The Bank of New York Mellon Corporation $BK Shares Acquired by Raymond James Financial Inc.

Key Points

• Raymond James Financial Inc. increased its stake in The Bank of New York Mellon by 3.3%, now owning approximately 0.17% of the bank, valued at $102.5 million.
• Multiple analysts have raised their target prices for Bank of New York Mellon, with new highs ranging up to $113.00, reflecting a generally positive outlook for the stock.
• The Bank of New York Mellon recently announced a quarterly dividend increase from $0.47 to $0.53, representing a 2.1% yield and a modest payout ratio of 32.37%.

Raymond James Financial Inc. lifted its position in The Bank of New York Mellon Corporation (NYSE:BK - Free Report) by 3.3% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,222,381 shares of the bank's stock after acquiring an additional 38,535 shares during the period. Raymond James Financial Inc. owned 0.17% of Bank of New York Mellon worth $102,521,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Revolve Wealth Partners LLC acquired a new position in shares of Bank of New York Mellon in the 4th quarter valued at $220,000. BI Asset Management Fondsmaeglerselskab A S acquired a new position in shares of Bank of New York Mellon during the fourth quarter worth about $2,734,000. MetLife Investment Management LLC grew its position in shares of Bank of New York Mellon by 0.4% during the fourth quarter. MetLife Investment Management LLC now owns 192,650 shares of the bank's stock worth $14,801,000 after buying an additional 745 shares in the last quarter. MML Investors Services LLC grew its position in shares of Bank of New York Mellon by 35.9% during the fourth quarter. MML Investors Services LLC now owns 238,509 shares of the bank's stock worth $18,325,000 after buying an additional 62,952 shares in the last quarter. Finally, Transce3nd LLC acquired a new position in Bank of New York Mellon in the fourth quarter valued at approximately $33,000. Institutional investors and hedge funds own 85.31% of the company's stock.

Bank of New York Mellon Price Performance

Bank of New York Mellon stock traded up $0.7660 during trading hours on Friday, hitting $102.5460. The stock had a trading volume of 3,471,633 shares, compared to its average volume of 3,302,293. 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 stock has a market capitalization of $72.32 billion, a price-to-earnings ratio of 15.66, a PEG ratio of 0.97 and a beta of 1.12. The Bank of New York Mellon Corporation has a 1-year low of $65.50 and a 1-year high of $104.47. The stock's fifty day moving average is $96.97 and its two-hundred day moving average is $88.64.

Bank of New York Mellon (NYSE:BK - Get Free Report) last posted its earnings results on Tuesday, July 15th. The bank reported $1.94 earnings per share for the quarter, beating the consensus estimate of $1.73 by $0.21. The company had revenue of $4.77 billion for the quarter, compared to analyst estimates of $4.80 billion. Bank of New York Mellon had a return on equity of 13.46% and a net margin of 12.27%.Bank of New York Mellon's revenue was up 9.4% compared to the same quarter last year. During the same quarter in the prior year, the company earned $1.51 earnings per share. As a group, analysts predict 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 company also recently announced a quarterly dividend, which was paid on Thursday, August 7th. Shareholders of record on Friday, July 25th were issued a $0.53 dividend. This represents a $2.12 annualized dividend and a 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 was Friday, July 25th. Bank of New York Mellon's dividend payout ratio is currently 32.37%.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on BK. Evercore ISI upped their price target on Bank of New York Mellon from $88.00 to $90.00 and gave the company an "in-line" rating in a report on Wednesday, July 2nd. Wells Fargo & Company boosted their price objective on Bank of New York Mellon from $96.00 to $100.00 and gave the company an "equal weight" rating in a research note on Wednesday, July 16th. Morgan Stanley increased 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. 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. Finally, Truist Financial increased their price objective on Bank of New York Mellon from $100.00 to $109.00 and gave the stock a "hold" rating in a research report on Thursday, August 14th. Eight research analysts have rated the stock with a Buy rating and six have given a Hold rating to the stock. According to MarketBeat, Bank of New York Mellon has a consensus rating of "Moderate Buy" and a consensus target price of $95.08.

Insiders Place Their Bets

In other Bank of New York Mellon news, EVP J Kevin Mccarthy sold 20,000 shares of the company's stock in a transaction on Tuesday, July 22nd. The stock was sold at an average price of $98.45, for a total value of $1,969,000.00. Following the sale, the executive vice president owned 35,115 shares of the company's stock, valued at approximately $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 Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 0.14% of the company's stock.

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.