Rossmore Private Capital increased its stake in shares of The Bank of New York Mellon Corporation (NYSE:BK - Free Report) by 197.6% during the first quarter, according to the company in its most recent filing with the SEC. The fund owned 14,879 shares of the bank's stock after acquiring an additional 9,879 shares during the period. Rossmore Private Capital's holdings in Bank of New York Mellon were worth $1,248,000 as of its most recent filing with the SEC.
A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in BK. Revolve Wealth Partners LLC acquired a new stake in Bank of New York Mellon in the 4th quarter valued at approximately $220,000. Scotia Capital Inc. grew its holdings in shares of Bank of New York Mellon by 8.7% during the 4th quarter. Scotia Capital Inc. now owns 14,527 shares of the bank's stock worth $1,116,000 after purchasing an additional 1,164 shares in the last quarter. Rockefeller Capital Management L.P. grew its holdings in shares of Bank of New York Mellon by 101.4% during the 4th quarter. Rockefeller Capital Management L.P. now owns 59,446 shares of the bank's stock worth $4,563,000 after purchasing an additional 29,927 shares in the last quarter. Townsquare Capital LLC grew its holdings in shares of Bank of New York Mellon by 34.3% during the 4th quarter. Townsquare Capital LLC now owns 29,544 shares of the bank's stock worth $2,270,000 after purchasing an additional 7,543 shares in the last quarter. Finally, Sagespring Wealth Partners LLC acquired a new stake in shares of Bank of New York Mellon during the 4th quarter worth approximately $403,000. Institutional investors and hedge funds own 85.31% of the company's stock.
Bank of New York Mellon Trading Down 2.4%
Shares of Bank of New York Mellon stock traded down $2.44 during trading on Friday, reaching $100.91. 3,736,000 shares of the company were exchanged, compared to its average volume of 4,241,212. The Bank of New York Mellon Corporation has a twelve month low of $65.01 and a twelve month high of $104.47. 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 firm has a market capitalization of $71.17 billion, a price-to-earnings ratio of 15.41, a P/E/G ratio of 0.98 and a beta of 1.12. The business has a 50-day moving average price of $95.55 and a 200-day moving average price of $87.98.
Bank of New York Mellon (NYSE:BK - Get Free Report) last posted its earnings results on Tuesday, July 15th. The bank reported $1.94 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.73 by $0.21. The firm had revenue of $4.77 billion during 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%. The company's revenue was up 9.4% on a year-over-year basis. During the same period in the previous year, the firm earned $1.51 earnings per share. Sell-side analysts anticipate 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 business also recently announced a quarterly dividend, which was paid on Thursday, August 7th. Investors 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 yield of 2.1%. Bank of New York Mellon's dividend payout ratio is currently 32.37%.
Analyst Ratings Changes
Several analysts have recently weighed in on BK shares. Morgan Stanley lifted their price objective on Bank of New York Mellon from $95.00 to $101.00 and gave the stock an "overweight" rating in a report on Wednesday, July 16th. Evercore ISI raised their target price on Bank of New York Mellon from $88.00 to $90.00 and gave the stock an "in-line" rating in a research report on Wednesday, July 2nd. Truist Financial raised their target price on Bank of New York Mellon from $100.00 to $109.00 and gave the stock a "hold" rating in a research report on Thursday. Wells Fargo & Company raised their target price on Bank of New York Mellon from $96.00 to $100.00 and gave the stock an "equal weight" rating in a research report on Wednesday, July 16th. Finally, Keefe, Bruyette & Woods raised their target price 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. Seven investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the company's stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $95.08.
View Our Latest Stock Report on BK
Insider Transactions 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 dated 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 transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Insiders own 0.14% of the company's stock.
Bank of New York Mellon Profile
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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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