The Bank of New York Mellon Corporation $BK Shares Purchased by Public Employees Retirement System of Ohio

Key Points

• The Public Employees Retirement System of Ohio increased its stake in The Bank of New York Mellon by 127.7% in Q2, acquiring an additional 348,162 shares, bringing their total holdings to 620,715 shares valued at approximately $56.55 million.
• The Bank of New York Mellon reported a quarterly earnings beat with an EPS of $1.94, exceeding estimates by $0.21, and experienced a 9.4% year-over-year revenue growth with total revenues of $4.77 billion.
• The bank recently increased its quarterly dividend from $0.47 to $0.53, enhancing its annualized dividend yield to 1.9%.

Public Employees Retirement System of Ohio boosted its holdings in The Bank of New York Mellon Corporation (NYSE:BK - Free Report) by 127.7% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 620,715 shares of the bank's stock after buying an additional 348,162 shares during the period. Public Employees Retirement System of Ohio owned 0.09% of Bank of New York Mellon worth $56,553,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently added to or reduced their stakes in the business. Ameriprise Financial Inc. boosted its stake in Bank of New York Mellon by 1.9% in the 1st quarter. Ameriprise Financial Inc. now owns 12,043,601 shares of the bank's stock worth $1,010,093,000 after buying an additional 221,613 shares during the last quarter. Nuveen LLC acquired a new stake in Bank of New York Mellon in the 1st quarter worth about $773,627,000. Invesco Ltd. lifted its stake in shares of Bank of New York Mellon by 8.8% in the 1st quarter. Invesco Ltd. now owns 8,264,176 shares of the bank's stock valued at $693,116,000 after purchasing an additional 667,966 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its stake in shares of Bank of New York Mellon by 5.7% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 8,125,577 shares of the bank's stock valued at $681,492,000 after purchasing an additional 436,100 shares in the last quarter. Finally, Goldman Sachs Group Inc. lifted its stake in shares of Bank of New York Mellon by 26.3% in the 1st 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 in the last quarter. 85.31% of the stock is owned by institutional investors and hedge funds.

Bank of New York Mellon Price Performance

Shares of BK opened at $108.75 on Wednesday. The company has a market cap of $76.69 billion, a P/E ratio of 16.60, a PEG ratio of 1.03 and a beta of 1.14. The stock has a fifty day moving average price of $103.10 and a 200 day moving average price of $91.54. 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 12 month low of $70.41 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, beating analysts' consensus estimates of $1.73 by $0.21. The company had revenue of $4.77 billion for 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 company's quarterly revenue was up 9.4% compared to the same quarter last year. During the same period last year, the company earned $1.51 earnings per share. On average, research analysts forecast 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 company also recently disclosed a quarterly dividend, which was paid on Thursday, August 7th. Stockholders of record on Friday, July 25th were issued a $0.53 dividend. This represents a $2.12 annualized dividend and a dividend yield of 1.9%. This is a positive change from Bank of New York Mellon's previous quarterly dividend of $0.47. The ex-dividend date was Friday, July 25th. Bank of New York Mellon's payout ratio is currently 32.37%.

Analyst Ratings Changes

BK has been the topic of several research analyst reports. Evercore ISI lifted their price objective on 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. Citigroup lifted their price objective on 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 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. Wells Fargo & Company lifted their price objective on 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. Finally, Morgan Stanley lifted their price objective on Bank of New York Mellon from $95.00 to $101.00 and gave the company an "overweight" rating in a research note 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. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target 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 company's stock in a transaction on 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 in the company, valued at $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 available through this link. 0.14% of the stock is currently owned by company insiders.

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.

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