The Bank of New York Mellon Corporation $BK Shares Bought by SteelPeak Wealth LLC

Key Points

• SteelPeak Wealth LLC significantly increased its stake in The Bank of New York Mellon Corporation by 1,270.5% during the 2nd quarter, acquiring a total of 47,364 shares, valued at approximately $4.3 million.
• Bank of New York Mellon recently increased its quarterly dividend from $0.47 to $0.53 per share, representing a 2.0% yield and a payout ratio of 32.37%.
• Analysts have a consensus rating of "Moderate Buy" for Bank of New York Mellon, with an average target price of $106.77, reflecting positive outlooks from multiple financial institutions.

SteelPeak Wealth LLC raised its position in The Bank of New York Mellon Corporation (NYSE:BK - Free Report) by 1,270.5% in the 2nd quarter, according to its most recent filing with the SEC. The firm owned 47,364 shares of the bank's stock after acquiring an additional 43,908 shares during the period. SteelPeak Wealth LLC's holdings in Bank of New York Mellon were worth $4,315,000 at the end of the most recent reporting period.

Several other hedge funds also recently made changes to their positions in BK. Nuveen LLC acquired a new stake in shares of Bank of New York Mellon in the 1st quarter worth $773,627,000. AustralianSuper Pty Ltd acquired a new stake in shares of Bank of New York Mellon in the first quarter valued at about $92,502,000. Goldman Sachs Group Inc. lifted its stake in shares of Bank of New York Mellon by 26.3% in the first quarter. Goldman Sachs Group Inc. now owns 5,053,744 shares of the bank's stock valued at $423,858,000 after purchasing an additional 1,052,145 shares during the period. Wellington Management Group LLP lifted its stake in shares of Bank of New York Mellon by 257.6% in the first quarter. Wellington Management Group LLP now owns 1,236,255 shares of the bank's stock valued at $103,685,000 after purchasing an additional 890,593 shares during the period. Finally, AQR Capital Management LLC lifted its stake in shares of Bank of New York Mellon by 37.7% in the first quarter. AQR Capital Management LLC now owns 3,244,204 shares of the bank's stock valued at $266,349,000 after purchasing an additional 887,361 shares during the period. Institutional investors and hedge funds own 85.31% of the company's stock.

Analyst Ratings Changes

BK has been the subject of several recent analyst reports. Wells Fargo & Company raised their price objective 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. BMO Capital Markets initiated coverage on shares of Bank of New York Mellon in a research note on Friday. They issued an "outperform" rating and a $125.00 price objective for the company. Morgan Stanley raised their price objective on shares of Bank of New York Mellon from $101.00 to $116.00 and gave the company an "overweight" rating in a research note on Monday, September 29th. 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 research note on Wednesday, July 16th. Finally, Citigroup raised 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. Ten analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $106.77.

Bank of New York Mellon Stock Performance

Shares of BK opened at $106.46 on Tuesday. 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 stock has a market cap of $75.08 billion, a P/E ratio of 16.25, a PEG ratio of 1.01 and a beta of 1.13. The company has a 50-day moving average of $104.71 and a two-hundred day moving average of $93.21. The Bank of New York Mellon Corporation has a 12-month low of $70.46 and a 12-month high of $110.87.

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. As a group, research analysts predict 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 business also recently announced a quarterly dividend, which was paid on Thursday, August 7th. Investors of record on Friday, July 25th were issued a $0.53 dividend. 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. This represents a $2.12 dividend on an annualized basis and a yield of 2.0%. Bank of New York Mellon's payout ratio is presently 32.37%.

Insider Transactions at Bank of New York Mellon

In related news, EVP J Kevin Mccarthy sold 20,000 shares of the business's stock in a transaction that occurred on Tuesday, July 22nd. The shares were 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 directly owned 35,115 shares in the company, valued at approximately $3,457,071.75. The trade was a 36.29% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 0.14% of the company's stock.

Bank of New York Mellon 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.

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