The Bank of New York Mellon Corporation (NYSE:BK) Shares Bought by Skandinaviska Enskilda Banken AB publ

Key Points

• Skandinaviska Enskilda Banken AB publ significantly increased its stake in The Bank of New York Mellon, acquiring an additional 527,296 shares to reach a total of 1,148,026 shares, reflecting an 84.9% boost in its position.
• The Bank of New York Mellon has announced a quarterly dividend increase to $0.53 per share, with an expected annualized dividend yield of 2.12%, up from the previous quarterly dividend of $0.47.
• Recent analyst reports have adjusted price targets for The Bank of New York Mellon, with Truist Financial and Wells Fargo raising their targets to $100.00, maintaining a "hold" rating, while Keefe, Bruyette & Woods increased theirs to $113.00 with an "outperform" rating.

Skandinaviska Enskilda Banken AB publ boosted its position in shares of The Bank of New York Mellon Corporation (NYSE:BK - Free Report) by 84.9% in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 1,148,026 shares of the bank's stock after acquiring an additional 527,296 shares during the quarter. Skandinaviska Enskilda Banken AB publ owned 0.16% of Bank of New York Mellon worth $96,285,000 at the end of the most recent quarter.

Several other institutional investors also recently bought and sold shares of BK. Parvin Asset Management LLC acquired a new position in Bank of New York Mellon during the 4th quarter worth $25,000. Opal Wealth Advisors LLC purchased a new position in shares of Bank of New York Mellon in the 1st quarter valued at about $25,000. Alpine Bank Wealth Management acquired a new position in shares of Bank of New York Mellon during the first quarter worth about $25,000. Bellwether Advisors LLC purchased a new stake in shares of Bank of New York Mellon during the fourth quarter worth approximately $28,000. Finally, 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. 85.31% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In other Bank of New York Mellon news, EVP J Kevin Mccarthy sold 30,000 shares of the company's stock in a transaction that occurred on Tuesday, April 29th. The stock was sold at an average price of $79.03, for a total transaction of $2,370,900.00. Following the completion of the sale, the executive vice president directly owned 55,115 shares of the company's stock, valued at $4,355,738.45. This represents a 35.25% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 0.14% of the stock is currently owned by corporate insiders.

Bank of New York Mellon Stock Performance

BK traded up $0.99 during trading on Friday, hitting $100.96. 4,123,316 shares of the stock were exchanged, compared to its average volume of 4,583,163. 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 Bank of New York Mellon Corporation has a 1-year low of $60.93 and a 1-year high of $101.16. The stock has a fifty day moving average price of $91.96 and a two-hundred day moving average price of $86.05. The firm has a market capitalization of $72.23 billion, a P/E ratio of 15.41, a PEG ratio of 0.98 and a beta of 1.07.

Bank of New York Mellon (NYSE:BK - Get Free Report) last announced its earnings results on Tuesday, July 15th. The bank reported $1.94 EPS for the quarter, beating analysts' consensus estimates of $1.73 by $0.21. Bank of New York Mellon had a net margin of 12.27% and a return on equity of 13.46%. 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 previous year, the company posted $1.51 EPS. The company's quarterly revenue was up 9.4% on a year-over-year basis. As a group, sell-side analysts predict 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 firm also recently announced a quarterly dividend, which will be paid on Thursday, August 7th. Stockholders of record on Friday, July 25th will be 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. The ex-dividend date of this dividend is Friday, July 25th. This represents a $2.12 annualized dividend and a dividend yield of 2.10%. Bank of New York Mellon's dividend payout ratio is 28.70%.

Wall Street Analysts Forecast Growth

BK has been the subject of several analyst reports. Wells Fargo & Company boosted their price target on shares of 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. Morgan Stanley boosted their target price on shares of Bank of New York Mellon from $95.00 to $101.00 and gave the stock an "overweight" rating in a research note 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 company an "in-line" rating in a report on Wednesday, July 2nd. Truist Financial raised their price target on Bank of New York Mellon from $97.00 to $100.00 and gave the company a "hold" rating in a research note on Wednesday, July 16th. Finally, Keefe, Bruyette & Woods upped their price objective on 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. Seven investment analysts have rated the stock with a hold rating and eight have given a buy rating to the company. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price of $94.38.

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.