SOA Wealth Advisors LLC. Acquires 6,620 Shares of The Bank of New York Mellon Corporation $BK

Key Points

• SOA Wealth Advisors LLC. increased its stake in The Bank of New York Mellon by 1,225.9%, acquiring an additional 6,620 shares, bringing its total to 7,160 shares valued at $652,000.
• The Bank of New York Mellon reported $1.94 earnings per share for the last quarter, surpassing analysts' expectations of $1.73, while revenue was $4.77 billion, slightly below expectations.
• The bank recently declared a quarterly dividend of $0.53 per share, raising it from the previous $0.47, marking a dividend yield of 2.0%.

SOA Wealth Advisors LLC. increased its stake in shares of The Bank of New York Mellon Corporation (NYSE:BK - Free Report) by 1,225.9% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 7,160 shares of the bank's stock after acquiring an additional 6,620 shares during the quarter. SOA Wealth Advisors LLC.'s holdings in Bank of New York Mellon were worth $652,000 at the end of the most recent reporting period.

Other hedge funds have also recently bought and sold shares of the company. Nuveen LLC bought a new position in Bank of New York Mellon during the first quarter valued at about $773,627,000. AustralianSuper Pty Ltd acquired a new stake in shares of Bank of New York Mellon during the 1st quarter worth approximately $92,502,000. Goldman Sachs Group Inc. grew its holdings in shares of Bank of New York Mellon by 26.3% during the 1st quarter. Goldman Sachs Group Inc. now owns 5,053,744 shares of the bank's stock worth $423,858,000 after purchasing an additional 1,052,145 shares in the last quarter. Wellington Management Group LLP increased its position in shares of Bank of New York Mellon by 257.6% during the first quarter. Wellington Management Group LLP now owns 1,236,255 shares of the bank's stock valued at $103,685,000 after purchasing an additional 890,593 shares during the period. Finally, AQR Capital Management LLC raised its stake in shares of Bank of New York Mellon by 37.7% in the first quarter. AQR Capital Management LLC now owns 3,244,204 shares of the bank's stock valued at $266,349,000 after purchasing an additional 887,361 shares in the last quarter. 85.31% of the stock is owned by institutional investors.

Bank of New York Mellon Price Performance

Bank of New York Mellon stock opened at $106.89 on Thursday. The business's fifty day moving average is $104.36 and its two-hundred day moving average is $92.60. The company has a debt-to-equity ratio of 0.86, a quick ratio of 0.72 and a current ratio of 0.72. The firm has a market cap of $75.39 billion, a P/E ratio of 16.32, a P/E/G ratio of 1.03 and a beta of 1.13. The Bank of New York Mellon Corporation has a 52 week low of $70.41 and a 52 week high of $110.87.

Bank of New York Mellon (NYSE:BK - Get Free Report) last released its quarterly earnings results on Tuesday, July 15th. The bank reported $1.94 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.73 by $0.21. The business had revenue of $4.77 billion during 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 firm's revenue for the quarter was up 9.4% compared to the same quarter last year. During the same period in the previous year, the business posted $1.51 earnings per share. Equities research analysts forecast that The Bank of New York Mellon Corporation will post 6.96 earnings per share for the current fiscal year.

Bank of New York Mellon Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, August 7th. Stockholders of record on Friday, July 25th were paid a dividend of $0.53 per share. This represents a $2.12 annualized dividend and a dividend yield of 2.0%. This is an increase from Bank of New York Mellon's previous quarterly dividend of $0.47. The ex-dividend date of this dividend was Friday, July 25th. Bank of New York Mellon's payout ratio is currently 32.37%.

Insider Buying and Selling at Bank of New York Mellon

In related news, EVP J Kevin Mccarthy sold 20,000 shares of the business's stock in a transaction that occurred on Tuesday, July 22nd. The shares were 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 owned 35,115 shares in the company, valued at $3,457,071.75. The trade was a 36.29% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. 0.14% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on BK. Wells Fargo & Company boosted their price target on shares of Bank of New York Mellon from $96.00 to $100.00 and gave the company an "equal weight" rating in a report on Wednesday, July 16th. Keefe, Bruyette & Woods increased their price target 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. Citigroup lifted their price objective on Bank of New York Mellon from $92.00 to $105.00 and gave the company a "neutral" rating in a report on Friday, September 5th. 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, TD Cowen started coverage on Bank of New York Mellon in a research note on Thursday, September 25th. They issued a "buy" rating on the stock. Eight investment analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $100.92.

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.

Want to see what other hedge funds are holding BK? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for The Bank of New York Mellon Corporation (NYSE:BK - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.