Ieq Capital LLC Has $3.51 Million Stake in The Bank of New York Mellon Corporation $BK

Key Points

• Ieq Capital LLC increased its stake in The Bank of New York Mellon Corporation by 25.3%, owning a total of 41,893 shares valued at approximately $3.51 million.
• Analysts have raised their price targets for BK shares, with Wells Fargo setting a target of $100, reflecting positive sentiment in the market.
• The Bank of New York Mellon announced a dividend increase to $0.53 per share, up from $0.47, showcasing a commitment to returning value to shareholders.

Ieq Capital LLC boosted its stake in shares of The Bank of New York Mellon Corporation (NYSE:BK - Free Report) by 25.3% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 41,893 shares of the bank's stock after acquiring an additional 8,464 shares during the quarter. Ieq Capital LLC's holdings in Bank of New York Mellon were worth $3,514,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently made changes to their positions in the company. Opal Wealth Advisors LLC acquired a new position in shares of Bank of New York Mellon during the 1st quarter worth about $25,000. Alpine Bank Wealth Management bought a new stake in shares of Bank of New York Mellon in the first quarter valued at about $25,000. REAP Financial Group LLC boosted its position in Bank of New York Mellon by 123.2% during the 4th 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 holdings 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 purchasing an additional 196 shares during the last quarter. Finally, Orion Capital Management LLC bought a new position in shares of Bank of New York Mellon in the 1st quarter valued at about $32,000. 85.31% of the stock is owned by institutional investors and hedge funds.

Bank of New York Mellon Trading Up 0.7%

NYSE:BK traded up $0.75 during mid-day trading on Thursday, hitting $105.43. 1,053,306 shares of the company's stock were exchanged, compared to its average volume of 4,123,953. The Bank of New York Mellon Corporation has a fifty-two week low of $66.01 and a fifty-two week high of $106.57. The company has a current ratio of 0.72, a quick ratio of 0.72 and a debt-to-equity ratio of 0.86. The firm has a market capitalization of $74.35 billion, a P/E ratio of 16.10, a PEG ratio of 1.00 and a beta of 1.14. The company has a 50 day simple moving average of $99.25 and a 200-day simple moving average of $89.66.

Bank of New York Mellon (NYSE:BK - Get Free Report) last released its quarterly earnings results 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 firm 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 revenue for the quarter was up 9.4% on a year-over-year basis. During the same quarter last year, the firm earned $1.51 earnings per share. As a group, research analysts expect 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 business also recently announced a quarterly dividend, which was paid on Thursday, August 7th. Shareholders of record on Friday, July 25th were issued a dividend of $0.53 per share. This represents a $2.12 annualized dividend and a yield of 2.0%. The ex-dividend date of this dividend was Friday, July 25th. 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 (DPR) is presently 32.37%.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on the stock. Wells Fargo & Company raised their target price on shares of 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. Evercore ISI lifted their price objective 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 lifted their price objective on Bank of New York Mellon from $100.00 to $109.00 and gave the company a "hold" rating in a report on Thursday, August 14th. Keefe, Bruyette & Woods increased their price target 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, Morgan Stanley boosted 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. Eight equities research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $95.08.

Insider Activity at Bank of New York Mellon

In other news, EVP J Kevin Mccarthy sold 20,000 shares of the stock in a transaction dated 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 completion of 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 sale was disclosed in a filing with the SEC, 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.