Royal Bank of Canada Has $369.87 Million Stock Holdings in The Bank of New York Mellon Corporation $BK

Key Points

• Royal Bank of Canada has increased its stake in The Bank of New York Mellon Corporation by 2.2%, now owning approximately 4.41 million shares, worth around $369.87 million.
• Several research firms have raised their price targets for Bank of New York Mellon, with estimates now averaging $95.08, alongside a majority rating of "Moderate Buy."
• The company recently increased its quarterly dividend to $0.53 per share, representing a yield of 2.0% and indicating a solid payout ratio of 32.37%.

Royal Bank of Canada lifted its position in shares of The Bank of New York Mellon Corporation (NYSE:BK - Free Report) by 2.2% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 4,410,049 shares of the bank's stock after buying an additional 94,095 shares during the quarter. Royal Bank of Canada owned approximately 0.62% of Bank of New York Mellon worth $369,871,000 at the end of the most recent quarter.

A number of other institutional investors have also recently bought and sold shares of BK. Opal Wealth Advisors LLC purchased a new stake in Bank of New York Mellon in the first quarter valued at approximately $25,000. Alpine Bank Wealth Management acquired a new position in shares of Bank of New York Mellon during the first quarter worth $25,000. REAP Financial Group LLC raised its holdings in Bank of New York Mellon by 123.2% in the fourth quarter. REAP Financial Group LLC now owns 395 shares of the bank's stock valued at $30,000 after acquiring an additional 218 shares in the last quarter. Cornerstone Planning Group LLC raised its holdings in Bank of New York Mellon by 100.0% in the first quarter. Cornerstone Planning Group LLC now owns 392 shares of the bank's stock valued at $30,000 after acquiring an additional 196 shares in the last quarter. Finally, Orion Capital Management LLC acquired a new stake in Bank of New York Mellon in the first quarter valued at $32,000. 85.31% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Bank of New York Mellon

In other Bank of New York Mellon 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 completion of the transaction, the executive vice president directly owned 35,115 shares in the company, valued at $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 can be accessed through this link. 0.14% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

BK has been the subject of several recent research reports. Wells Fargo & Company boosted their target price on shares of Bank of New York Mellon from $96.00 to $100.00 and gave the company an "equal weight" rating in a research note on Wednesday, July 16th. Truist Financial upped 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 report on Thursday, August 14th. Evercore ISI upped 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 report on Wednesday, July 2nd. Keefe, Bruyette & Woods upped their price target on shares of Bank of New York Mellon from $105.00 to $113.00 and gave the company an "outperform" rating in a report on Wednesday, July 16th. Finally, Morgan Stanley upped 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. Eight research analysts have rated the stock with a Buy rating and six have given a Hold rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $96.62.

Bank of New York Mellon Stock Performance

Shares of BK traded down $1.87 during mid-day trading on Friday, hitting $103.69. The company's stock had a trading volume of 2,780,337 shares, compared to its average volume of 4,123,895. The firm has a market capitalization of $73.12 billion, a PE ratio of 15.83, a price-to-earnings-growth ratio of 0.99 and a beta of 1.14. The Bank of New York Mellon Corporation has a one year low of $66.01 and a one year high of $106.57. The stock's 50-day moving average is $99.56 and its two-hundred day moving average is $89.78. The company has a debt-to-equity ratio of 0.86, a quick ratio of 0.72 and a current ratio of 0.72.

Bank of New York Mellon (NYSE:BK - Get Free Report) last issued its earnings results on Tuesday, July 15th. The bank reported $1.94 EPS for the quarter, topping the consensus estimate 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%.Bank of New York Mellon's quarterly revenue was up 9.4% compared to the same quarter last year. During the same period last year, the business earned $1.51 earnings per share. As a group, sell-side 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 business also recently disclosed a quarterly dividend, which was paid on Thursday, August 7th. Shareholders of record on Friday, July 25th were paid a dividend of $0.53 per share. This is an increase from Bank of New York Mellon's previous quarterly dividend of $0.47. This represents a $2.12 annualized dividend and a yield of 2.0%. The ex-dividend date was Friday, July 25th. Bank of New York Mellon's dividend payout ratio is currently 32.37%.

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.