target on 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. Evercore ISI raised their price objective on Bank of New York Mellon from $91.00 to $110.00 and gave the stock an "in-line" rating in a research note on Tuesday. Keefe, Bruyette & Woods raised 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 note on Wednesday, July 16th. Finally, Truist Financial raised their price objective on Bank of New York Mellon from $109.00 to $118.00 and gave the stock a "hold" rating in a research note on Thursday. Eight equities research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the stock. Based on data from MarketBeat, Bank of New York Mellon currently has an average rating of "Moderate Buy" and a consensus target price of $101.67.

Insiders Place Their Bets

In related 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 stock was sold at an average price of $98.45, for a total transaction 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 approximately $3,457,071.75. This trade represents a 36.29% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 0.14% of the company's stock.

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.

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