Taikang Asset Management Hong Kong Co Ltd Takes $4.22 Million Position in The Bank of New York Mellon Corporation $BK

Key Points

• Taikang Asset Management Hong Kong Co Ltd acquired a new stake in The Bank of New York Mellon Corporation, purchasing approximately $4.22 million worth of shares in the first quarter.
• Insider trading activity was noted, with EVP J Kevin McCarthy selling 20,000 shares for $1.97 million, indicating a 36.29% decrease in their position.
• Analysts have raised their price targets for the stock, with estimates now ranging from $90.00 to $113.00, and the stock maintains an average rating of "Moderate Buy."

Taikang Asset Management Hong Kong Co Ltd purchased a new stake in The Bank of New York Mellon Corporation (NYSE:BK - Free Report) in the 1st quarter, according to its most recent Form 13F filing with the SEC. The firm purchased 50,368 shares of the bank's stock, valued at approximately $4,224,000.

Other hedge funds have also modified their holdings of the company. TrueMark Investments LLC acquired a new stake in shares of Bank of New York Mellon in the 1st quarter valued at approximately $4,282,000. Wealth Enhancement Advisory Services LLC lifted its holdings in shares of Bank of New York Mellon by 29.1% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 223,438 shares of the bank's stock valued at $18,740,000 after buying an additional 50,368 shares during the period. Formidable Asset Management LLC acquired a new stake in shares of Bank of New York Mellon in the 1st quarter valued at approximately $247,000. Sumitomo Mitsui DS Asset Management Company Ltd lifted its holdings in shares of Bank of New York Mellon by 121.8% in the 1st quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 183,602 shares of the bank's stock valued at $15,399,000 after buying an additional 100,810 shares during the period. Finally, Benson Investment Management Company Inc. acquired a new stake in shares of Bank of New York Mellon in the 1st quarter worth approximately $5,259,000. 85.31% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In related 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 stock was sold at an average price of $98.45, for a total transaction of $1,969,000.00. Following the completion of the transaction, the executive vice president directly owned 35,115 shares in the company, valued at $3,457,071.75. The trade was a 36.29% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 0.14% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on BK. Evercore ISI upped 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. Wells Fargo & Company upped 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. Keefe, Bruyette & Woods upped their price target on Bank of New York Mellon from $105.00 to $113.00 and gave the stock an "outperform" rating in a report on Wednesday, July 16th. Truist Financial upped their price target 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, Morgan Stanley upped their price target on 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. Eight analysts have rated the stock with a Buy rating and six have given a Hold rating to the company's stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $95.08.

Bank of New York Mellon Trading Up 0.8%

Shares of Bank of New York Mellon stock opened at $102.5460 on Monday. The company has a debt-to-equity ratio of 0.86, a current ratio of 0.72 and a quick ratio of 0.72. The Bank of New York Mellon Corporation has a 1 year low of $65.50 and a 1 year high of $104.47. The company has a market capitalization of $72.32 billion, a P/E ratio of 15.66, a P/E/G ratio of 0.97 and a beta of 1.12. The business has a 50 day moving average price of $96.97 and a 200 day moving average price of $88.66.

Bank of New York Mellon (NYSE:BK - Get Free Report) last issued its quarterly earnings data on Tuesday, July 15th. The bank reported $1.94 earnings per share (EPS) for the quarter, topping 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 firm had revenue of $4.77 billion during the quarter, compared to the consensus estimate of $4.80 billion. During the same period in the previous year, the firm posted $1.51 EPS. The company's quarterly revenue was up 9.4% compared to the same quarter last year. Sell-side analysts anticipate 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. Investors of record on Friday, July 25th were given a dividend of $0.53 per share. The ex-dividend date was Friday, July 25th. This represents a $2.12 annualized dividend and a dividend yield of 2.1%. This is an increase from Bank of New York Mellon's previous quarterly dividend of $0.47. Bank of New York Mellon's 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.

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