TCI Wealth Advisors Inc. Takes $209,000 Position in The Bank of New York Mellon Corporation $BK

Key Points

• TCI Wealth Advisors Inc. acquired a new stake in The Bank of New York Mellon Corporation valued at approximately $209,000 during the second quarter, purchasing 2,292 shares.
• The company increased its quarterly dividend to $0.53 per share, representing an annualized dividend of $2.12 and a yield of 1.9%.
• Bank of New York Mellon reported earnings of $1.94 per share for the last quarter, exceeding analysts' estimates and showing a year-over-year revenue increase of 9.4%.

TCI Wealth Advisors Inc. bought a new stake in shares of The Bank of New York Mellon Corporation (NYSE:BK - Free Report) in the second quarter, according to its most recent Form 13F filing with the SEC. The fund bought 2,292 shares of the bank's stock, valued at approximately $209,000.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the company. Ameriprise Financial Inc. boosted its stake in Bank of New York Mellon by 1.9% during the 1st quarter. Ameriprise Financial Inc. now owns 12,043,601 shares of the bank's stock valued at $1,010,093,000 after purchasing an additional 221,613 shares during the period. Nuveen LLC acquired a new position in Bank of New York Mellon during the 1st quarter valued at about $773,627,000. Invesco Ltd. boosted its stake in Bank of New York Mellon by 8.8% during the 1st quarter. Invesco Ltd. now owns 8,264,176 shares of the bank's stock valued at $693,116,000 after purchasing an additional 667,966 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its stake in Bank of New York Mellon by 5.7% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 8,125,577 shares of the bank's stock valued at $681,492,000 after purchasing an additional 436,100 shares during the period. Finally, Goldman Sachs Group Inc. boosted its stake in 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 valued at $423,858,000 after purchasing an additional 1,052,145 shares during the period. 85.31% of the stock is owned by institutional investors and hedge funds.

Insider Activity 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 sale, 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 0.14% of the stock is owned by insiders.

Bank of New York Mellon Stock Up 0.5%

NYSE BK opened at $109.58 on Friday. 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 company's 50 day simple moving average is $103.79 and its 200 day simple moving average is $92.02. The Bank of New York Mellon Corporation has a 12 month low of $70.41 and a 12 month high of $110.87. The company has a market capitalization of $77.28 billion, a P/E ratio of 16.73, a PEG ratio of 1.03 and a beta of 1.14.

Bank of New York Mellon (NYSE:BK - Get Free Report) last released its earnings results on Tuesday, July 15th. The bank reported $1.94 EPS for the quarter, topping 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 the consensus estimate of $4.80 billion. During the same period in the previous year, the firm earned $1.51 EPS. The business's revenue for the quarter was up 9.4% on a year-over-year basis. Equities research analysts expect 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 firm also recently announced a quarterly dividend, which was paid on Thursday, August 7th. Investors of record on Friday, July 25th were issued a $0.53 dividend. This represents a $2.12 dividend on an annualized basis and a dividend yield of 1.9%. 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. Bank of New York Mellon's payout ratio is presently 32.37%.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on the stock. Truist Financial boosted their target price on shares of Bank of New York Mellon from $100.00 to $109.00 and gave the company a "hold" rating in a research note on Thursday, August 14th. Citigroup upped their price target on shares of Bank of New York Mellon from $92.00 to $105.00 and gave the stock a "neutral" rating in a research note on Friday, September 5th. Keefe, Bruyette & Woods upped 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 note on Wednesday, July 16th. Morgan Stanley upped their price target 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. Finally, 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. Eight equities research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company. Based on data from MarketBeat, Bank of New York Mellon presently has a consensus rating of "Moderate Buy" and a consensus price target of $98.00.

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.

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