The Bank of New York Mellon Corporation $BK Shares Bought by Intech Investment Management LLC

Key Points

• Intech Investment Management LLC increased its stake in The Bank of New York Mellon Corporation by 4.6%, holding 455,186 shares valued at approximately $38.18 million.
• The bank reported $1.94 EPS for the last quarter, exceeding expectations, with a revenue of $4.77 billion, a 9.4% increase year-over-year.
• Bank of New York Mellon has recently raised its quarterly dividend to $0.53, indicating a 2.0% dividend yield.

Intech Investment Management LLC boosted its stake in The Bank of New York Mellon Corporation (NYSE:BK - Free Report) by 4.6% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 455,186 shares of the bank's stock after purchasing an additional 19,883 shares during the period. Intech Investment Management LLC owned approximately 0.06% of Bank of New York Mellon worth $38,176,000 at the end of the most recent quarter.

Other hedge funds have also bought and sold shares of the company. Focus Partners Wealth lifted its holdings in shares of Bank of New York Mellon by 3.2% in the first quarter. Focus Partners Wealth now owns 34,424 shares of the bank's stock worth $2,887,000 after buying an additional 1,075 shares in the last quarter. Integrity Alliance LLC. bought a new position in shares of Bank of New York Mellon during the first quarter valued at approximately $997,000. Ransom Advisory Ltd purchased a new stake in Bank of New York Mellon in the first quarter worth $561,000. Aspen Investment Management Inc lifted its holdings in Bank of New York Mellon by 1.7% during the 1st quarter. Aspen Investment Management Inc now owns 11,944 shares of the bank's stock valued at $1,002,000 after buying an additional 194 shares in the last quarter. Finally, Advisory Alpha LLC raised its position in Bank of New York Mellon by 53.8% during the 1st quarter. Advisory Alpha LLC now owns 5,849 shares of the bank's stock valued at $491,000 after purchasing an additional 2,045 shares in the last quarter. Institutional investors own 85.31% of the company's stock.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on BK shares. Keefe, Bruyette & Woods upped their price objective on Bank of New York Mellon from $105.00 to $113.00 and gave the stock an "outperform" rating in a research note on Wednesday, July 16th. Morgan Stanley boosted their price target 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. Wells Fargo & Company boosted their target price 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 report on Wednesday, July 16th. Citigroup raised their price objective 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. Finally, Evercore ISI upped 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 report on Wednesday, July 2nd. Eight analysts have rated the stock with a Buy rating and six have given a Hold rating to the company. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $96.62.

Bank of New York Mellon Stock Up 0.8%

BK stock traded up $0.86 during mid-day trading on Friday, reaching $106.46. The company had a trading volume of 2,609,349 shares, compared to its average volume of 2,833,322. The firm has a fifty day simple moving average of $101.15 and a 200 day simple moving average of $90.49. The company has a market capitalization of $75.08 billion, a price-to-earnings ratio of 16.25, a price-to-earnings-growth ratio of 1.00 and a beta of 1.14. The Bank of New York Mellon Corporation has a fifty-two week low of $68.51 and a fifty-two week high of $106.57. The company has a debt-to-equity ratio of 0.86, a quick ratio of 0.72 and a current ratio of 0.72.

Bank of New York Mellon (NYSE:BK - Get Free Report) last announced its quarterly earnings data on Tuesday, July 15th. The bank reported $1.94 EPS 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 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 firm's revenue was up 9.4% compared to the same quarter last year. During the same quarter last year, the firm earned $1.51 earnings per share. Analysts forecast that The Bank of New York Mellon Corporation will post 6.96 earnings per share 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 paid a $0.53 dividend. This represents a $2.12 dividend on an annualized basis and a yield of 2.0%. The ex-dividend date of this dividend was Friday, July 25th. This is an increase from Bank of New York Mellon's previous quarterly dividend of $0.47. Bank of New York Mellon's dividend payout ratio is currently 32.37%.

Insiders Place Their Bets

In related news, EVP J Kevin Mccarthy sold 20,000 shares of the business's stock in a transaction dated 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 transaction, the executive vice president owned 35,115 shares of the company's stock, valued at approximately $3,457,071.75. The trade was a 36.29% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders own 0.14% of the company's stock.

Bank of New York Mellon Company 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.