Shell Asset Management Co. Raises Stake in The Bank of New York Mellon Corporation $BK

Key Points

• Shell Asset Management Co. increased its stake in The Bank of New York Mellon by 23.2%, now holding 61,354 shares worth approximately $5,590,000.
• The Bank of New York Mellon recently reported quarterly earnings of $1.94 per share, exceeding estimates, while revenue grew by 9.4% year-over-year.
• The company announced a dividend increase to $0.53 per share, reflecting a yield of 2.0% and a payout ratio of 32.37%.

Shell Asset Management Co. lifted its holdings in shares of The Bank of New York Mellon Corporation (NYSE:BK - Free Report) by 23.2% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 61,354 shares of the bank's stock after purchasing an additional 11,571 shares during the quarter. Shell Asset Management Co.'s holdings in Bank of New York Mellon were worth $5,590,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also recently bought and sold shares of the company. Revolve Wealth Partners LLC purchased a new position in shares of Bank of New York Mellon in the 4th quarter valued at about $220,000. Gateway Investment Advisers LLC increased its holdings in shares of Bank of New York Mellon by 3.0% in the first quarter. Gateway Investment Advisers LLC now owns 16,589 shares of the bank's stock valued at $1,391,000 after purchasing an additional 478 shares during the period. Sivia Capital Partners LLC acquired a new position in shares of Bank of New York Mellon in the first quarter valued at approximately $208,000. Wedmont Private Capital grew its holdings in Bank of New York Mellon by 12.4% during the first quarter. Wedmont Private Capital now owns 7,075 shares of the bank's stock worth $550,000 after acquiring an additional 783 shares during the period. Finally, Patriot Financial Group Insurance Agency LLC grew its holdings in Bank of New York Mellon by 6.0% during the first quarter. Patriot Financial Group Insurance Agency LLC now owns 18,589 shares of the bank's stock worth $1,559,000 after acquiring an additional 1,048 shares during the period. Institutional investors and hedge funds own 85.31% of the company's stock.

Bank of New York Mellon Price Performance

Shares of NYSE:BK opened at $106.46 on Tuesday. 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 business has a 50-day moving average of $104.71 and a two-hundred day moving average of $93.21. The stock has a market capitalization of $75.08 billion, a P/E ratio of 16.25, a P/E/G ratio of 1.01 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 posted its quarterly earnings data on Tuesday, July 15th. The bank reported $1.94 earnings per share for the quarter, topping the consensus estimate 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 business had revenue of $4.77 billion during the quarter, compared to analysts' expectations of $4.80 billion. During the same quarter in the previous year, the firm earned $1.51 EPS. The firm's revenue was up 9.4% compared to the same quarter last year. On average, equities research 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 company also recently disclosed a quarterly dividend, which was paid on Thursday, August 7th. Shareholders of record on Friday, July 25th were issued a dividend of $0.53 per share. The ex-dividend date of this dividend was Friday, July 25th. This represents a $2.12 annualized dividend and a yield of 2.0%. This is a positive change from Bank of New York Mellon's previous quarterly dividend of $0.47. Bank of New York Mellon's dividend payout ratio (DPR) is currently 32.37%.

Analysts Set New Price Targets

A number of analysts have commented on the company. Wells Fargo & Company boosted 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. BMO Capital Markets started coverage on Bank of New York Mellon in a research report on Friday. They set an "outperform" rating and a $125.00 target price on the stock. Citigroup upped 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. The Goldman Sachs Group increased their target price on Bank of New York Mellon from $106.00 to $120.00 and gave the company a "buy" rating in a research note on Monday. Finally, Weiss Ratings restated a "buy (b+)" rating on shares of Bank of New York Mellon in a research note on Saturday, September 27th. Ten investment analysts have rated the stock with a Buy rating and six have given a Hold rating to the company's stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $106.77.

Insider Transactions 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 value of $1,969,000.00. Following the transaction, the executive vice president owned 35,115 shares of the company's stock, valued at $3,457,071.75. This represents a 36.29% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Corporate insiders own 0.14% of the company's stock.

Bank of New York Mellon Company Profile

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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