The Bank of New York Mellon Corporation $BK Shares Sold by McIlrath & Eck LLC

Key Points

• McIlrath & Eck LLC significantly reduced its stake in The Bank of New York Mellon Corporation by 75.5%, resulting in ownership of only 1,736 shares valued at approximately $146,000.
• The Bank of New York Mellon reported a quarterly earnings per share (EPS) of $1.94, surpassing analysts' expectations, along with a revenue of $4.77 billion for the quarter.
• The company announced an increase in its quarterly dividend to $0.53 per share, up from the previous $0.47, reflecting a commitment to returning value to shareholders.

McIlrath & Eck LLC cut its position in shares of The Bank of New York Mellon Corporation (NYSE:BK - Free Report) by 75.5% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,736 shares of the bank's stock after selling 5,355 shares during the period. McIlrath & Eck LLC's holdings in Bank of New York Mellon were worth $146,000 at the end of the most recent quarter.

A number of other institutional investors also recently bought and sold shares of BK. Revolve Wealth Partners LLC purchased a new position in Bank of New York Mellon during the fourth quarter worth about $220,000. Focus Partners Wealth raised its stake in shares of Bank of New York Mellon by 38.3% in the 4th quarter. Focus Partners Wealth now owns 33,349 shares of the bank's stock valued at $2,600,000 after acquiring an additional 9,231 shares during the period. Gotham Asset Management LLC raised its stake in shares of Bank of New York Mellon by 1.3% in the 4th quarter. Gotham Asset Management LLC now owns 28,702 shares of the bank's stock valued at $2,205,000 after acquiring an additional 369 shares during the period. Janus Henderson Group PLC raised its stake in shares of Bank of New York Mellon by 21.7% in the 4th quarter. Janus Henderson Group PLC now owns 124,273 shares of the bank's stock valued at $9,552,000 after acquiring an additional 22,179 shares during the period. Finally, Logan Capital Management Inc. raised its stake in shares of Bank of New York Mellon by 4.4% in the 4th quarter. Logan Capital Management Inc. now owns 27,882 shares of the bank's stock valued at $2,142,000 after acquiring an additional 1,176 shares during the period. 85.31% of the stock is owned by hedge funds and other institutional investors.

Bank of New York Mellon Stock Up 0.8%

BK traded up $0.86 during trading hours on Friday, hitting $106.46. 2,609,349 shares of the company's stock were exchanged, compared to its average volume of 2,833,322. The Bank of New York Mellon Corporation has a 12-month low of $68.51 and a 12-month high of $106.57. The firm has a 50 day moving average of $101.15 and a 200 day moving average of $90.49. The firm has a market cap of $75.08 billion, a P/E ratio of 16.25, a price-to-earnings-growth ratio of 1.00 and a beta of 1.14. The company has a current ratio of 0.72, a quick ratio of 0.72 and a debt-to-equity ratio of 0.86.

Bank of New York Mellon (NYSE:BK - Get Free Report) last announced its earnings results on Tuesday, July 15th. The bank reported $1.94 earnings per share for the quarter, topping the consensus estimate of $1.73 by $0.21. Bank of New York Mellon had a net margin of 12.27% and a return on equity of 13.46%. The firm had revenue of $4.77 billion for the quarter, compared to the consensus estimate of $4.80 billion. During the same period in the prior year, the firm earned $1.51 EPS. The firm's revenue for the quarter was up 9.4% on a year-over-year basis. 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 company also recently declared 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 is a boost from Bank of New York Mellon's previous quarterly dividend of $0.47. The ex-dividend date was Friday, July 25th. This represents a $2.12 annualized dividend and a yield of 2.0%. Bank of New York Mellon's dividend payout ratio (DPR) is presently 32.37%.

Insider Buying and Selling

In other Bank of New York Mellon 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 transaction of $1,969,000.00. Following the completion of the transaction, the executive vice president owned 35,115 shares in the company, valued at $3,457,071.75. The trade was a 36.29% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 0.14% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on BK shares. Truist Financial boosted 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 note on Thursday, August 14th. Wells Fargo & Company boosted their price target 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. Keefe, Bruyette & Woods boosted their price target 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. Morgan Stanley boosted their price target on shares of 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. Finally, Citigroup upped their target price on shares of Bank of New York Mellon from $92.00 to $105.00 and gave the stock a "neutral" rating in a research note on Friday, September 5th. Eight investment analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $96.62.

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.