Shufro Rose & Co. LLC Takes Position in The Bank of New York Mellon Corporation (NYSE:BK)

Key Points

• Shufro Rose & Co. LLC has bought 14,765 shares of The Bank of New York Mellon Corporation, valued at approximately $1.238 million, as reported in its recent SEC filing.
• The Bank of New York Mellon announced a quarterly dividend increase from $0.47 to $0.53 per share, representing an annualized dividend of $2.12 with a yield of 2.1%.
• Analysts maintain a consensus rating of "Moderate Buy" for the stock, with several firms raising their target prices, the highest reaching $113.00.

Shufro Rose & Co. LLC bought 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 disclosure with the Securities and Exchange Commission (SEC). The fund bought 14,765 shares of the bank's stock, valued at approximately $1,238,000.

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. FMR LLC grew its position in Bank of New York Mellon by 19.3% in the fourth quarter. FMR LLC now owns 23,071,584 shares of the bank's stock valued at $1,772,590,000 after acquiring an additional 3,732,862 shares during the last quarter. Ameriprise Financial Inc. increased its holdings in shares of Bank of New York Mellon by 0.3% during the fourth quarter. Ameriprise Financial Inc. now owns 11,821,988 shares of the bank's stock worth $908,281,000 after buying an additional 35,413 shares in the last quarter. Northern Trust Corp increased its holdings in shares of Bank of New York Mellon by 19.1% during the fourth quarter. Northern Trust Corp now owns 9,533,615 shares of the bank's stock worth $732,468,000 after buying an additional 1,526,686 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its holdings in shares of Bank of New York Mellon by 15.9% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 7,689,477 shares of the bank's stock worth $590,783,000 after buying an additional 1,055,389 shares in the last quarter. Finally, Invesco Ltd. increased its holdings in shares of Bank of New York Mellon by 2.4% during the fourth quarter. Invesco Ltd. now owns 7,596,210 shares of the bank's stock worth $583,617,000 after buying an additional 175,704 shares in the last quarter. Institutional investors and hedge funds own 85.31% of the company's stock.

Insider Activity 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 sale, the executive vice president owned 35,115 shares of the company's stock, valued at approximately $3,457,071.75. This trade represents a 36.29% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 0.14% of the company's stock.

Analyst Ratings Changes

BK has been the subject of a number of recent analyst reports. Wells Fargo & Company increased their price target 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. Evercore ISI increased their price target 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. Morgan Stanley increased their price objective on shares of Bank of New York Mellon from $95.00 to $101.00 and gave the stock an "overweight" rating in a research report on Wednesday, July 16th. Keefe, Bruyette & Woods increased their price objective on shares of 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. Finally, Truist Financial increased their price objective on shares of Bank of New York Mellon from $97.00 to $100.00 and gave the stock a "hold" rating in a research report on Wednesday, July 16th. Seven research analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. Based on data from MarketBeat.com, Bank of New York Mellon has a consensus rating of "Moderate Buy" and a consensus price target of $94.38.

Bank of New York Mellon Trading Down 1.6%

Shares of NYSE:BK traded down $1.67 during midday trading on Friday, hitting $99.78. 3,665,800 shares of the stock traded hands, compared to its average volume of 4,302,989. The Bank of New York Mellon Corporation has a one year low of $60.93 and a one year high of $103.16. The company has a quick ratio of 0.69, a current ratio of 0.72 and a debt-to-equity ratio of 0.86. The business's 50 day moving average is $93.13 and its two-hundred day moving average is $86.87. The stock has a market capitalization of $71.39 billion, a PE ratio of 15.23, a P/E/G ratio of 0.97 and a beta of 1.12.

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 (EPS) for the quarter, beating 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 for the quarter, compared to analysts' expectations of $4.80 billion. During the same period in the prior year, the firm posted $1.51 EPS. The firm's quarterly revenue was up 9.4% on a year-over-year basis. As a group, research analysts forecast that The Bank of New York Mellon Corporation will post 6.96 earnings per share for the current year.

Bank of New York Mellon Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, August 7th. Investors of record on Friday, July 25th will be paid a dividend of $0.53 per share. The ex-dividend date of this dividend is Friday, July 25th. This represents a $2.12 dividend on an annualized basis and a dividend yield of 2.1%. This is a boost from Bank of New York Mellon's previous quarterly dividend of $0.47. Bank of New York Mellon's dividend payout ratio is presently 32.37%.

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.