Swedbank AB Increases Stock Holdings in The Bank of New York Mellon Corporation $BK

Key Points

• Swedbank AB increased its holdings in The Bank of New York Mellon by 1.5% in the first quarter, now owning 809,573 shares worth approximately $67.9 million.
• The Bank of New York Mellon recently raised its quarterly dividend from $0.47 to $0.53, resulting in an annualized dividend of $2.12 and a yield of 2.0%.
• In the latest earnings report, the bank's EPS reached $1.94, exceeding estimates, with a revenue of $4.77 billion—up 9.4% compared to the previous year.

Swedbank AB raised its stake in shares of The Bank of New York Mellon Corporation (NYSE:BK - Free Report) by 1.5% in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 809,573 shares of the bank's stock after buying an additional 11,809 shares during the quarter. Swedbank AB owned about 0.11% of Bank of New York Mellon worth $67,899,000 at the end of the most recent reporting period.

Other hedge funds have also added to or reduced their stakes in the company. Alpine Bank Wealth Management purchased a new position in Bank of New York Mellon during the 1st quarter valued at about $25,000. Opal Wealth Advisors LLC purchased a new position in shares of Bank of New York Mellon during the first quarter worth about $25,000. Orion Capital Management LLC purchased a new position in shares of Bank of New York Mellon during the first quarter worth about $32,000. Cornerstone Planning Group LLC grew its holdings in shares of 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 in the last quarter. Finally, REAP Financial Group LLC grew its holdings in shares of Bank of New York Mellon by 123.2% during the fourth quarter. REAP Financial Group LLC now owns 395 shares of the bank's stock worth $30,000 after purchasing an additional 218 shares in the last quarter. Hedge funds and other institutional investors own 85.31% of the company's stock.

Analyst Upgrades and Downgrades

Several research analysts have recently commented on the company. Wells Fargo & Company boosted their price objective on Bank of New York Mellon from $96.00 to $100.00 and gave the stock an "equal weight" rating in a report on Wednesday, July 16th. Keefe, Bruyette & Woods boosted their price objective on Bank of New York Mellon from $105.00 to $113.00 and gave the stock an "outperform" rating in a report on Wednesday, July 16th. Citigroup boosted their price objective on Bank of New York Mellon from $92.00 to $105.00 and gave the stock a "neutral" rating in a report on Friday, September 5th. Truist Financial increased their price target 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. Finally, Morgan Stanley lifted their price target 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. Eight analysts have rated the stock with a Buy rating and six have issued a Hold rating to the stock. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $96.62.

Insider Buying and Selling at Bank of New York Mellon

In other news, EVP J Kevin Mccarthy sold 20,000 shares of the stock in a transaction that occurred 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 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 transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Company insiders own 0.14% of the company's stock.

Bank of New York Mellon Trading Up 1.2%

Shares of NYSE:BK traded up $1.31 during trading on Thursday, reaching $108.32. 1,241,434 shares of the company traded hands, compared to its average volume of 4,056,125. The firm has a market capitalization of $76.39 billion, a price-to-earnings ratio of 16.56, a P/E/G ratio of 1.00 and a beta of 1.14. The Bank of New York Mellon Corporation has a 52-week low of $70.41 and a 52-week high of $108.55. 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 business's fifty day moving average is $101.95 and its 200-day moving average is $90.88.

Bank of New York Mellon (NYSE:BK - Get Free Report) last released its quarterly earnings data on Tuesday, July 15th. The bank reported $1.94 earnings per share for the quarter, beating 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 return on equity of 13.46% and a net margin of 12.27%.The business's quarterly revenue was up 9.4% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.51 earnings per share. As a group, analysts forecast 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 business also recently disclosed a quarterly dividend, which was paid on Thursday, August 7th. Stockholders of record on Friday, July 25th were paid a dividend of $0.53 per share. This represents a $2.12 dividend on an annualized basis and a dividend yield of 2.0%. This is a boost from Bank of New York Mellon's previous quarterly dividend of $0.47. The ex-dividend date of this dividend was Friday, July 25th. Bank of New York Mellon's 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.