Prosperity Consulting Group LLC Acquires 5,165 Shares of The Bank of New York Mellon Corporation (NYSE:BK)

Key Points

• Prosperity Consulting Group LLC increased its holdings in The Bank of New York Mellon Corporation by 12.9% during the first quarter, owning 45,072 shares valued at approximately $3.78 million.
• The bank recently announced a quarterly dividend increase to $0.53, representing a dividend yield of 2.10%, compared to its previous dividend of $0.47.
• Analysts have a consensus rating of "Moderate Buy" for the stock, with an average target price of $94.38, reflecting a generally positive outlook on its performance.

Prosperity Consulting Group LLC raised its holdings in shares of The Bank of New York Mellon Corporation (NYSE:BK - Free Report) by 12.9% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 45,072 shares of the bank's stock after acquiring an additional 5,165 shares during the quarter. Prosperity Consulting Group LLC's holdings in Bank of New York Mellon were worth $3,780,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also modified their holdings of the company. Parvin Asset Management LLC acquired a new position in Bank of New York Mellon during the 4th quarter worth approximately $25,000. Opal Wealth Advisors LLC purchased a new stake in Bank of New York Mellon during the 1st quarter worth approximately $25,000. Alpine Bank Wealth Management bought a new stake in shares of Bank of New York Mellon in the 1st quarter valued at approximately $25,000. Bellwether Advisors LLC bought a new position in Bank of New York Mellon during the 4th quarter worth $28,000. Finally, REAP Financial Group LLC grew its stake in Bank of New York Mellon by 123.2% during the 4th quarter. REAP Financial Group LLC now owns 395 shares of the bank's stock worth $30,000 after buying an additional 218 shares during the last quarter. 85.31% of the stock is owned by institutional investors and hedge funds.

Bank of New York Mellon Stock Performance

NYSE BK traded down $0.93 during trading on Thursday, reaching $101.38. 999,984 shares of the company's stock were exchanged, compared to its average volume of 4,282,796. The business has a 50 day moving average price of $92.67 and a 200-day moving average price of $86.50. The stock has a market capitalization of $72.53 billion, a P/E ratio of 15.50, a PEG ratio of 0.99 and a beta of 1.07. 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 Bank of New York Mellon Corporation has a fifty-two week low of $60.93 and a fifty-two week high of $103.16.

Bank of New York Mellon (NYSE:BK - Get Free Report) last released its earnings results on Tuesday, July 15th. The bank reported $1.94 earnings per share for the quarter, topping the consensus estimate 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 firm had revenue of $4.77 billion during the quarter, compared to analysts' expectations of $4.80 billion. During the same period in the prior year, the company earned $1.51 earnings per share. The company's quarterly revenue was up 9.4% on a year-over-year basis. Sell-side 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 firm also recently announced a quarterly dividend, which will be paid on Thursday, August 7th. Shareholders of record on Friday, July 25th will be paid a dividend of $0.53 per share. 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 yield of 2.09%. Bank of New York Mellon's dividend payout ratio is presently 32.37%.

Insiders Place Their Bets

In related news, EVP J Kevin Mccarthy sold 20,000 shares of the firm's stock in a transaction 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 sale, the executive vice president owned 35,115 shares of the company's stock, valued at $3,457,071.75. This trade represents a 36.29% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. 0.14% of the stock is owned by insiders.

Wall Street Analyst Weigh In

Several analysts have recently weighed in on the company. Keefe, Bruyette & Woods upped their price objective on Bank of New York Mellon from $105.00 to $113.00 and gave the company an "outperform" rating in a report on Wednesday, July 16th. Truist Financial upped 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. Wells Fargo & Company increased their target price on 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. Morgan Stanley increased their target price on 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. Finally, Evercore ISI increased their target price on 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. Seven equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $94.38.

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.