Southeast Asset Advisors LLC Buys New Stake in The Bank of New York Mellon Corporation $BK

Key Points

• Southeast Asset Advisors LLC recently acquired a new stake in The Bank of New York Mellon Corporation worth approximately $237,000, purchasing 2,824 shares during the first quarter.
• Bank of New York Mellon announced a quarterly dividend increase to $0.53 per share, representing an annualized dividend of $2.12 and a yield of 2.1%.
• The bank reported earnings of $1.94 per share for the last quarter, surpassing analysts' expectations and reflecting a year-over-year revenue increase of 9.4%.

Southeast Asset Advisors LLC acquired a new stake in The Bank of New York Mellon Corporation (NYSE:BK - Free Report) in the first quarter, according to the company in its most recent disclosure with the SEC. The institutional investor acquired 2,824 shares of the bank's stock, valued at approximately $237,000.

Other institutional investors also recently made changes to their positions in the company. Parvin Asset Management LLC purchased a new stake in Bank of New York Mellon during the 4th quarter valued at $25,000. Opal Wealth Advisors LLC purchased a new stake in Bank of New York Mellon during the 1st quarter valued at $25,000. Alpine Bank Wealth Management purchased a new stake in Bank of New York Mellon during the 1st quarter valued at $25,000. Bellwether Advisors LLC purchased a new stake in Bank of New York Mellon during the 4th quarter valued at $28,000. Finally, REAP Financial Group LLC boosted its position in Bank of New York Mellon by 123.2% during the 4th quarter. REAP Financial Group LLC now owns 395 shares of the bank's stock valued at $30,000 after buying an additional 218 shares during the period. Hedge funds and other institutional investors own 85.31% of the company's stock.

Analyst Ratings Changes

BK has been the subject of several analyst reports. Truist Financial increased their price target on shares of Bank of New York Mellon from $100.00 to $109.00 and gave the company a "hold" rating in a research report on Thursday, August 14th. Keefe, Bruyette & Woods lifted their target price on shares of Bank of New York Mellon from $105.00 to $113.00 and gave the company an "outperform" rating in a report on Wednesday, July 16th. Wells Fargo & Company upped 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 research note on Wednesday, July 16th. Morgan Stanley lifted 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 report on Wednesday, July 16th. Finally, Evercore ISI lifted their target price on shares of 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. Eight analysts have rated the stock with a Buy rating and six have given a Hold rating to the company's stock. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $95.08.

Bank of New York Mellon Stock Performance

NYSE BK traded up $1.11 on Thursday, reaching $106.14. 2,776,589 shares of the stock were exchanged, compared to its average volume of 4,166,757. The Bank of New York Mellon Corporation has a one year low of $66.01 and a one year high of $106.30. The firm has a market capitalization of $74.85 billion, a PE ratio of 16.20, a PEG ratio of 0.99 and a beta of 1.12. The company's 50-day simple moving average is $97.79 and its two-hundred day simple moving average is $89.00. The company has a current ratio of 0.72, a quick ratio of 0.72 and a debt-to-equity ratio of 0.86.

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. The firm had revenue of $4.77 billion for the quarter, compared to analysts' expectations of $4.80 billion. Bank of New York Mellon had a net margin of 12.27% and a return on equity of 13.46%. The company's revenue for the quarter was up 9.4% compared to the same quarter last year. During the same quarter last year, the business posted $1.51 earnings per share. 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 business also recently disclosed a quarterly dividend, which was paid on Thursday, August 7th. Stockholders of record on Friday, July 25th were given a dividend of $0.53 per share. The ex-dividend date was Friday, July 25th. This is an increase from Bank of New York Mellon's previous quarterly dividend of $0.47. This represents a $2.12 annualized dividend and a dividend yield of 2.0%. Bank of New York Mellon's dividend payout ratio (DPR) is 32.37%.

Insider Activity

In other 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 shares were 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 in the company, valued at $3,457,071.75. This trade represents a 36.29% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. 0.14% of the stock is currently owned by insiders.

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.