QRG Capital Management Inc. Increases Stock Position in The Bank of New York Mellon Corporation $BK

Key Points

• QRG Capital Management Inc. increased its stake in The Bank of New York Mellon Corporation by 18.9% to own 459,266 shares, valued at approximately $41.8 million.
• The bank recently declared an increased quarterly dividend of $0.53 per share, reflecting a positive change from the previous $0.47 dividend.
• Analysts have raised price targets for Bank of New York Mellon, with Truist Financial setting a new target of $118.00, while the stock is currently rated as a "Moderate Buy" by MarketBeat.

QRG Capital Management Inc. grew its stake in The Bank of New York Mellon Corporation (NYSE:BK - Free Report) by 18.9% during the second quarter, according to its most recent 13F filing with the SEC. The firm owned 459,266 shares of the bank's stock after acquiring an additional 73,112 shares during the period. QRG Capital Management Inc. owned about 0.06% of Bank of New York Mellon worth $41,844,000 as of its most recent filing with the SEC.

Other hedge funds have also recently made changes to their positions in the company. Leonard Rickey Investment Advisors P.L.L.C. raised its position in Bank of New York Mellon by 2.2% in the second quarter. Leonard Rickey Investment Advisors P.L.L.C. now owns 5,094 shares of the bank's stock valued at $464,000 after purchasing an additional 112 shares during the period. Sax Wealth Advisors LLC grew its stake in shares of Bank of New York Mellon by 2.3% in the first quarter. Sax Wealth Advisors LLC now owns 5,278 shares of the bank's stock valued at $443,000 after buying an additional 117 shares in the last quarter. Hemington Wealth Management raised its holdings in shares of Bank of New York Mellon by 8.0% in the 1st quarter. Hemington Wealth Management now owns 1,628 shares of the bank's stock valued at $136,000 after buying an additional 121 shares during the period. Y.D. More Investments Ltd lifted its stake in Bank of New York Mellon by 13.8% during the 1st quarter. Y.D. More Investments Ltd now owns 1,030 shares of the bank's stock worth $86,000 after acquiring an additional 125 shares in the last quarter. Finally, Resources Management Corp CT ADV boosted its holdings in Bank of New York Mellon by 5.9% during the 1st quarter. Resources Management Corp CT ADV now owns 2,260 shares of the bank's stock valued at $190,000 after acquiring an additional 125 shares during the period. Hedge funds and other institutional investors own 85.31% of the company's stock.

Insider Buying and Selling at Bank of New York Mellon

In other news, EVP J Kevin Mccarthy sold 20,000 shares of the company's stock in a transaction on 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 transaction, the executive vice president owned 35,115 shares in the company, valued at approximately $3,457,071.75. This represents a 36.29% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Corporate insiders own 0.14% of the company's stock.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on BK. Truist Financial boosted their price target on shares of Bank of New York Mellon from $109.00 to $118.00 and gave the stock a "hold" rating in a research note on Thursday. Morgan Stanley increased their target price on shares of Bank of New York Mellon from $101.00 to $116.00 and gave the stock an "overweight" rating in a report on Monday, September 29th. Wells Fargo & Company raised their price target on shares of 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. Keefe, Bruyette & Woods upped 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 report on Wednesday, July 16th. Finally, Evercore ISI increased their price objective on Bank of New York Mellon from $91.00 to $110.00 and gave the company an "in-line" rating in a research note on Tuesday. Ten research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company. According to MarketBeat, Bank of New York Mellon currently has an average rating of "Moderate Buy" and an average price target of $103.46.

Bank of New York Mellon Stock Performance

Shares of BK stock opened at $106.48 on Friday. The company has a market cap of $75.09 billion, a P/E ratio of 16.26, a PEG ratio of 1.00 and a beta of 1.13. The firm has a fifty day moving average price of $104.60 and a 200 day moving average price of $92.93. 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 Bank of New York Mellon Corporation has a 12 month low of $70.46 and a 12 month high of $110.87.

Bank of New York Mellon (NYSE:BK - Get Free Report) last posted its quarterly earnings results 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 company had revenue of $4.77 billion for 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 firm earned $1.51 earnings per share. Sell-side analysts predict 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 declared a quarterly dividend, which was paid on Thursday, August 7th. Investors of record on Friday, July 25th were issued a $0.53 dividend. This represents a $2.12 dividend on an annualized basis and a yield of 2.0%. This is a positive change from Bank of New York Mellon's previous quarterly dividend of $0.47. The ex-dividend date of this dividend was Friday, July 25th. Bank of New York Mellon's dividend payout ratio is currently 32.37%.

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.

Want to see what other hedge funds are holding BK? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for The Bank of New York Mellon Corporation (NYSE:BK - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.