Assetmark Inc. Boosts Stake in The Bank of New York Mellon Corporation (NYSE:BK)

Assetmark Inc. grew its position in shares of The Bank of New York Mellon Corporation (NYSE:BK - Free Report) by 20.6% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 70,961 shares of the bank's stock after buying an additional 12,137 shares during the quarter. Assetmark Inc.'s holdings in Bank of New York Mellon were worth $5,951,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Cetera Investment Advisers raised its stake in Bank of New York Mellon by 14.7% during the 1st quarter. Cetera Investment Advisers now owns 293,722 shares of the bank's stock valued at $24,634,000 after buying an additional 37,693 shares during the last quarter. Avantax Advisory Services Inc. lifted its stake in shares of Bank of New York Mellon by 7.1% during the 1st quarter. Avantax Advisory Services Inc. now owns 67,927 shares of the bank's stock valued at $5,697,000 after buying an additional 4,496 shares in the last quarter. Gilbert & Cook Inc. raised its stake in Bank of New York Mellon by 2.3% during the 1st quarter. Gilbert & Cook Inc. now owns 8,785 shares of the bank's stock valued at $737,000 after purchasing an additional 198 shares during the period. Brookwood Investment Group LLC bought a new stake in Bank of New York Mellon in the 1st quarter valued at $306,000. Finally, One Wealth Advisors LLC grew its position in shares of Bank of New York Mellon by 49.7% during the first quarter. One Wealth Advisors LLC now owns 8,188 shares of the bank's stock valued at $687,000 after purchasing an additional 2,720 shares in the last quarter. Institutional investors own 85.31% of the company's stock.

Insider Buying and Selling

In other Bank of New York Mellon news, EVP J Kevin Mccarthy sold 20,000 shares of the company's stock in a transaction on 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 completion of the sale, the executive vice president directly owned 35,115 shares in the company, valued at approximately $3,457,071.75. This represents a 36.29% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.14% of the stock is owned by insiders.

Bank of New York Mellon Trading Down 1.7%

Shares of BK traded down $1.72 during trading hours on Friday, reaching $99.73. 1,548,614 shares of the company traded hands, compared to its average volume of 4,284,549. The stock's fifty day moving average price is $92.92 and its 200 day moving average price is $86.67. The company has a current ratio of 0.72, a quick ratio of 0.69 and a debt-to-equity ratio of 0.86. The firm has a market cap of $71.35 billion, a price-to-earnings ratio of 15.24, a PEG ratio of 1.00 and a beta of 1.07. The Bank of New York Mellon Corporation has a 12-month low of $60.93 and a 12-month high of $103.16.

Bank of New York Mellon (NYSE:BK - Get Free Report) last released its quarterly earnings data on Tuesday, July 15th. The bank reported $1.94 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.73 by $0.21. The company had revenue of $4.77 billion during 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 firm's quarterly revenue was up 9.4% on a year-over-year basis. During the same period in the previous year, the company earned $1.51 EPS. Sell-side 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 disclosed a quarterly dividend, which will be paid on Thursday, August 7th. Shareholders of record on Friday, July 25th will be issued a dividend of $0.53 per share. This represents a $2.12 annualized dividend and a yield of 2.1%. The ex-dividend date is 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 (DPR) is 32.37%.

Analysts Set New Price Targets

Several equities analysts have commented on BK shares. Wells Fargo & Company increased their price objective 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. Keefe, Bruyette & Woods upped their target price on shares of 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. 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 report on Wednesday, July 16th. Truist Financial boosted their price objective on Bank of New York Mellon from $97.00 to $100.00 and gave the stock a "hold" rating in a research note on Wednesday, July 16th. Finally, Evercore ISI raised their price objective on Bank of New York Mellon from $88.00 to $90.00 and gave the company an "in-line" rating in a research note on Wednesday, July 2nd. Seven investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the company's stock. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $94.38.

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.