The Bank of New York Mellon Corporation $BK Shares Purchased by BI Asset Management Fondsmaeglerselskab A S

Key Points

• BI Asset Management Fondsmaeglerselskab A S increased its holdings in The Bank of New York Mellon Corporation (BK) by 164.2% during the first quarter, now owning 93,987 shares valued at $7.88 million.
• The Bank of New York Mellon announced a quarterly dividend of $0.53, an increase from $0.47, representing an annual yield of 2.1% and a payout ratio of 32.37%.
• Shares of BK opened at $100.99 and the company reported earnings of $1.94 per share, exceeding analysts' expectations by $0.21.

BI Asset Management Fondsmaeglerselskab A S boosted its position in shares of The Bank of New York Mellon Corporation (NYSE:BK - Free Report) by 164.2% in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 93,987 shares of the bank's stock after acquiring an additional 58,408 shares during the quarter. BI Asset Management Fondsmaeglerselskab A S's holdings in Bank of New York Mellon were worth $7,883,000 at the end of the most recent quarter.

Other institutional investors also recently bought and sold shares of the company. Capital Analysts LLC raised its stake in shares of Bank of New York Mellon by 3.7% in the fourth quarter. Capital Analysts LLC now owns 3,317 shares of the bank's stock valued at $255,000 after acquiring an additional 119 shares in the last quarter. Hemington Wealth Management increased its holdings in Bank of New York Mellon by 8.0% during the 1st quarter. Hemington Wealth Management now owns 1,628 shares of the bank's stock worth $136,000 after purchasing an additional 121 shares during the period. Y.D. More Investments Ltd increased its holdings in Bank of New York Mellon by 13.8% during the 1st 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 during the period. Syon Capital LLC raised its position in Bank of New York Mellon by 2.5% in the 4th quarter. Syon Capital LLC now owns 5,432 shares of the bank's stock valued at $417,000 after purchasing an additional 132 shares in the last quarter. Finally, Ontario Teachers Pension Plan Board boosted its stake in shares of Bank of New York Mellon by 1.1% in the 1st quarter. Ontario Teachers Pension Plan Board now owns 12,504 shares of the bank's stock valued at $1,049,000 after buying an additional 138 shares during the period. 85.31% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In other 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 sale, the executive vice president owned 35,115 shares in the company, valued at $3,457,071.75. This trade 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 available through this link. 0.14% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

A number of analysts recently weighed in on the stock. Evercore ISI upped 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 note on Wednesday, July 2nd. Truist Financial increased 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 report on Thursday, August 14th. Keefe, Bruyette & Woods raised their price objective 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. Morgan Stanley boosted 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 note on Wednesday, July 16th. Finally, Wells Fargo & Company increased their target price on Bank of New York Mellon from $96.00 to $100.00 and gave the company an "equal weight" rating in a report on Wednesday, July 16th. Eight equities research analysts have rated the stock with a Buy rating and six have given a Hold rating to the company. Based on data from MarketBeat.com, Bank of New York Mellon has a consensus rating of "Moderate Buy" and an average target price of $95.08.

Bank of New York Mellon Trading Up 0.8%

NYSE:BK traded up $0.7660 on Friday, reaching $102.5460. The stock had a trading volume of 3,471,633 shares, compared to its average volume of 3,302,293. The Bank of New York Mellon Corporation has a 12-month low of $65.50 and a 12-month high of $104.47. The company has a market cap of $72.32 billion, a price-to-earnings ratio of 15.66, a P/E/G ratio of 0.97 and a beta of 1.12. The firm's fifty day moving average is $96.97 and its two-hundred day moving average is $88.64. 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 issued its quarterly earnings results on Tuesday, July 15th. The bank reported $1.94 EPS for the quarter, topping analysts' consensus estimates of $1.73 by $0.21. The business had revenue of $4.77 billion during the quarter, compared to the consensus estimate 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 company's quarterly revenue was up 9.4% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.51 earnings per share. Equities analysts expect 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 declared a quarterly dividend, which was paid on Thursday, August 7th. Shareholders 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 2.1%. This is a boost from Bank of New York Mellon's previous quarterly dividend of $0.47. Bank of New York Mellon's dividend payout ratio is currently 32.37%.

About Bank of New York Mellon

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.