Mount Lucas Management LP lifted its position in The Bank of New York Mellon Corporation (NYSE:BK - Free Report) by 31.3% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 20,814 shares of the bank's stock after acquiring an additional 4,965 shares during the quarter. Mount Lucas Management LP's holdings in Bank of New York Mellon were worth $1,746,000 as of its most recent SEC filing.
Other hedge funds have also made changes to their positions in the company. Norges Bank acquired a new position in shares of Bank of New York Mellon in the 4th quarter worth $1,150,462,000. FMR LLC boosted its stake in shares of Bank of New York Mellon by 19.3% during the 4th quarter. FMR LLC now owns 23,071,584 shares of the bank's stock worth $1,772,590,000 after acquiring an additional 3,732,862 shares in the last quarter. Northern Trust Corp boosted its stake in shares of 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 acquiring an additional 1,526,686 shares in the last quarter. GAMMA Investing LLC boosted its stake 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 valued at $117,414,000 after purchasing an additional 1,385,434 shares during the period. Finally, Arrowstreet Capital Limited Partnership raised its stake in Bank of New York Mellon by 17.0% during the 4th quarter. Arrowstreet Capital Limited Partnership now owns 7,751,219 shares of the bank's stock valued at $595,526,000 after purchasing an additional 1,125,493 shares during the last quarter. Institutional investors own 85.31% of the company's stock.
Bank of New York Mellon Price Performance
BK stock opened at $99.04 on Wednesday. The Bank of New York Mellon Corporation has a 1 year low of $60.93 and a 1 year high of $99.92. The firm has a 50-day moving average of $90.84 and a 200 day moving average of $85.34. The company has a market cap of $70.85 billion, a P/E ratio of 15.12, a PEG ratio of 0.97 and a beta of 1.07. The company has a debt-to-equity ratio of 0.86, a current ratio of 0.72 and a quick ratio of 0.69.
Bank of New York Mellon (NYSE:BK - Get Free Report) last posted its quarterly earnings results on Tuesday, July 15th. The bank reported $1.94 EPS for the quarter, beating analysts' consensus estimates 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 firm had revenue of $4.77 billion for the quarter, compared to analysts' expectations of $4.80 billion. During the same quarter in the prior year, the company posted $1.51 earnings per share. The business's revenue for the quarter was up 9.4% on a year-over-year basis. On average, sell-side analysts forecast that The Bank of New York Mellon Corporation will post 6.96 EPS for the current year.
Bank of New York Mellon Increases Dividend
The business also recently declared a quarterly dividend, which will be paid on Thursday, August 7th. Shareholders of record on Friday, July 25th will be issued a $0.53 dividend. This is an increase 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 yield of 2.14%. The ex-dividend date is Friday, July 25th. Bank of New York Mellon's payout ratio is currently 28.70%.
Analysts Set New Price Targets
A number of equities research analysts recently weighed in on BK shares. Keefe, Bruyette & Woods raised their price target on Bank of New York Mellon from $105.00 to $113.00 and gave the company an "outperform" rating in a report on Wednesday, July 16th. Wells Fargo & Company upped their target price on 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. 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. Truist Financial increased their price target on Bank of New York Mellon from $97.00 to $100.00 and gave the company a "hold" rating in a research note on Wednesday, July 16th. Finally, Evercore ISI lifted their price objective 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. Seven research analysts have rated the stock with a hold rating and eight have given a buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $94.38.
Check Out Our Latest Stock Report on Bank of New York Mellon
Insider Buying and Selling at Bank of New York Mellon
In other Bank of New York Mellon news, EVP J Kevin Mccarthy sold 30,000 shares of the business's stock in a transaction dated Tuesday, April 29th. The shares were sold at an average price of $79.03, for a total value of $2,370,900.00. Following the completion of the sale, the executive vice president directly owned 55,115 shares of the company's stock, valued at $4,355,738.45. The trade was a 35.25% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.14% of the stock is currently owned by company insiders.
Bank of New York Mellon Company Profile
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Free Report)
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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