The Bank of New York Mellon Corporation $BK Stock Position Increased by Northstar Advisory Group LLC

Key Points

• Northstar Advisory Group LLC increased its stake in The Bank of New York Mellon by 24.7%, now holding 43,230 shares valued at approximately $3,939,000.
• The company reported earnings per share of $1.94 for the last quarter, exceeding analyst expectations of $1.73.
• Bank of New York Mellon recently raised its quarterly dividend from $0.47 to $0.53, reflecting a commitment to returning value to shareholders.

Northstar Advisory Group LLC lifted its position in The Bank of New York Mellon Corporation (NYSE:BK - Free Report) by 24.7% during the second quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 43,230 shares of the bank's stock after buying an additional 8,555 shares during the period. Bank of New York Mellon makes up 1.9% of Northstar Advisory Group LLC's holdings, making the stock its 13th largest position. Northstar Advisory Group LLC's holdings in Bank of New York Mellon were worth $3,939,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently modified their holdings of BK. Ameriprise Financial Inc. raised its position in Bank of New York Mellon by 1.9% during the first quarter. Ameriprise Financial Inc. now owns 12,043,601 shares of the bank's stock valued at $1,010,093,000 after buying an additional 221,613 shares during the period. Nuveen LLC acquired a new position in shares of Bank of New York Mellon in the 1st quarter worth approximately $773,627,000. Invesco Ltd. increased its holdings in Bank of New York Mellon by 8.8% during 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 increased its holdings in Bank of New York Mellon by 5.7% during 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, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its position in Bank of New York Mellon by 15.9% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 7,689,477 shares of the bank's stock valued at $590,783,000 after buying an additional 1,055,389 shares during the last quarter. 85.31% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research firms have weighed in on BK. Wells Fargo & Company lifted their target price 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 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 boosted their price target on Bank of New York Mellon from $100.00 to $109.00 and gave the stock a "hold" rating in a research report on Thursday, August 14th. Citigroup upped their target price on 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 raised their price objective on shares of Bank of New York Mellon from $88.00 to $90.00 and gave the company an "in-line" rating in a report on Wednesday, July 2nd. Eight investment analysts have rated the stock with a Buy rating and six have given a Hold rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $96.62.

Insider Transactions at Bank of New York Mellon

In related news, EVP J Kevin Mccarthy sold 20,000 shares of the firm'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 value of $1,969,000.00. Following the sale, the executive vice president owned 35,115 shares in the company, valued at approximately $3,457,071.75. This trade represents a 36.29% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Corporate insiders own 0.14% of the company's stock.

Bank of New York Mellon Stock Performance

NYSE BK opened at $106.46 on Monday. The company has a market capitalization of $75.08 billion, a P/E ratio of 16.25, a P/E/G ratio of 1.00 and a beta of 1.14. The company has a fifty day moving average of $101.15 and a 200-day moving average of $90.54. The company has a debt-to-equity ratio of 0.86, a quick ratio of 0.72 and a current ratio of 0.72. The Bank of New York Mellon Corporation has a 52-week low of $68.51 and a 52-week high of $106.57.

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 earnings per share for the quarter, topping analysts' consensus estimates of $1.73 by $0.21. The business had revenue of $4.77 billion for the quarter, compared to analysts' expectations 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 business's revenue was up 9.4% compared to the same quarter last year. During the same quarter in the prior year, the company earned $1.51 earnings per share. As a group, equities 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 announced a quarterly dividend, which was paid on Thursday, August 7th. Investors of record on Friday, July 25th were issued a $0.53 dividend. This is an increase from Bank of New York Mellon's previous quarterly dividend of $0.47. This represents a $2.12 annualized dividend and a yield of 2.0%. The ex-dividend date was Friday, July 25th. Bank of New York Mellon's dividend payout ratio is 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.

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