RPg Family Wealth Advisory LLC Buys Shares of 105,265 The Bank of New York Mellon Corporation $BK

Key Points

• RPg Family Wealth Advisory LLC has acquired a stake of 105,265 shares in The Bank of New York Mellon, valued at approximately $8.83 million, making it the firm's 7th largest holding.
• Recent adjustments from institutional investors include a $773.6 million investment from Nuveen LLC and a significant 9,538.9% increase in stake by GAMMA Investing LLC during the first quarter.
• The Bank of New York Mellon has reported quarterly earnings per share (EPS) of $1.94, exceeding estimates, alongside a positive dividend increase to $0.53 per share, reflecting a yield of 2.1%.

RPg Family Wealth Advisory LLC purchased a new stake in The Bank of New York Mellon Corporation (NYSE:BK - Free Report) during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor purchased 105,265 shares of the bank's stock, valued at approximately $8,829,000. Bank of New York Mellon accounts for 2.5% of RPg Family Wealth Advisory LLC's portfolio, making the stock its 7th largest position.

Other large investors have also added to or reduced their stakes in the company. Parvin Asset Management LLC acquired a new position in Bank of New York Mellon in the 4th quarter valued at $25,000. Opal Wealth Advisors LLC acquired a new position in Bank of New York Mellon in the 1st quarter valued at $25,000. Alpine Bank Wealth Management acquired a new position in Bank of New York Mellon in the 1st quarter valued at $25,000. Bellwether Advisors LLC acquired a new position in Bank of New York Mellon in the 4th quarter valued at $28,000. Finally, REAP Financial Group LLC grew its holdings in Bank of New York Mellon by 123.2% in the 4th quarter. REAP Financial Group LLC now owns 395 shares of the bank's stock valued at $30,000 after buying an additional 218 shares in the last quarter. Institutional investors own 85.31% of the company's stock.

Bank of New York Mellon Price Performance

NYSE:BK traded up $1.42 during trading hours on Tuesday, hitting $104.54. The company's stock had a trading volume of 3,619,553 shares, compared to its average volume of 3,276,520. The stock has a fifty day simple moving average of $97.52 and a 200-day simple moving average of $88.89. The company has a market capitalization of $73.73 billion, a P/E ratio of 15.96, a PEG ratio of 0.97 and a beta of 1.12. 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 twelve month low of $66.01 and a twelve month high of $104.76.

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 earnings per share for the quarter, beating the consensus estimate of $1.73 by $0.21. The business had revenue of $4.77 billion for the quarter, compared to analyst estimates 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 revenue was up 9.4% compared to the same quarter last year. During the same period last year, the firm posted $1.51 earnings per share. On average, 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 company also recently announced a quarterly dividend, which was paid on Thursday, August 7th. Shareholders of record on Friday, July 25th were given a $0.53 dividend. 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 2.0%. The ex-dividend date was Friday, July 25th. Bank of New York Mellon's dividend payout ratio is 32.37%.

Wall Street Analyst Weigh In

A number of research analysts have commented on BK shares. Morgan Stanley upped their price objective on Bank of New York Mellon from $95.00 to $101.00 and gave the company an "overweight" rating in a report on Wednesday, July 16th. Evercore ISI increased 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 report on Wednesday, July 2nd. Keefe, Bruyette & Woods increased their target price 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. Truist Financial increased their target price 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, Wells Fargo & Company increased 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 report on Wednesday, July 16th. Eight equities research analysts have rated the stock with a Buy rating and six have given a Hold rating to the stock. According to data from MarketBeat.com, Bank of New York Mellon has a consensus rating of "Moderate Buy" and a consensus target price of $95.08.

Insider Buying and Selling

In other Bank of New York Mellon news, EVP J Kevin Mccarthy sold 20,000 shares of the stock in a transaction dated Tuesday, July 22nd. The stock was sold at an average price of $98.45, for a total value 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 approximately $3,457,071.75. This trade represents a 36.29% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 0.14% of the company's stock.

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.