The Bank of New York Mellon Corporation (NYSE:BK) Shares Bought by Invesco Ltd.

Key Points

• Invesco Ltd. increased its stake in The Bank of New York Mellon by 8.8%, now owning over 8 million shares valued at approximately $693 million.
• The Bank of New York Mellon recently reported earnings of $1.94 per share, surpassing analyst estimates, with revenues for the quarter reaching $4.77 billion.
• The company announced a quarterly dividend of $0.53, representing an annualized yield of 2.1%, which is an increase from the previous dividend of $0.47.

Invesco Ltd. boosted its holdings in The Bank of New York Mellon Corporation (NYSE:BK - Free Report) by 8.8% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 8,264,176 shares of the bank's stock after purchasing an additional 667,966 shares during the quarter. Invesco Ltd. owned approximately 1.16% of Bank of New York Mellon worth $693,116,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also recently added to or reduced their stakes in BK. Northern Trust Corp lifted its holdings in Bank of New York Mellon by 19.1% during the 4th quarter. Northern Trust Corp now owns 9,533,615 shares of the bank's stock worth $732,468,000 after buying an additional 1,526,686 shares during the last quarter. GAMMA Investing LLC lifted its holdings in Bank of New York Mellon by 9,538.9% during the 1st quarter. GAMMA Investing LLC now owns 1,399,958 shares of the bank's stock worth $117,414,000 after buying an additional 1,385,434 shares during the last quarter. AustralianSuper Pty Ltd bought a new position in Bank of New York Mellon during the 1st quarter worth approximately $92,502,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its holdings in Bank of New York Mellon by 15.9% during 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 worth $590,783,000 after buying an additional 1,055,389 shares during the last quarter. Finally, Goldman Sachs Group Inc. raised its position in shares of Bank of New York Mellon by 26.3% during the 1st quarter. Goldman Sachs Group Inc. now owns 5,053,744 shares of the bank's stock worth $423,858,000 after purchasing an additional 1,052,145 shares during the period. 85.31% of the stock is currently owned by institutional investors and hedge funds.

Bank of New York Mellon Price Performance

Shares of BK stock opened at $103.22 on Friday. The Bank of New York Mellon Corporation has a 12-month low of $62.83 and a 12-month high of $103.98. The firm has a market capitalization of $72.79 billion, a price-to-earnings ratio of 15.76, a price-to-earnings-growth ratio of 0.99 and a beta of 1.12. The company has a quick ratio of 0.69, a current ratio of 0.72 and a debt-to-equity ratio of 0.86. The firm has a fifty day moving average of $94.41 and a 200-day moving average of $87.51.

Bank of New York Mellon (NYSE:BK - Get Free Report) last announced its quarterly earnings results 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. Bank of New York Mellon had a net margin of 12.27% and a return on equity of 13.46%. The company had revenue of $4.77 billion during the quarter, compared to analyst estimates of $4.80 billion. During the same quarter in the previous year, the business earned $1.51 EPS. The firm's revenue was up 9.4% on a year-over-year basis. On average, equities research 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 business also recently announced a quarterly dividend, which was paid on Thursday, August 7th. Investors of record on Friday, July 25th were paid a $0.53 dividend. This represents a $2.12 dividend on an annualized basis and a yield of 2.1%. The ex-dividend date of this dividend was Friday, July 25th. This is a boost from Bank of New York Mellon's previous quarterly dividend of $0.47. Bank of New York Mellon's dividend payout ratio (DPR) is currently 32.37%.

Analysts Set New Price Targets

A number of analysts have recently weighed in on the company. Wells Fargo & Company increased 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 report on Wednesday, July 16th. Morgan Stanley increased 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. Evercore ISI increased 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 report on Wednesday, July 2nd. Truist Financial raised their target price on Bank of New York Mellon from $97.00 to $100.00 and gave the company a "hold" rating in a research report on Wednesday, July 16th. Finally, Keefe, Bruyette & Woods raised their target price 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. Seven investment analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. According to data from MarketBeat.com, Bank of New York Mellon presently has a consensus rating of "Moderate Buy" and a consensus target price of $94.38.

Insiders Place Their Bets

In related news, EVP J Kevin Mccarthy sold 20,000 shares of the company's 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 completion of 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders own 0.14% of the company's stock.

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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