Rice Partnership LLC purchased a new position in shares of The Bank of New York Mellon Corporation (NYSE:BK - Free Report) in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 3,200 shares of the bank's stock, valued at approximately $292,000.
Other large investors also recently modified their holdings of the company. Opal Wealth Advisors LLC acquired a new position in shares of Bank of New York Mellon during the first quarter worth approximately $25,000. Alpine Bank Wealth Management acquired a new position in shares of Bank of New York Mellon during the first quarter worth approximately $25,000. Cornerstone Planning Group LLC lifted its holdings in shares of Bank of New York Mellon by 100.0% during the first quarter. Cornerstone Planning Group LLC now owns 392 shares of the bank's stock worth $30,000 after buying an additional 196 shares during the last quarter. Orion Capital Management LLC acquired a new position in shares of Bank of New York Mellon during the first quarter worth approximately $32,000. Finally, Hoey Investments Inc. acquired a new position in shares of Bank of New York Mellon during the second quarter worth approximately $32,000. 85.31% of the stock is currently owned by institutional investors and hedge funds.
Bank of New York Mellon Stock Performance
Shares of NYSE:BK opened at $106.02 on Thursday. The business's fifty day moving average price is $104.89 and its two-hundred day moving average price is $93.39. The Bank of New York Mellon Corporation has a fifty-two week low of $70.46 and a fifty-two week high of $110.87. The stock has a market capitalization of $74.77 billion, a price-to-earnings ratio of 16.19, a price-to-earnings-growth ratio of 1.00 and a beta of 1.13. The company has a debt-to-equity ratio of 0.86, a current ratio of 0.72 and a quick ratio of 0.72.
Bank of New York Mellon (NYSE:BK - Get Free Report) last announced 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. 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 for the quarter, compared to analysts' expectations of $4.80 billion. During the same period in the prior year, the business posted $1.51 earnings per share. The business's revenue was up 9.4% compared to the same quarter last year. As a group, analysts predict that The Bank of New York Mellon Corporation will post 6.96 EPS for the current fiscal year.
Bank of New York Mellon Increases Dividend
The firm also recently announced a quarterly dividend, which was paid on Thursday, August 7th. Stockholders of record on Friday, July 25th were issued a dividend of $0.53 per share. The ex-dividend date was 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 dividend yield of 2.0%. Bank of New York Mellon's dividend payout ratio (DPR) is currently 32.37%.
Analyst Ratings Changes
BK has been the subject of a number of research analyst reports. Wells Fargo & Company upped their price target 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. TD Cowen initiated coverage on Bank of New York Mellon in a research report on Thursday, September 25th. They issued a "buy" rating for the company. Truist Financial raised their target price on Bank of New York Mellon from $109.00 to $118.00 and gave the stock a "hold" rating in a research report on Thursday, October 2nd. BMO Capital Markets initiated coverage on Bank of New York Mellon in a research report on Friday, October 3rd. They issued an "outperform" rating and a $125.00 target price for the company. Finally, Morgan Stanley raised their target price on Bank of New York Mellon from $101.00 to $116.00 and gave the stock an "overweight" rating in a research report on Monday, September 29th. Ten analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company's stock. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $106.77.
Read Our Latest Analysis on Bank of New York Mellon
Insider Activity at Bank of New York Mellon
In other news, EVP J Kevin Mccarthy sold 20,000 shares of the 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 in the company, valued at approximately $3,457,071.75. This represents a 36.29% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders own 0.14% of the company's stock.
About Bank of New York Mellon
(
Free Report)
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.
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