The Bank of New York Mellon Corporation $BK Shares Bought by NewEdge Advisors LLC

Key Points

• NewEdge Advisors LLC increased its holdings in Bank of New York Mellon by 12.3%, acquiring an additional 53,314 shares, bringing its total to approximately 486,516 shares.
• The bank reported quarterly earnings of $1.94 EPS, exceeding analyst expectations by $0.21, with revenues of $4.77 billion, up 9.4% from the previous year.
• Bank of New York Mellon recently raised its quarterly dividend from $0.47 to $0.53, representing an annualized yield of 2.0%.

NewEdge Advisors LLC raised its holdings in The Bank of New York Mellon Corporation (NYSE:BK - Free Report) by 12.3% during the first quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 486,516 shares of the bank's stock after buying an additional 53,314 shares during the quarter. NewEdge Advisors LLC owned about 0.07% of Bank of New York Mellon worth $40,804,000 at the end of the most recent quarter.

Other large investors have also recently made changes to their positions in the company. Sax Wealth Advisors LLC grew its position in shares of Bank of New York Mellon by 2.3% during the first quarter. Sax Wealth Advisors LLC now owns 5,278 shares of the bank's stock worth $443,000 after purchasing an additional 117 shares in the last quarter. Hemington Wealth Management grew its position in shares of Bank of New York Mellon by 8.0% during the first quarter. Hemington Wealth Management now owns 1,628 shares of the bank's stock worth $136,000 after purchasing an additional 121 shares in the last quarter. Y.D. More Investments Ltd grew its position in shares of Bank of New York Mellon by 13.8% during the first quarter. Y.D. More Investments Ltd now owns 1,030 shares of the bank's stock worth $86,000 after purchasing an additional 125 shares in the last quarter. Haverford Trust Co grew its position in shares of Bank of New York Mellon by 4.3% during the first quarter. Haverford Trust Co now owns 3,133 shares of the bank's stock worth $263,000 after purchasing an additional 130 shares in the last quarter. Finally, Pinnacle Wealth Planning Services Inc. grew its position in shares of Bank of New York Mellon by 2.4% during the first quarter. Pinnacle Wealth Planning Services Inc. now owns 5,906 shares of the bank's stock worth $495,000 after purchasing an additional 136 shares in the last quarter. 85.31% of the stock is currently owned by institutional investors.

Insider Activity

In other Bank of New York Mellon news, EVP J Kevin Mccarthy sold 20,000 shares of the firm's stock in a transaction on Tuesday, July 22nd. The stock was sold at an average price of $98.45, for a total transaction of $1,969,000.00. Following the transaction, the executive vice president directly owned 35,115 shares in the company, valued at $3,457,071.75. This trade represents a 36.29% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Corporate insiders own 0.14% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on BK shares. Keefe, Bruyette & Woods increased their price target on Bank of New York Mellon from $105.00 to $113.00 and gave the company an "outperform" rating in a research note on Wednesday, July 16th. Truist Financial increased their price target on 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 increased their price target on Bank of New York Mellon from $92.00 to $105.00 and gave the company a "neutral" rating in a research note on Friday, September 5th. Evercore ISI increased 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 research note on Wednesday, July 2nd. Finally, Wells Fargo & Company increased their price target 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. Eight analysts have rated the stock with a Buy rating and six have given a Hold rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $96.62.

Bank of New York Mellon Trading Down 0.5%

Shares of NYSE:BK traded down $0.53 during trading on Wednesday, hitting $104.24. The company had a trading volume of 1,182,986 shares, compared to its average volume of 4,098,903. The stock has a market cap of $73.51 billion, a price-to-earnings ratio of 15.91, a price-to-earnings-growth ratio of 0.98 and a beta of 1.14. The Bank of New York Mellon Corporation has a one year low of $66.01 and a one year high of $106.57. The company has a fifty day simple moving average of $100.35 and a two-hundred day simple moving average of $90.13. The company has a debt-to-equity ratio of 0.86, a current ratio of 0.72 and a quick ratio of 0.72.

Bank of New York Mellon (NYSE:BK - Get Free Report) last posted its quarterly earnings data 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. The business had revenue of $4.77 billion during 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%.The company's revenue for the quarter was up 9.4% on a year-over-year basis. During the same period last year, the company earned $1.51 EPS. As a group, equities analysts forecast that The Bank of New York Mellon Corporation will post 6.96 earnings per share for the current year.

Bank of New York Mellon Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, August 7th. Investors of record on Friday, July 25th were paid a dividend of $0.53 per share. The ex-dividend date of this dividend was Friday, July 25th. This represents a $2.12 dividend on an annualized basis and a dividend yield of 2.0%. This is an increase from Bank of New York Mellon's previous quarterly dividend of $0.47. Bank of New York Mellon's dividend payout ratio is 32.37%.

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.