Rafferty Asset Management LLC Has $19.73 Million Stock Position in The Bank of New York Mellon Corporation $BK

Key Points

• Rafferty Asset Management LLC reduced its stake in The Bank of New York Mellon Corporation by 8.3%, now holding 235,283 shares worth approximately $19.73 million after selling 21,239 shares in the first quarter.
• Bank of New York Mellon recently increased its quarterly dividend from $0.47 to $0.53, representing a 2.0% yield and a payout ratio of 32.37%.
• Several analysts have upgraded their price targets for Bank of New York Mellon, with Wells Fargo raising it from $96 to $100 and Keefe, Bruyette & Woods increasing it from $105 to $113.

Rafferty Asset Management LLC reduced its stake in The Bank of New York Mellon Corporation (NYSE:BK - Free Report) by 8.3% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 235,283 shares of the bank's stock after selling 21,239 shares during the quarter. Rafferty Asset Management LLC's holdings in Bank of New York Mellon were worth $19,733,000 at the end of the most recent reporting period.

Other large investors have also recently bought and sold shares of the company. Parvin Asset Management LLC bought a new position in Bank of New York Mellon in the 4th quarter valued at about $25,000. Opal Wealth Advisors LLC bought a new position in shares of Bank of New York Mellon during the first quarter worth approximately $25,000. Alpine Bank Wealth Management bought a new position in shares of Bank of New York Mellon during the first quarter worth approximately $25,000. Bellwether Advisors LLC bought a new position in shares of Bank of New York Mellon during the fourth quarter worth approximately $28,000. Finally, REAP Financial Group LLC increased its holdings in shares of Bank of New York Mellon by 123.2% during the fourth quarter. REAP Financial Group LLC now owns 395 shares of the bank's stock worth $30,000 after purchasing an additional 218 shares during the period. 85.31% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other Bank of New York Mellon news, EVP J Kevin Mccarthy sold 20,000 shares of the firm's stock in a transaction that occurred 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 sale, the executive vice president 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 filing with the SEC, which is available at this link. 0.14% of the stock is owned by corporate insiders.

Bank of New York Mellon Price Performance

NYSE:BK traded down $0.43 during mid-day trading on Friday, reaching $105.67. The stock had a trading volume of 2,933,101 shares, compared to its average volume of 3,174,358. The stock has a 50-day simple moving average of $98.37 and a two-hundred day simple moving average of $89.31. The stock has a market capitalization of $74.52 billion, a PE ratio of 16.13, a P/E/G ratio of 1.00 and a beta of 1.12. 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 Bank of New York Mellon Corporation has a 12 month low of $66.01 and a 12 month high of $106.57.

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 for the quarter, beating analysts' consensus estimates of $1.73 by $0.21. Bank of New York Mellon had a net margin of 12.27% and a return on equity of 13.46%. The firm had revenue of $4.77 billion for the quarter, compared to analyst estimates of $4.80 billion. During the same quarter last year, the business posted $1.51 earnings per share. The company's quarterly revenue was up 9.4% on a year-over-year basis. On average, equities analysts anticipate that The Bank of New York Mellon Corporation will post 6.96 earnings per share for the current year.

Bank of New York Mellon Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, August 7th. Shareholders of record on Friday, July 25th were given a $0.53 dividend. This is an increase 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%. The ex-dividend date was Friday, July 25th. Bank of New York Mellon's dividend payout ratio (DPR) is 32.37%.

Wall Street Analyst Weigh In

Several research analysts have recently commented 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 stock an "outperform" rating in a report on Wednesday, July 16th. Wells Fargo & Company raised their target price 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. Truist Financial lifted their price objective on shares of Bank of New York Mellon from $100.00 to $109.00 and gave the company a "hold" rating in a research note on Thursday, August 14th. Morgan Stanley lifted their price objective on shares of 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. Finally, Evercore ISI lifted 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 research note on Wednesday, July 2nd. Eight equities research analysts have rated the stock with a Buy rating and six have given a Hold rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $95.08.

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.