Retirement Planning Co of New England Inc. Makes New $287,000 Investment in The Bank of New York Mellon Corporation $BK

Key Points

• Retirement Planning Co of New England Inc. invested approximately $287,000 in The Bank of New York Mellon by purchasing 3,423 shares during the first quarter.
• Multiple institutional investors, including Nuveen LLC and Goldman Sachs Group Inc., have significantly increased their stakes in Bank of New York Mellon, indicating strong confidence in the bank's performance.
• The Bank of New York Mellon recently raised its quarterly dividend from $0.47 to $0.53 per share, reflecting a solid financial footing and commitment to returning value to shareholders.

Retirement Planning Co of New England Inc. bought a new position in The Bank of New York Mellon Corporation (NYSE:BK - Free Report) during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund bought 3,423 shares of the bank's stock, valued at approximately $287,000.

Several other institutional investors and hedge funds have also modified their holdings of BK. Ameriprise Financial Inc. lifted 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 worth $1,010,093,000 after buying an additional 221,613 shares in the last quarter. Nuveen LLC acquired a new position in Bank of New York Mellon during the 1st quarter worth $773,627,000. Invesco Ltd. lifted its holdings in Bank of New York Mellon by 8.8% during the 1st 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 in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its holdings in Bank of New York Mellon by 15.9% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 7,689,477 shares of the bank's stock worth $590,783,000 after buying an additional 1,055,389 shares in the last quarter. Finally, Goldman Sachs Group Inc. lifted its holdings in Bank of New York Mellon by 26.3% during the 1st quarter. Goldman Sachs Group Inc. now owns 5,053,744 shares of the bank's stock worth $423,858,000 after buying an additional 1,052,145 shares in the last quarter. 85.31% of the stock is owned by institutional investors and hedge funds.

Bank of New York Mellon Trading Down 1.8%

Shares of BK stock traded down $1.87 during trading hours on Friday, reaching $103.69. The company had a trading volume of 2,780,488 shares, compared to its average volume of 2,839,570. 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 1-year low of $66.01 and a 1-year high of $106.57. The company has a 50 day moving average of $99.81 and a 200 day moving average of $89.88. The firm has a market cap of $73.12 billion, a price-to-earnings ratio of 15.83, a P/E/G ratio of 1.00 and a beta of 1.14.

Bank of New York Mellon (NYSE:BK - Get Free Report) last released its quarterly earnings data on Tuesday, July 15th. The bank reported $1.94 EPS 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 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 company earned $1.51 EPS. The firm's quarterly revenue was up 9.4% on a year-over-year basis. On average, equities research analysts anticipate that The Bank of New York Mellon Corporation will post 6.96 EPS for the current year.

Bank of New York Mellon Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, August 7th. Investors of record on Friday, July 25th were given a $0.53 dividend. The ex-dividend date was Friday, July 25th. This represents a $2.12 dividend on an annualized basis and a dividend yield of 2.0%. 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 is currently 32.37%.

Insider Activity at Bank of New York Mellon

In related 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 sale, the executive vice president owned 35,115 shares in the company, valued at $3,457,071.75. This represents a 36.29% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 0.14% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

Several research analysts have issued reports on the company. Wells Fargo & Company upped their price objective 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. 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 report on Wednesday, July 16th. Citigroup upped their price objective on Bank of New York Mellon from $92.00 to $105.00 and gave the stock a "neutral" rating in a report on Friday. Truist Financial upped their price objective on Bank of New York Mellon from $100.00 to $109.00 and gave the stock a "hold" rating in a report on Thursday, August 14th. Finally, Morgan Stanley increased their price target on 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. Eight equities research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $96.62.

About Bank of New York Mellon

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.