TD Asset Management Inc Purchases 83,667 Shares of The Bank of New York Mellon Corporation (NYSE:BK)

Key Points

• TD Asset Management Inc increased its position in The Bank of New York Mellon Corporation by 31.3%, owning 351,314 shares valued at approximately $29.47 million by the end of the first quarter.
• Multiple institutional investors have also raised their stakes in the bank, with FMR LLC notably increasing its position by 19.3% to over $1.77 billion.
• Bank of New York Mellon announced a quarterly dividend increase from $0.47 to $0.53 per share, representing a yield of 2.11%.

TD Asset Management Inc raised its holdings in shares of The Bank of New York Mellon Corporation (NYSE:BK - Free Report) by 31.3% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 351,314 shares of the bank's stock after buying an additional 83,667 shares during the period. TD Asset Management Inc's holdings in Bank of New York Mellon were worth $29,465,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of BK. Revolve Wealth Partners LLC purchased a new stake in shares of Bank of New York Mellon during the fourth quarter valued at approximately $220,000. Loomis Sayles & Co. L P raised its stake in shares of Bank of New York Mellon by 32.0% during the fourth quarter. Loomis Sayles & Co. L P now owns 1,840 shares of the bank's stock valued at $141,000 after purchasing an additional 446 shares during the period. Blair William & Co. IL raised its stake in shares of Bank of New York Mellon by 3.9% during the fourth quarter. Blair William & Co. IL now owns 24,605 shares of the bank's stock valued at $1,890,000 after purchasing an additional 930 shares during the period. New Age Alpha Advisors LLC raised its stake in shares of Bank of New York Mellon by 5,626.8% during the fourth quarter. New Age Alpha Advisors LLC now owns 14,546 shares of the bank's stock valued at $1,118,000 after purchasing an additional 14,292 shares during the period. Finally, Pictet Asset Management Holding SA raised its stake in shares of Bank of New York Mellon by 12.0% during the fourth quarter. Pictet Asset Management Holding SA now owns 485,346 shares of the bank's stock valued at $37,289,000 after purchasing an additional 52,112 shares during the period. 85.31% of the stock is owned by institutional investors and hedge funds.

Bank of New York Mellon Stock Performance

BK stock traded down $1.87 during trading on Friday, hitting $99.58. 1,683,135 shares of the company's stock traded hands, compared to its average volume of 4,285,823. The Bank of New York Mellon Corporation has a 52 week low of $60.93 and a 52 week high of $103.16. The stock has a market capitalization of $71.24 billion, a price-to-earnings ratio of 15.20, a price-to-earnings-growth ratio of 1.00 and a beta of 1.07. The company has a quick ratio of 0.69, a current ratio of 0.72 and a debt-to-equity ratio of 0.86. The stock has a fifty day moving average price of $92.92 and a two-hundred day moving average price of $86.67.

Bank of New York Mellon (NYSE:BK - Get Free Report) last announced its quarterly earnings results 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. Bank of New York Mellon had a net margin of 12.27% and a return on equity of 13.46%. The company had revenue of $4.77 billion during the quarter, compared to the consensus estimate of $4.80 billion. During the same quarter in the previous year, the company posted $1.51 earnings per share. The company's revenue for the quarter was up 9.4% compared to the same quarter last year. As a group, equities 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 company also recently declared a quarterly dividend, which will be paid on Thursday, August 7th. Stockholders of record on Friday, July 25th will be issued a dividend of $0.53 per share. This represents a $2.12 annualized dividend and a dividend yield of 2.1%. This is a positive change from Bank of New York Mellon's previous quarterly dividend of $0.47. The ex-dividend date of this dividend is Friday, July 25th. Bank of New York Mellon's dividend payout ratio is presently 32.37%.

Analysts Set New Price Targets

A number of analysts have recently issued reports on BK shares. Truist Financial lifted their price objective on shares of Bank of New York Mellon from $97.00 to $100.00 and gave the company a "hold" rating in a research note on Wednesday, July 16th. Wells Fargo & Company lifted 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. Keefe, Bruyette & Woods lifted 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 lifted 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, Evercore ISI lifted 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 note on Wednesday, July 2nd. Seven investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. Based on data from MarketBeat, Bank of New York Mellon has an average rating of "Moderate Buy" and a consensus price target of $94.38.

Insider Activity

In related news, EVP J Kevin Mccarthy sold 20,000 shares of the company'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 completion of the sale, the executive vice president owned 35,115 shares of the company's stock, valued at $3,457,071.75. This represents a 36.29% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Company insiders own 0.14% of the company's stock.

Bank of New York Mellon 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.