The Bank of New York Mellon Corporation (NYSE:BK) Shares Bought by Kovitz Investment Group Partners LLC

Key Points

• Kovitz Investment Group Partners LLC increased its stake in The Bank of New York Mellon by 17.7%, acquiring a total of 447,332 shares worth approximately $37.5 million.
• The Bank of New York Mellon recently reported a quarterly EPS of $1.94, exceeding analyst expectations, and showed a 9.4% increase in revenue year-over-year.
• The company has announced an increase in its quarterly dividend to $0.53 per share, up from the previous dividend of $0.47, reflecting a 2.1% dividend yield.

Kovitz Investment Group Partners LLC raised its holdings in The Bank of New York Mellon Corporation (NYSE:BK - Free Report) by 17.7% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 447,332 shares of the bank's stock after purchasing an additional 67,248 shares during the quarter. Kovitz Investment Group Partners LLC owned about 0.06% of Bank of New York Mellon worth $37,518,000 as of its most recent filing with the SEC.

A number of other institutional investors also recently bought and sold shares of the business. Parvin Asset Management LLC purchased a new stake in shares of Bank of New York Mellon in the fourth quarter valued at about $25,000. Opal Wealth Advisors LLC purchased a new stake in shares of Bank of New York Mellon in the first quarter valued at about $25,000. Alpine Bank Wealth Management purchased a new stake in shares of Bank of New York Mellon in the first quarter valued at about $25,000. Bellwether Advisors LLC purchased a new stake in shares of Bank of New York Mellon in the fourth quarter valued at about $28,000. Finally, REAP Financial Group LLC boosted its holdings in shares of Bank of New York Mellon by 123.2% in the fourth quarter. REAP Financial Group LLC now owns 395 shares of the bank's stock valued at $30,000 after acquiring an additional 218 shares in the last quarter. 85.31% of the stock is currently owned by institutional investors and hedge funds.

Bank of New York Mellon Stock Down 1.6%

BK stock opened at $101.91 on Thursday. The company's 50 day simple moving average is $95.25 and its 200-day simple moving average is $87.86. The firm has a market capitalization of $71.87 billion, a PE ratio of 15.56, a P/E/G ratio of 1.00 and a beta of 1.12. The Bank of New York Mellon Corporation has a 12 month low of $63.50 and a 12 month high of $104.47. The company has a debt-to-equity ratio of 0.86, a current ratio of 0.72 and a quick ratio of 0.72.

Bank of New York Mellon (NYSE:BK - Get Free Report) last released its quarterly earnings results on Tuesday, July 15th. The bank reported $1.94 EPS for the quarter, beating the consensus estimate of $1.73 by $0.21. The business had revenue of $4.77 billion for the quarter, compared to analyst estimates 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 company's quarterly revenue was up 9.4% on a year-over-year basis. During the same period in the prior year, the business earned $1.51 earnings per share. Equities analysts expect that The Bank of New York Mellon Corporation will post 6.96 earnings per share for the current fiscal year.

Bank of New York Mellon Increases Dividend

The company also recently disclosed 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. The ex-dividend date of this dividend 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 annualized dividend and a dividend yield of 2.1%. Bank of New York Mellon's payout ratio is currently 32.37%.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on BK shares. Morgan Stanley lifted their target price on shares of Bank of New York Mellon from $95.00 to $101.00 and gave the company an "overweight" rating in a report on Wednesday, July 16th. Truist Financial boosted their price objective 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, July 16th. Keefe, Bruyette & Woods boosted their price objective on shares of Bank of New York Mellon from $105.00 to $113.00 and gave the stock an "outperform" rating in a report on Wednesday, July 16th. Evercore ISI boosted their price objective 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. Finally, Wells Fargo & Company boosted their price objective 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, July 16th. Seven equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company's stock. Based on data from MarketBeat, Bank of New York Mellon presently has an average rating of "Moderate Buy" and a consensus target price of $94.38.

Insider Activity

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 shares were sold at an average price of $98.45, for a total transaction of $1,969,000.00. Following the transaction, the executive vice president owned 35,115 shares of the company's stock, valued at approximately $3,457,071.75. This represents a 36.29% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Insiders own 0.14% of the company's stock.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.