Resona Asset Management Co. Ltd. Purchases 13,127 Shares of The Bank of New York Mellon Corporation (NYSE:BK)

Key Points

• Resona Asset Management increased its holdings in The Bank of New York Mellon by 5.9%, acquiring an additional 13,127 shares, bringing its total to 233,854 shares valued at approximately $19.57 million.
• Several analysts have raised their price targets for Bank of New York Mellon, with Morgan Stanley now suggesting a target of $101.00 and Keefe, Bruyette & Woods raising theirs to $113.00.
• The Bank of New York Mellon recently boosted its quarterly dividend from $0.47 to $0.53, reflecting confidence in its financial performance.

Resona Asset Management Co. Ltd. increased its stake in shares of The Bank of New York Mellon Corporation (NYSE:BK - Free Report) by 5.9% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 233,854 shares of the bank's stock after buying an additional 13,127 shares during the quarter. Resona Asset Management Co. Ltd.'s holdings in Bank of New York Mellon were worth $19,571,000 as of its most recent SEC filing.

Other large investors have also recently made changes to their positions in the company. Capital Analysts LLC boosted its position in Bank of New York Mellon by 3.7% in the 4th quarter. Capital Analysts LLC now owns 3,317 shares of the bank's stock valued at $255,000 after buying an additional 119 shares during the period. Hemington Wealth Management lifted its position in Bank of New York Mellon by 8.0% in the first quarter. Hemington Wealth Management now owns 1,628 shares of the bank's stock valued at $136,000 after acquiring an additional 121 shares during the last quarter. Y.D. More Investments Ltd raised its holdings in shares of Bank of New York Mellon by 13.8% in the first quarter. Y.D. More Investments Ltd now owns 1,030 shares of the bank's stock valued at $86,000 after buying an additional 125 shares during the last quarter. Syon Capital LLC raised its holdings in shares of Bank of New York Mellon by 2.5% in the fourth quarter. Syon Capital LLC now owns 5,432 shares of the bank's stock valued at $417,000 after buying an additional 132 shares during the last quarter. Finally, Ontario Teachers Pension Plan Board grew its position in Bank of New York Mellon by 1.1% during the first quarter. Ontario Teachers Pension Plan Board now owns 12,504 shares of the bank's stock worth $1,049,000 after buying an additional 138 shares during the period. 85.31% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several analysts have recently commented on BK shares. Evercore ISI increased their price target 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 report on Wednesday, July 2nd. Keefe, Bruyette & Woods increased their price target on shares of Bank of New York Mellon from $105.00 to $113.00 and gave the stock an "outperform" rating in a research note on Wednesday, July 16th. Morgan Stanley increased 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 research report on Wednesday, July 16th. Truist Financial increased their price objective on shares of Bank of New York Mellon from $100.00 to $109.00 and gave the stock a "hold" rating in a research report on Thursday. Finally, 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 report on Wednesday, July 16th. Seven investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $95.08.

Insider Buying and Selling at Bank of New York Mellon

In other Bank of New York Mellon 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 completion of 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 sale was disclosed in a document filed with the SEC, which is available through this hyperlink. 0.14% of the stock is owned by corporate insiders.

Bank of New York Mellon Stock Performance

Bank of New York Mellon stock traded down $2.44 on Friday, hitting $100.91. The company's stock had a trading volume of 3,736,893 shares, compared to its average volume of 4,241,408. The company has a fifty day moving average price of $95.55 and a 200-day moving average price of $87.98. The company has a quick ratio of 0.72, a current ratio of 0.72 and a debt-to-equity ratio of 0.86. The Bank of New York Mellon Corporation has a one year low of $65.01 and a one year high of $104.47. The firm has a market cap of $71.17 billion, a P/E ratio of 15.41, a price-to-earnings-growth ratio of 0.98 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 EPS for the quarter, topping 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 in the prior year, the firm earned $1.51 EPS. The company's 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 firm also recently declared a quarterly dividend, which was paid on Thursday, August 7th. Stockholders of record on Friday, July 25th were paid a dividend of $0.53 per share. The ex-dividend date of this dividend was Friday, July 25th. This represents a $2.12 annualized dividend and a dividend yield of 2.1%. This is an increase from Bank of New York Mellon's previous quarterly dividend of $0.47. Bank of New York Mellon's dividend payout ratio (DPR) is 32.37%.

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.