41,816 Shares in The Bank of New York Mellon Corporation $BK Bought by SCS Capital Management LLC

Key Points

• SCS Capital Management LLC invested approximately $3.51 million in The Bank of New York Mellon, acquiring 41,816 shares during the first quarter.
• Bank of New York Mellon recently increased its quarterly dividend from $0.47 to $0.53, resulting in an annualized yield of 2.0%.
• Multiple analysts have revised their price targets for Bank of New York Mellon, with Keefe, Bruyette & Woods setting a new target of $113.00 and maintaining an "outperform" rating.

SCS Capital Management LLC acquired a new stake in shares of The Bank of New York Mellon Corporation (NYSE:BK - Free Report) in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 41,816 shares of the bank's stock, valued at approximately $3,507,000.

Other institutional investors have also recently made changes to their positions in the company. TrueMark Investments LLC purchased a new stake in shares of Bank of New York Mellon during the first quarter valued at approximately $4,282,000. Canada Post Corp Registered Pension Plan purchased a new stake in shares of Bank of New York Mellon during the first quarter valued at approximately $1,035,000. Wealth Enhancement Advisory Services LLC lifted its stake in Bank of New York Mellon by 29.1% in the first quarter. Wealth Enhancement Advisory Services LLC now owns 223,438 shares of the bank's stock worth $18,740,000 after acquiring an additional 50,368 shares during the period. Formidable Asset Management LLC purchased a new stake in Bank of New York Mellon in the first quarter worth $247,000. Finally, Sumitomo Mitsui DS Asset Management Company Ltd lifted its stake in Bank of New York Mellon by 121.8% in the first quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 183,602 shares of the bank's stock worth $15,399,000 after acquiring an additional 100,810 shares during the period. Hedge funds and other institutional investors own 85.31% of the company's stock.

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 Bank of New York Mellon stock in a transaction that occurred on 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 sale, the executive vice president owned 35,115 shares of the company's stock, valued at $3,457,071.75. The trade was a 36.29% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. 0.14% of the stock is currently owned by insiders.

Analyst Ratings Changes

BK has been the subject of a number of research analyst reports. Citigroup raised their price target on Bank of New York Mellon from $92.00 to $105.00 and gave the stock a "neutral" rating in a research note on Friday, September 5th. Truist Financial raised their price target on Bank of New York Mellon from $100.00 to $109.00 and gave the stock a "hold" rating in a research note on Thursday, August 14th. Keefe, Bruyette & Woods raised their price target on Bank of New York Mellon from $105.00 to $113.00 and gave the stock an "outperform" rating in a research note on Wednesday, July 16th. Evercore ISI increased their price objective 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. Finally, Morgan Stanley increased 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. Eight research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the stock. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $96.62.

Bank of New York Mellon Stock Performance

NYSE BK traded up $0.86 during trading hours on Friday, hitting $106.46. The company's stock had a trading volume of 2,609,349 shares, compared to its average volume of 2,833,322. The Bank of New York Mellon Corporation has a 12 month low of $68.51 and a 12 month high of $106.57. The company's 50 day simple moving average is $101.15 and its two-hundred day simple moving average is $90.49. The company has a market cap of $75.08 billion, a P/E ratio of 16.25, a price-to-earnings-growth ratio of 1.00 and a beta of 1.14. 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 earnings results on Tuesday, July 15th. The bank reported $1.94 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.73 by $0.21. The business had revenue of $4.77 billion for 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 business's revenue for the quarter was up 9.4% on a year-over-year basis. During the same period last year, the firm posted $1.51 earnings per share. As a group, sell-side analysts expect 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 declared a quarterly dividend, which was paid on Thursday, August 7th. Investors of record on Friday, July 25th were issued a $0.53 dividend. The ex-dividend date of this dividend was Friday, July 25th. This represents a $2.12 dividend on an annualized basis and a yield of 2.0%. This is a boost from Bank of New York Mellon's previous quarterly dividend of $0.47. Bank of New York Mellon's payout ratio is presently 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.