2,657 Shares in The Bank of New York Mellon Corporation (NYSE:BK) Acquired by Pettyjohn Wood & White Inc.

Key Points

• Pettyjohn Wood & White Inc. invested approximately $223,000 in The Bank of New York Mellon Corporation, acquiring 2,657 shares during the first quarter.
• The bank has reported earnings per share (EPS) of $1.94 for the latest quarter, surpassing analysts' expectations by $0.21.
• The Bank of New York Mellon announced a quarterly dividend of $0.53 per share, up from the previous $0.47, with a current yield of 2.1%.

Pettyjohn Wood & White Inc. bought a new position in The Bank of New York Mellon Corporation (NYSE:BK - Free Report) in the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor bought 2,657 shares of the bank's stock, valued at approximately $223,000.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in BK. Baker Avenue Asset Management LP purchased a new stake in shares of Bank of New York Mellon during the first quarter worth about $205,000. Commerce Bank boosted its stake in Bank of New York Mellon by 3.4% in the 1st quarter. Commerce Bank now owns 30,923 shares of the bank's stock worth $2,594,000 after purchasing an additional 1,031 shares during the period. Moors & Cabot Inc. grew its holdings in Bank of New York Mellon by 3.7% during the 1st quarter. Moors & Cabot Inc. now owns 36,970 shares of the bank's stock valued at $3,101,000 after buying an additional 1,310 shares in the last quarter. Nicolet Advisory Services LLC bought a new stake in shares of Bank of New York Mellon during the first quarter valued at approximately $209,000. Finally, Shufro Rose & Co. LLC bought a new stake in shares of Bank of New York Mellon during the first quarter valued at approximately $1,238,000. Institutional investors own 85.31% of the company's stock.

Bank of New York Mellon Trading Down 1.6%

Shares of NYSE BK traded down $1.67 during trading hours on Friday, hitting $99.78. 3,665,800 shares of the company traded hands, compared to its average volume of 4,486,280. The company's 50 day moving average price is $93.13 and its 200 day moving average price is $86.90. The Bank of New York Mellon Corporation has a 12 month low of $60.93 and a 12 month high of $103.16. The stock has a market capitalization of $71.39 billion, a price-to-earnings ratio of 15.23, a price-to-earnings-growth ratio of 0.97 and a beta of 1.12. The company has a current ratio of 0.72, a quick ratio of 0.69 and a debt-to-equity ratio of 0.86.

Bank of New York Mellon (NYSE:BK - Get Free Report) last posted its quarterly earnings data 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. The business had revenue of $4.77 billion for the quarter, compared to analysts' expectations of $4.80 billion. Bank of New York Mellon had a net margin of 12.27% and a return on equity of 13.46%. The business's revenue was up 9.4% compared to the same quarter last year. During the same quarter in the previous year, the business posted $1.51 earnings per share. On average, equities research analysts anticipate that The Bank of New York Mellon Corporation will post 6.96 earnings per share for the current fiscal year.

Bank of New York Mellon Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, August 7th. Investors of record on Friday, July 25th will be paid a $0.53 dividend. The ex-dividend date of this dividend is Friday, July 25th. This represents a $2.12 annualized dividend and a yield of 2.1%. This is a boost from Bank of New York Mellon's previous quarterly dividend of $0.47. Bank of New York Mellon's payout ratio is 32.37%.

Insider Buying and Selling

In other Bank of New York Mellon news, EVP J Kevin Mccarthy sold 20,000 shares of the business's stock in a transaction dated 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 of the company's stock, valued at $3,457,071.75. The trade was a 36.29% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.14% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several equities analysts recently weighed in on the stock. Keefe, Bruyette & Woods raised 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. Evercore ISI increased their price objective on shares of 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. 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 report on Wednesday, July 16th. Truist Financial boosted their target price on Bank of New York Mellon from $97.00 to $100.00 and gave the stock a "hold" rating in a research report on Wednesday, July 16th. Finally, Morgan Stanley increased their price target on Bank of New York Mellon from $95.00 to $101.00 and gave the company an "overweight" rating in a research note on Wednesday, July 16th. Seven analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. According to data from MarketBeat.com, Bank of New York Mellon currently has a consensus rating of "Moderate Buy" and a consensus target price 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.