TCW Group Inc. Increases Stake in The Bank of New York Mellon Corporation (NYSE:BK)

Key Points

• TCW Group Inc. increased its stock holdings in The Bank of New York Mellon Corporation by 1.9%, owning over 1 million shares worth approximately $84.76 million.
• The Bank of New York Mellon reported a quarterly EPS of $1.94, which exceeds analysts' expectations, along with a revenue of $4.77 billion.
• The bank announced an increase in its quarterly dividend to $0.53, reflecting a 2.10% yield for shareholders.

TCW Group Inc. raised its position in The Bank of New York Mellon Corporation (NYSE:BK - Free Report) by 1.9% in the first quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 1,010,575 shares of the bank's stock after buying an additional 18,904 shares during the period. TCW Group Inc. owned about 0.14% of Bank of New York Mellon worth $84,757,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Alpine Bank Wealth Management acquired a new stake in shares of Bank of New York Mellon in the first quarter valued at about $25,000. Opal Wealth Advisors LLC acquired a new stake in shares of Bank of New York Mellon in the first quarter valued at about $25,000. Parvin Asset Management LLC acquired a new stake in shares of Bank of New York Mellon in the fourth quarter valued at about $25,000. Bellwether Advisors LLC acquired a new stake in shares of Bank of New York Mellon in the fourth quarter valued at about $28,000. Finally, Cornerstone Planning Group LLC grew its position in shares of Bank of New York Mellon by 100.0% in the first quarter. Cornerstone Planning Group LLC now owns 392 shares of the bank's stock valued at $30,000 after purchasing an additional 196 shares during the period. Hedge funds and other institutional investors own 85.31% of the company's stock.

Insider Activity at Bank of New York Mellon

In other news, EVP J Kevin Mccarthy sold 20,000 shares of the company'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 transaction, the executive vice president directly owned 35,115 shares in the company, valued at approximately $3,457,071.75. This represents a 36.29% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Corporate insiders own 0.14% of the company's stock.

Analyst Ratings Changes

A number of research firms recently weighed in on BK. Evercore ISI boosted their price target on shares of 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. Keefe, Bruyette & Woods boosted 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. Truist Financial boosted their price target on shares of 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. Morgan Stanley boosted 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 report on Wednesday, July 16th. Finally, Wells Fargo & Company boosted their target price 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. Seven analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $94.38.

Bank of New York Mellon Trading Down 0.3%

Shares of BK stock traded down $0.31 during trading hours on Thursday, hitting $102.00. The company had a trading volume of 1,196,898 shares, compared to its average volume of 4,283,539. The company's fifty day moving average is $92.67 and its 200 day moving average is $86.50. 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 Bank of New York Mellon Corporation has a fifty-two week low of $60.93 and a fifty-two week high of $103.16. The stock has a market capitalization of $72.97 billion, a PE ratio of 15.57, a price-to-earnings-growth ratio of 0.99 and a beta of 1.07.

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 EPS for the quarter, topping the consensus estimate 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 firm had revenue of $4.77 billion for the quarter, compared to analyst estimates of $4.80 billion. During the same period in the prior year, the business posted $1.51 EPS. The business's revenue for the quarter was up 9.4% compared to the same quarter last year. 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 business also recently disclosed a quarterly dividend, which will be paid on Thursday, August 7th. Stockholders of record on Friday, July 25th will be issued a $0.53 dividend. This is a positive change 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 2.08%. The ex-dividend date of this dividend is Friday, July 25th. Bank of New York Mellon's dividend payout ratio is currently 32.37%.

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.