The Bank of New York Mellon Corporation $BK Shares Acquired by Exchange Traded Concepts LLC

Key Points

• Exchange Traded Concepts LLC increased its stake in The Bank of New York Mellon by 12.2% in Q2, now owning 238,175 shares valued at $21.7 million.
• The Bank of New York Mellon reported a quarterly earnings per share of $1.94, surpassing estimates of $1.73, with revenue increasing 9.4% year-over-year.
• The company has recently increased its quarterly dividend from $0.47 to $0.53 per share, representing an annualized payout of $2.12 and a yield of 2.0%.

Exchange Traded Concepts LLC lifted its holdings in shares of The Bank of New York Mellon Corporation (NYSE:BK - Free Report) by 12.2% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 238,175 shares of the bank's stock after purchasing an additional 25,808 shares during the period. Exchange Traded Concepts LLC's holdings in Bank of New York Mellon were worth $21,700,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of BK. Opal Wealth Advisors LLC acquired a new stake in Bank of New York Mellon during the first quarter worth approximately $25,000. Alpine Bank Wealth Management acquired a new stake in Bank of New York Mellon during the first quarter worth approximately $25,000. REAP Financial Group LLC boosted its position in Bank of New York Mellon by 123.2% during the fourth quarter. REAP Financial Group LLC now owns 395 shares of the bank's stock worth $30,000 after acquiring an additional 218 shares during the last quarter. Cornerstone Planning Group LLC boosted its position in Bank of New York Mellon by 100.0% during the first quarter. Cornerstone Planning Group LLC now owns 392 shares of the bank's stock worth $30,000 after acquiring an additional 196 shares during the last quarter. Finally, Orion Capital Management LLC acquired a new stake in Bank of New York Mellon during the first quarter worth approximately $32,000. 85.31% of the stock is owned by hedge funds and other institutional investors.

Bank of New York Mellon Trading Up 0.1%

Shares of BK traded up $0.10 during mid-day trading on Friday, reaching $108.62. The company had a trading volume of 8,770,370 shares, compared to its average volume of 2,747,152. The stock has a market cap of $76.60 billion, a price-to-earnings ratio of 16.58, a price-to-earnings-growth ratio of 1.02 and a beta of 1.14. The firm has a fifty day simple moving average of $102.54 and a 200-day simple moving average of $91.17. The Bank of New York Mellon Corporation has a fifty-two week low of $70.41 and a fifty-two week high of $109.21. The company has a current ratio of 0.72, a quick ratio of 0.72 and a debt-to-equity ratio of 0.86.

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 for the quarter, beating analysts' consensus estimates 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 net margin of 12.27% and a return on equity of 13.46%. Bank of New York Mellon's revenue for the quarter was up 9.4% on a year-over-year basis. During the same quarter last year, the business earned $1.51 EPS. On average, 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 firm also recently announced a quarterly dividend, which was paid on Thursday, August 7th. Investors of record on Friday, July 25th were issued a dividend of $0.53 per share. This represents a $2.12 annualized dividend and a dividend yield of 2.0%. The ex-dividend date was Friday, July 25th. This is a positive change from Bank of New York Mellon's previous quarterly dividend of $0.47. Bank of New York Mellon's dividend payout ratio (DPR) is presently 32.37%.

Analyst Upgrades and Downgrades

BK has been the topic of a number of analyst reports. Morgan Stanley raised their target price 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. Citigroup raised their target price on shares of Bank of New York Mellon from $92.00 to $105.00 and gave the stock a "neutral" rating in a research report on Friday, September 5th. Evercore ISI raised their target price 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 raised their target price 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. Finally, Wells Fargo & Company raised their target price 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 report on Wednesday, July 16th. Eight research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the stock. According to data from MarketBeat, Bank of New York Mellon has an average rating of "Moderate Buy" and an average price target of $96.62.

Insider Buying and Selling at Bank of New York Mellon

In related news, EVP J Kevin Mccarthy sold 20,000 shares of Bank of New York Mellon stock in a transaction on Tuesday, July 22nd. The shares were sold at an average price of $98.45, for a total transaction of $1,969,000.00. Following the transaction, the executive vice president owned 35,115 shares in the company, valued at approximately $3,457,071.75. The trade was a 36.29% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. 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.