National Pension Service Buys 113,634 Shares of The Bank of New York Mellon Corporation $BK

Key Points

• The National Pension Service increased its stake in The Bank of New York Mellon Corporation by 5.2%, owning 2,290,689 shares worth approximately $192.12 million after acquiring an additional 113,634 shares.
• The Bank of New York Mellon reported a quarterly earnings of $1.94 per share, exceeding analysts' expectations of $1.73, and achieved a revenue of $4.77 billion, slightly below predictions.
• The company increased its quarterly dividend from $0.47 to $0.53, representing a 2.1% yield, while its dividend payout ratio stands at 32.37%.

National Pension Service grew its holdings in shares of The Bank of New York Mellon Corporation (NYSE:BK - Free Report) by 5.2% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 2,290,689 shares of the bank's stock after purchasing an additional 113,634 shares during the quarter. National Pension Service owned approximately 0.32% of Bank of New York Mellon worth $192,120,000 at the end of the most recent quarter.

A number of other large investors also recently made changes to their positions in the business. Revolve Wealth Partners LLC acquired a new stake in shares of Bank of New York Mellon during the fourth quarter valued at about $220,000. Rockefeller Capital Management L.P. grew its stake in shares of Bank of New York Mellon by 101.4% during the fourth quarter. Rockefeller Capital Management L.P. now owns 59,446 shares of the bank's stock valued at $4,563,000 after acquiring an additional 29,927 shares in the last quarter. Townsquare Capital LLC grew its stake in shares of Bank of New York Mellon by 34.3% during the fourth quarter. Townsquare Capital LLC now owns 29,544 shares of the bank's stock valued at $2,270,000 after acquiring an additional 7,543 shares in the last quarter. Sagespring Wealth Partners LLC acquired a new stake in shares of Bank of New York Mellon during the fourth quarter valued at about $403,000. Finally, Advisors Capital Management LLC grew its stake in shares of Bank of New York Mellon by 20.7% during the fourth quarter. Advisors Capital Management LLC now owns 5,459 shares of the bank's stock valued at $419,000 after acquiring an additional 938 shares in the last quarter. Hedge funds and other institutional investors own 85.31% of the company's stock.

Insider Activity at Bank of New York Mellon

In other Bank of New York Mellon news, EVP J Kevin Mccarthy sold 20,000 shares of Bank of New York Mellon stock in a transaction 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 directly owned 35,115 shares in the company, valued at approximately $3,457,071.75. The trade was a 36.29% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 0.14% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

BK has been the subject of a number of research reports. Truist Financial lifted 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 note on Thursday. Morgan Stanley lifted their price target on Bank of New York Mellon from $95.00 to $101.00 and gave the stock an "overweight" rating in a research note on Wednesday, July 16th. Wells Fargo & Company lifted their price target on Bank of New York Mellon from $96.00 to $100.00 and gave the stock an "equal weight" rating in a research note on Wednesday, July 16th. Evercore ISI lifted 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 note on Wednesday, July 2nd. Finally, Keefe, Bruyette & Woods lifted 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 note on Wednesday, July 16th. Seven research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $95.08.

Bank of New York Mellon Price Performance

Bank of New York Mellon stock traded up $0.66 during trading hours on Monday, hitting $101.66. 2,966,130 shares of the stock were exchanged, compared to its average volume of 4,232,994. 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 stock has a market capitalization of $71.69 billion, a P/E ratio of 15.52, a P/E/G ratio of 0.97 and a beta of 1.12. The Bank of New York Mellon Corporation has a 12 month low of $65.01 and a 12 month high of $104.47. The business's 50-day moving average is $95.77 and its two-hundred day moving average is $88.10.

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, beating 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 business had revenue of $4.77 billion for the quarter, compared to analyst estimates of $4.80 billion. During the same period in the prior year, the business posted $1.51 earnings per share. Bank of New York Mellon's revenue was up 9.4% compared to the same quarter last year. Equities research analysts expect 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 disclosed a quarterly dividend, which was paid on Thursday, August 7th. Investors of record on Friday, July 25th were issued a dividend of $0.53 per share. The ex-dividend date was Friday, July 25th. This is a positive change from Bank of New York Mellon's previous quarterly dividend of $0.47. This represents a $2.12 dividend on an annualized basis and a dividend yield of 2.1%. Bank of New York Mellon's dividend payout ratio (DPR) is 32.37%.

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.