Swedbank AB Buys 55,648 Shares of The Bank of New York Mellon Corporation $BK

Key Points

• Swedbank AB increased its stake in The Bank of New York Mellon by 6.9% during the second quarter, holding approximately $78.8 million worth of shares after acquiring additional stocks.
• Bank of New York Mellon reported earnings of $1.94 per share for the last quarter, exceeding estimates, and announced an increase in its quarterly dividend from $0.47 to $0.53 per share, resulting in a 2.0% dividend yield.
• Institutional investors own 85.31% of Bank of New York Mellon's stock, with significant increases noted from various major funds, indicating strong market confidence.

Swedbank AB boosted its position in shares of The Bank of New York Mellon Corporation (NYSE:BK - Free Report) by 6.9% during the 2nd quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 865,221 shares of the bank's stock after purchasing an additional 55,648 shares during the period. Swedbank AB owned 0.12% of Bank of New York Mellon worth $78,830,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in BK. Canada Post Corp Registered Pension Plan purchased a new position in shares of Bank of New York Mellon during the 1st quarter valued at $1,035,000. TrueMark Investments LLC purchased a new position in shares of Bank of New York Mellon during the 1st quarter valued at $4,282,000. Wealth Enhancement Advisory Services LLC grew its holdings in shares of Bank of New York Mellon by 29.1% during the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 223,438 shares of the bank's stock valued at $18,740,000 after acquiring an additional 50,368 shares in the last quarter. Formidable Asset Management LLC purchased a new position in shares of Bank of New York Mellon during the 1st quarter valued at $247,000. Finally, Sumitomo Mitsui DS Asset Management Company Ltd grew its holdings in shares of Bank of New York Mellon by 121.8% during the 1st quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 183,602 shares of the bank's stock valued at $15,399,000 after acquiring an additional 100,810 shares in the last quarter. 85.31% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

BK has been the topic of several research analyst reports. Morgan Stanley boosted their price target on shares of Bank of New York Mellon from $95.00 to $101.00 and gave the company an "overweight" rating in a report on Wednesday, July 16th. Keefe, Bruyette & Woods boosted their price target 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. Citigroup lifted their price objective on shares of 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. Truist Financial lifted their price objective on shares of 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. Finally, Evercore ISI lifted their price objective on shares of 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. Eight investment analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company's stock. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $96.62.

Bank of New York Mellon Stock Up 0.7%

Shares of BK stock traded up $0.76 on Monday, hitting $109.47. The company's stock had a trading volume of 2,905,255 shares, compared to its average volume of 3,012,109. The stock has a market capitalization of $77.20 billion, a price-to-earnings ratio of 16.71, a P/E/G ratio of 1.03 and a beta of 1.14. 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 Bank of New York Mellon Corporation has a fifty-two week low of $70.41 and a fifty-two week high of $109.72. The firm's fifty day moving average price is $102.82 and its 200-day moving average price is $91.42.

Bank of New York Mellon (NYSE:BK - Get Free Report) last released its earnings results on Tuesday, July 15th. The bank reported $1.94 earnings per share for the quarter, topping analysts' consensus estimates of $1.73 by $0.21. The firm had revenue of $4.77 billion during 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%. The business's revenue was up 9.4% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.51 EPS. Research analysts anticipate that The Bank of New York Mellon Corporation will post 6.96 EPS for the current 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 given 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 yield of 1.9%. 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%.

Insiders Place Their Bets

In other Bank of New York Mellon news, EVP J Kevin Mccarthy sold 20,000 shares of the business's 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 completion of the transaction, the executive vice president owned 35,115 shares of the company's stock, valued at $3,457,071.75. The trade was a 36.29% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 0.14% of the stock is currently owned by corporate insiders.

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.