Strategy Asset Managers LLC Buys Shares of 9,176 The Bank of New York Mellon Corporation (NYSE:BK)

Key Points

• Strategy Asset Managers LLC has purchased a new stake in The Bank of New York Mellon Corporation (NYSE:BK), acquiring 9,176 shares valued at approximately $770,000 in the first quarter.
• Recent analyst reports indicate a consensus target price of $94.38 for BK, with seven analysts rating the stock as a hold and eight as a buy.
• The Bank of New York Mellon recently increased its quarterly dividend from $0.47 to $0.53, resulting in an annual yield of 2.1%.

Strategy Asset Managers LLC purchased a new position 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 Securities and Exchange Commission (SEC). The firm purchased 9,176 shares of the bank's stock, valued at approximately $770,000.

Several other institutional investors and hedge funds have also made changes to their positions in BK. Northern Trust Corp raised its position in Bank of New York Mellon by 19.1% during the 4th 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 during the last quarter. GAMMA Investing LLC increased its stake in shares of Bank of New York Mellon by 9,538.9% in the first quarter. GAMMA Investing LLC now owns 1,399,958 shares of the bank's stock worth $117,414,000 after acquiring an additional 1,385,434 shares during the period. AustralianSuper Pty Ltd acquired a new stake in shares of Bank of New York Mellon in the first quarter worth $92,502,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised 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 purchasing an additional 1,055,389 shares during the last quarter. Finally, Goldman Sachs Group Inc. lifted its position in Bank of New York Mellon by 26.3% during the first quarter. Goldman Sachs Group Inc. now owns 5,053,744 shares of the bank's stock valued at $423,858,000 after purchasing an additional 1,052,145 shares during the period. 85.31% of the stock is currently owned by institutional investors and hedge funds.

Bank of New York Mellon Price Performance

BK stock traded up $1.01 during trading on Friday, hitting $103.22. The stock had a trading volume of 3,083,288 shares, compared to its average volume of 4,312,141. The Bank of New York Mellon Corporation has a twelve month low of $62.83 and a twelve month high of $103.98. The company's 50-day moving average price is $94.41 and its two-hundred day moving average price is $87.48. The company has a debt-to-equity ratio of 0.86, a current ratio of 0.72 and a quick ratio of 0.69. The stock has a market capitalization of $72.79 billion, a P/E ratio of 15.76, a PEG ratio of 0.99 and a beta of 1.12.

Bank of New York Mellon (NYSE:BK - Get Free Report) last issued its quarterly earnings results on Tuesday, July 15th. The bank reported $1.94 earnings per share (EPS) for the quarter, topping analysts' consensus estimates 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 firm had revenue of $4.77 billion for the quarter, compared to analyst estimates of $4.80 billion. During the same period in the previous year, the company posted $1.51 earnings per share. The business's revenue was up 9.4% on a year-over-year basis. As a group, 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 firm also recently announced a quarterly dividend, which was paid on Thursday, August 7th. Stockholders 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 is a positive change from Bank of New York Mellon's previous quarterly dividend of $0.47. This represents a $2.12 dividend on an annualized basis and a dividend yield of 2.1%. Bank of New York Mellon's payout ratio is currently 32.37%.

Insider Activity

In other news, EVP J Kevin Mccarthy sold 20,000 shares of the firm's stock in a transaction dated 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 transaction, the executive vice president directly 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 ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. 0.14% of the stock is owned by insiders.

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on the company. Truist Financial increased their price target on 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. Wells Fargo & Company raised 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 report on Wednesday, July 16th. Morgan Stanley boosted their price target on Bank of New York Mellon from $95.00 to $101.00 and gave the company an "overweight" rating in a report on Wednesday, July 16th. Evercore ISI upped their price objective on Bank of New York Mellon from $88.00 to $90.00 and gave the stock an "in-line" rating in a research report on Wednesday, July 2nd. Finally, 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. Seven analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $94.38.

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.