Sumitomo Mitsui DS Asset Management Company Ltd Boosts Stake in The Bank of New York Mellon Corporation $BK

Key Points

• Sumitomo Mitsui DS Asset Management Company Ltd increased its stake in The Bank of New York Mellon by 28.7%, owning a total of 236,373 shares valued at approximately $21.54 million as of its latest filing.
• Bank of New York Mellon recently reported earnings of $1.94 per share, surpassing analyst expectations, with revenues recorded at $4.77 billion, a 9.4% increase compared to the previous year.
• The bank increased its quarterly dividend to $0.53 per share, up from $0.47, which translates into an annualized yield of 2.0%, indicating a commitment to returning value to shareholders.

Sumitomo Mitsui DS Asset Management Company Ltd increased its stake in shares of The Bank of New York Mellon Corporation (NYSE:BK - Free Report) by 28.7% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 236,373 shares of the bank's stock after purchasing an additional 52,771 shares during the quarter. Sumitomo Mitsui DS Asset Management Company Ltd's holdings in Bank of New York Mellon were worth $21,536,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Sivia Capital Partners LLC lifted its stake in shares of Bank of New York Mellon by 36.6% during the second quarter. Sivia Capital Partners LLC now owns 3,394 shares of the bank's stock worth $309,000 after buying an additional 909 shares during the period. Dynamic Advisor Solutions LLC boosted its stake in shares of Bank of New York Mellon by 11.3% in the second quarter. Dynamic Advisor Solutions LLC now owns 23,419 shares of the bank's stock worth $2,134,000 after buying an additional 2,378 shares during the last quarter. Bruce G. Allen Investments LLC boosted its stake in shares of Bank of New York Mellon by 3.9% in the second quarter. Bruce G. Allen Investments LLC now owns 4,535 shares of the bank's stock worth $413,000 after buying an additional 169 shares during the last quarter. Pallas Capital Advisors LLC boosted its stake in shares of Bank of New York Mellon by 37.5% in the second quarter. Pallas Capital Advisors LLC now owns 11,165 shares of the bank's stock worth $1,017,000 after buying an additional 3,045 shares during the last quarter. Finally, Aaron Wealth Advisors LLC boosted its position in Bank of New York Mellon by 5.8% during the second quarter. Aaron Wealth Advisors LLC now owns 9,747 shares of the bank's stock worth $888,000 after purchasing an additional 538 shares in the last quarter. 85.31% of the stock is currently owned by hedge funds and other institutional investors.

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 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 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 sale was disclosed in a legal filing with the SEC, which is available at the SEC website. 0.14% of the stock is owned by company insiders.

Analysts Set New Price Targets

A number of brokerages have issued reports on BK. Evercore ISI increased their price target on Bank of New York Mellon from $88.00 to $90.00 and gave the stock an "in-line" rating in a research report on Wednesday, July 2nd. Keefe, Bruyette & Woods increased their price target on 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. Truist Financial raised their target price on 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. Morgan Stanley raised their target price on Bank of New York Mellon from $95.00 to $101.00 and gave the company an "overweight" rating in a research report on Wednesday, July 16th. Finally, Wells Fargo & Company increased their price target on Bank of New York Mellon from $96.00 to $100.00 and gave the company an "equal weight" rating in a report on Wednesday, July 16th. Eight analysts have rated the stock with a Buy rating and six have given a Hold rating to the company's stock. Based on data from MarketBeat, Bank of New York Mellon presently has a consensus rating of "Moderate Buy" and an average target price of $96.62.

Bank of New York Mellon Stock Up 0.1%

Shares of NYSE BK traded up $0.10 during midday trading on Friday, hitting $108.62. 8,770,370 shares of the company's stock were exchanged, compared to its average volume of 2,747,152. The firm's fifty day simple moving average is $102.54 and its 200-day simple moving average is $91.17. 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 twelve month low of $70.41 and a twelve month high of $109.21. The company has a market cap of $76.60 billion, a PE ratio of 16.58, a P/E/G ratio of 1.03 and a beta of 1.14.

Bank of New York Mellon (NYSE:BK - Get Free Report) last posted its 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. Bank of New York Mellon had a return on equity of 13.46% and a net margin of 12.27%.The business had revenue of $4.77 billion for the quarter, compared to analysts' expectations of $4.80 billion. During the same quarter in the previous year, the firm earned $1.51 earnings per share. The business's revenue was up 9.4% compared to the same quarter last year. 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 declared a quarterly dividend, which was paid on Thursday, August 7th. Investors of record on Friday, July 25th were given a $0.53 dividend. 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 payout ratio is presently 32.37%.

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.