Plimoth Trust Co. LLC Acquires Shares of 2,350 The Bank of New York Mellon Corporation $BK

Key Points

• Plimoth Trust Co. LLC has acquired 2,350 shares of The Bank of New York Mellon Corporation, with the stake valued at approximately $214,000.
• The bank recently reported $1.94 earnings per share (EPS) for the quarter, exceeding analysts' expectations, and had a revenue of $4.77 billion.
• Bank of New York Mellon has increased its quarterly dividend from $0.47 to $0.53, reflecting a 2.0% yield and a dividend payout ratio of 32.37%.

Plimoth Trust Co. LLC purchased a new stake in The Bank of New York Mellon Corporation (NYSE:BK - Free Report) during the second quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor purchased 2,350 shares of the bank's stock, valued at approximately $214,000.

Other hedge funds also recently modified their holdings of the company. Ameriprise Financial Inc. increased its holdings in Bank of New York Mellon by 1.9% during the 1st quarter. Ameriprise Financial Inc. now owns 12,043,601 shares of the bank's stock valued at $1,010,093,000 after purchasing an additional 221,613 shares in the last quarter. Nuveen LLC acquired a new position in shares of Bank of New York Mellon in the 1st quarter valued at $773,627,000. Invesco Ltd. boosted its holdings in Bank of New York Mellon by 8.8% during the first quarter. Invesco Ltd. now owns 8,264,176 shares of the bank's stock worth $693,116,000 after buying an additional 667,966 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its stake in Bank of New York Mellon by 5.7% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 8,125,577 shares of the bank's stock worth $681,492,000 after acquiring an additional 436,100 shares during the last quarter. Finally, Goldman Sachs Group Inc. boosted its position in shares of Bank of New York Mellon by 26.3% during the first quarter. Goldman Sachs Group Inc. now owns 5,053,744 shares of the bank's stock worth $423,858,000 after purchasing an additional 1,052,145 shares in the last quarter. Institutional investors and hedge funds own 85.31% of the company's stock.

Bank of New York Mellon Stock Performance

Shares of Bank of New York Mellon stock opened at $106.48 on Monday. The firm has a market capitalization of $75.09 billion, a P/E ratio of 16.26, a P/E/G ratio of 1.01 and a beta of 1.13. The Bank of New York Mellon Corporation has a fifty-two week low of $70.46 and a fifty-two week high of $110.87. The company has a debt-to-equity ratio of 0.86, a current ratio of 0.72 and a quick ratio of 0.72. The company's 50 day moving average price is $104.60 and its two-hundred day moving average price is $93.05.

Bank of New York Mellon (NYSE:BK - Get Free Report) last issued its earnings results on Tuesday, July 15th. The bank reported $1.94 earnings per share (EPS) for the quarter, topping 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 analysts' expectations of $4.80 billion. During the same quarter in the prior year, the firm earned $1.51 EPS. The business's revenue for the quarter was up 9.4% compared to the same quarter last year. On average, equities analysts forecast 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 disclosed a quarterly dividend, which was paid on Thursday, August 7th. Investors of record on Friday, July 25th were issued a $0.53 dividend. The ex-dividend date was Friday, July 25th. This is a positive change from Bank of New York Mellon's previous quarterly dividend of $0.47. This represents a $2.12 dividend on an annualized basis and a yield of 2.0%. Bank of New York Mellon's dividend payout ratio (DPR) is currently 32.37%.

Insider Buying and Selling at Bank of New York Mellon

In other 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 transaction, the executive vice president directly owned 35,115 shares in the company, valued at $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 is available through the SEC website. Insiders own 0.14% of the company's stock.

Analysts Set New Price Targets

BK has been the subject of a number of research reports. Evercore ISI increased their target price 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, September 30th. Truist Financial increased their price target on Bank of New York Mellon from $109.00 to $118.00 and gave the company a "hold" rating in a research report on Thursday. BMO Capital Markets assumed coverage on shares of Bank of New York Mellon in a research note on Friday. They issued an "outperform" rating and a $125.00 target price for the company. Wells Fargo & Company lifted 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 research report on Wednesday, July 16th. Finally, Morgan Stanley upped their target price on Bank of New York Mellon from $101.00 to $116.00 and gave the company an "overweight" rating in a research report on Monday, September 29th. Ten research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $103.46.

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.

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