Picton Mahoney Asset Management Purchases 14,293 Shares of The Bank of New York Mellon Corporation (NYSE:BK)

Key Points

• Picton Mahoney Asset Management significantly increased its stake in The Bank of New York Mellon Corporation by 1,191.1% in the first quarter, adding 14,293 shares to its holdings, which are now valued at approximately $1.3 million.
• A number of institutional investors also bought shares in The Bank of New York Mellon, emphasizing strong interest, with 85.31% of the stock owned by these investors.
• The bank announced an increase in its quarterly dividend from $0.47 to $0.53 per share, reflecting a growth in shareholder returns.

Picton Mahoney Asset Management raised its stake in The Bank of New York Mellon Corporation (NYSE:BK - Free Report) by 1,191.1% during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 15,493 shares of the bank's stock after buying an additional 14,293 shares during the quarter. Picton Mahoney Asset Management's holdings in Bank of New York Mellon were worth $1,300,000 at the end of the most recent reporting period.

Other large investors have also recently added to or reduced their stakes in the company. Alpine Bank Wealth Management acquired a new position in shares of Bank of New York Mellon during the 1st quarter worth $25,000. Opal Wealth Advisors LLC acquired a new position in shares of Bank of New York Mellon during the 1st quarter worth $25,000. Parvin Asset Management LLC bought a new stake in shares of Bank of New York Mellon during the 4th quarter worth $25,000. Bellwether Advisors LLC bought a new stake in shares of Bank of New York Mellon during the 4th quarter worth $28,000. Finally, Cornerstone Planning Group LLC boosted its holdings in shares of Bank of New York Mellon by 100.0% during the 1st quarter. Cornerstone Planning Group LLC now owns 392 shares of the bank's stock worth $30,000 after buying an additional 196 shares during the period. Institutional investors and hedge funds own 85.31% of the company's stock.

Bank of New York Mellon Stock Performance

NYSE BK traded down $1.67 on Friday, hitting $99.78. 3,665,800 shares of the stock were exchanged, compared to its average volume of 4,302,989. The company has a debt-to-equity ratio of 0.86, a current ratio of 0.72 and a quick ratio of 0.69. The business's fifty day moving average is $93.13 and its 200 day moving average is $86.84. The Bank of New York Mellon Corporation has a 52 week low of $60.93 and a 52 week high of $103.16. The company has a market capitalization of $71.39 billion, a PE ratio of 15.23, a P/E/G ratio of 0.99 and a beta of 1.12.

Bank of New York Mellon (NYSE:BK - Get Free Report) last issued its quarterly earnings data 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 for the quarter, compared to analyst estimates 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 company's revenue was up 9.4% on a year-over-year basis. During the same period in the prior year, the firm earned $1.51 earnings per share. Research analysts anticipate 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 disclosed 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. 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. This represents a $2.12 annualized dividend and a dividend yield of 2.1%. Bank of New York Mellon's payout ratio is currently 32.37%.

Insider Buying and Selling at Bank of New York Mellon

In related news, EVP J Kevin Mccarthy sold 20,000 shares of the firm's stock in a transaction dated Tuesday, July 22nd. The shares were sold at an average price of $98.45, for a total transaction of $1,969,000.00. Following the transaction, the executive vice president directly owned 35,115 shares of the company's stock, valued at approximately $3,457,071.75. This trade represents 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. 0.14% of the stock is owned by insiders.

Analysts Set New Price Targets

Several analysts recently issued reports on BK shares. Keefe, Bruyette & Woods upped their price objective on shares of Bank of New York Mellon from $105.00 to $113.00 and gave the stock an "outperform" rating in a report on Wednesday, July 16th. Evercore ISI upped their price objective on shares of Bank of New York Mellon from $88.00 to $90.00 and gave the stock an "in-line" rating in a report on Wednesday, July 2nd. Morgan Stanley upped their price objective on shares of Bank of New York Mellon from $95.00 to $101.00 and gave the stock an "overweight" rating in a report on Wednesday, July 16th. Wells Fargo & Company upped their price objective on shares of Bank of New York Mellon from $96.00 to $100.00 and gave the stock an "equal weight" rating in a report on Wednesday, July 16th. Finally, Truist Financial increased their price target on shares of 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 issued a buy rating to the stock. According to data from MarketBeat, Bank of New York Mellon currently has a consensus rating of "Moderate Buy" and a consensus price target of $94.38.

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.