AQR Capital Management LLC Has $266.35 Million Stock Position in The Bank of New York Mellon Corporation $BK

Key Points

• AQR Capital Management LLC raised its stake in The Bank of New York Mellon Corporation by 37.7%, owning over 3.2 million shares worth approximately $266 million at the end of the quarter.
• Bank of New York Mellon reported Q2 earnings per share of $1.94, surpassing expectations, and experienced a 9.4% increase in quarterly revenue compared to the previous year.
• The company recently declared a quarterly dividend of $0.53 per share, up from the previous dividend of $0.47, representing a 2.0% yield.

AQR Capital Management LLC grew its position in The Bank of New York Mellon Corporation (NYSE:BK - Free Report) by 37.7% in the first quarter, according to its most recent filing with the SEC. The fund owned 3,244,204 shares of the bank's stock after acquiring an additional 887,361 shares during the period. AQR Capital Management LLC owned 0.45% of Bank of New York Mellon worth $266,349,000 as of its most recent filing with the SEC.

Other hedge funds also recently modified their holdings of the company. Alpine Bank Wealth Management acquired a new stake in shares of Bank of New York Mellon during the 1st quarter valued at $25,000. Opal Wealth Advisors LLC acquired a new stake in shares of Bank of New York Mellon during the 1st quarter valued at $25,000. Orion Capital Management LLC acquired a new stake in shares of Bank of New York Mellon during the 1st quarter valued at $32,000. Cornerstone Planning Group LLC lifted its holdings in Bank of New York Mellon by 100.0% during the 1st quarter. Cornerstone Planning Group LLC now owns 392 shares of the bank's stock worth $30,000 after buying an additional 196 shares during the period. Finally, REAP Financial Group LLC grew its position in shares of Bank of New York Mellon by 123.2% in the 4th quarter. REAP Financial Group LLC now owns 395 shares of the bank's stock valued at $30,000 after buying an additional 218 shares during the last quarter. Institutional investors and hedge funds own 85.31% of the company's stock.

Insiders Place Their Bets

In related news, EVP J Kevin Mccarthy sold 20,000 shares of the company's stock in a transaction that occurred on Tuesday, July 22nd. The stock was sold at an average price of $98.45, for a total transaction of $1,969,000.00. Following the transaction, the executive vice president directly owned 35,115 shares of the company's stock, valued at approximately $3,457,071.75. This represents a 36.29% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 0.14% of the company's stock.

Bank of New York Mellon Trading Down 1.8%

Shares of NYSE:BK traded down $1.87 during midday trading on Friday, reaching $103.69. The company's stock had a trading volume of 2,780,488 shares, compared to its average volume of 2,839,570. The firm has a market capitalization of $73.12 billion, a price-to-earnings ratio of 15.83, a PEG ratio of 0.98 and a beta of 1.14. 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 firm has a 50 day moving average price of $99.81 and a two-hundred day moving average price of $89.89. The Bank of New York Mellon Corporation has a fifty-two week low of $66.01 and a fifty-two 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 (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 the consensus estimate 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 firm's revenue was up 9.4% compared to the same quarter last year. During the same period in the previous year, the business earned $1.51 EPS. As a group, 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 declared a quarterly dividend, which was paid on Thursday, August 7th. Investors of record on Friday, July 25th were paid a dividend of $0.53 per share. This is an increase from Bank of New York Mellon's previous quarterly dividend of $0.47. The ex-dividend date of this dividend was Friday, July 25th. This represents a $2.12 dividend on an annualized basis and a yield of 2.0%. Bank of New York Mellon's dividend payout ratio (DPR) is currently 32.37%.

Analyst Ratings Changes

A number of equities research analysts have commented on BK shares. Wells Fargo & Company upped 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 research report on Wednesday, July 16th. Evercore ISI upped their price target on Bank of New York Mellon from $88.00 to $90.00 and gave the company an "in-line" rating in a research report on Wednesday, July 2nd. Morgan Stanley upped 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 report on Wednesday, July 16th. Truist Financial upped their price target 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. Finally, Keefe, Bruyette & Woods upped their price target on Bank of New York Mellon from $105.00 to $113.00 and gave the company an "outperform" rating in a research report on Wednesday, July 16th. Eight research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $96.62.

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.