Commerzbank Aktiengesellschaft FI Boosts Stake in The Bank of New York Mellon Corporation (NYSE:BK)

Commerzbank Aktiengesellschaft FI raised its stake in shares of The Bank of New York Mellon Corporation (NYSE:BK - Free Report) by 57.0% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 16,018 shares of the bank's stock after buying an additional 5,818 shares during the period. Commerzbank Aktiengesellschaft FI's holdings in Bank of New York Mellon were worth $1,344,000 as of its most recent SEC filing.

A number of other hedge funds have also added to or reduced their stakes in the stock. Revolve Wealth Partners LLC bought a new stake in shares of Bank of New York Mellon during the 4th quarter valued at $220,000. Parallel Advisors LLC grew its position in shares of Bank of New York Mellon by 3.0% during the 4th quarter. Parallel Advisors LLC now owns 12,450 shares of the bank's stock valued at $957,000 after acquiring an additional 363 shares during the period. Tocqueville Asset Management L.P. grew its position in shares of Bank of New York Mellon by 36.3% during the 4th quarter. Tocqueville Asset Management L.P. now owns 19,498 shares of the bank's stock valued at $1,498,000 after acquiring an additional 5,190 shares during the period. Axxcess Wealth Management LLC grew its position in shares of Bank of New York Mellon by 69.9% during the 4th quarter. Axxcess Wealth Management LLC now owns 18,436 shares of the bank's stock valued at $1,416,000 after acquiring an additional 7,584 shares during the period. Finally, Advisors Asset Management Inc. grew its position in shares of Bank of New York Mellon by 26.7% during the 4th quarter. Advisors Asset Management Inc. now owns 78,540 shares of the bank's stock valued at $6,034,000 after acquiring an additional 16,552 shares during the period. 85.31% of the stock is currently owned by hedge funds and other institutional investors.

Bank of New York Mellon Price Performance

Shares of BK traded up $0.89 during midday trading on Friday, hitting $98.81. 5,658,224 shares of the company traded hands, compared to its average volume of 4,131,177. The firm has a 50 day moving average of $90.58 and a 200-day moving average of $85.07. The Bank of New York Mellon Corporation has a 52 week low of $60.93 and a 52 week high of $99.03. The stock has a market cap of $70.69 billion, a price-to-earnings ratio of 15.09, a PEG ratio of 0.96 and a beta of 1.07. The company has a debt-to-equity ratio of 0.86, a quick ratio of 0.69 and a current ratio of 0.72.

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 EPS 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 during the quarter, compared to the consensus estimate of $4.80 billion. During the same quarter in the prior year, the firm earned $1.51 EPS. The business's revenue was up 9.4% on a year-over-year basis. On average, analysts forecast 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 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 dividend yield of 2.15%. 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 is 30.62%.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on the stock. Keefe, Bruyette & Woods boosted their price objective 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. Truist Financial upped their target price on shares of Bank of New York Mellon from $97.00 to $100.00 and gave the stock a "hold" rating in a report on Wednesday. Wells Fargo & Company upped their target price on shares of Bank of New York Mellon from $96.00 to $100.00 and gave the stock an "equal weight" rating in a report on Wednesday. Morgan Stanley upped their target price on shares of Bank of New York Mellon from $95.00 to $101.00 and gave the stock an "overweight" rating in a report on Wednesday. Finally, Evercore ISI upped their target price on shares of 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. Seven research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $94.38.

Insider Activity at Bank of New York Mellon

In other news, EVP J Kevin Mccarthy sold 30,000 shares of the company's stock in a transaction dated Tuesday, April 29th. The shares were sold at an average price of $79.03, for a total transaction of $2,370,900.00. Following the sale, the executive vice president directly owned 55,115 shares in the company, valued at approximately $4,355,738.45. This represents a 35.25% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.14% of the stock is owned by company insiders.

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.