The Bank of New York Mellon Corporation (NYSE:BK) Shares Bought by Scotia Capital Inc.

Key Points

• Scotia Capital Inc. increased its holdings in Bank of New York Mellon by 93.3%, now owning 28,081 shares worth approximately $2.36 million.
• Most institutional investors own 85.31% of Bank of New York Mellon's stock, indicating strong institutional interest.
• The bank recently raised its quarterly dividend from $0.47 to $0.53 per share, reflecting a yield of 2.1%.

Scotia Capital Inc. boosted its holdings in shares of The Bank of New York Mellon Corporation (NYSE:BK - Free Report) by 93.3% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 28,081 shares of the bank's stock after buying an additional 13,554 shares during the quarter. Scotia Capital Inc.'s holdings in Bank of New York Mellon were worth $2,355,000 as of its most recent SEC filing.

A number of other hedge funds also recently added to or reduced their stakes in the business. Ameriprise Financial Inc. grew its position in shares of Bank of New York Mellon by 0.3% in the 4th quarter. Ameriprise Financial Inc. now owns 11,821,988 shares of the bank's stock valued at $908,281,000 after buying an additional 35,413 shares during the last quarter. Northern Trust Corp grew its position in shares of Bank of New York Mellon by 19.1% in the 4th quarter. Northern Trust Corp now owns 9,533,615 shares of the bank's stock valued at $732,468,000 after buying an additional 1,526,686 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its position in shares of Bank of New York Mellon by 15.9% in 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 valued at $590,783,000 after buying an additional 1,055,389 shares during the last quarter. Invesco Ltd. grew its position in shares of Bank of New York Mellon by 2.4% in the 4th quarter. Invesco Ltd. now owns 7,596,210 shares of the bank's stock valued at $583,617,000 after buying an additional 175,704 shares during the last quarter. Finally, Royal Bank of Canada grew its position in shares of Bank of New York Mellon by 13.2% in the 4th quarter. Royal Bank of Canada now owns 4,315,954 shares of the bank's stock valued at $331,595,000 after buying an additional 502,502 shares during the last quarter. 85.31% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, EVP J Kevin Mccarthy sold 20,000 shares of Bank of New York Mellon stock in a transaction dated 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 completion of the sale, the executive vice president directly owned 35,115 shares in the company, valued at $3,457,071.75. The trade was a 36.29% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Company insiders own 0.14% of the company's stock.

Analyst Ratings Changes

A number of research firms recently commented on BK. Evercore ISI increased their target price on shares of Bank of New York Mellon from $88.00 to $90.00 and gave the company an "in-line" rating in a research report on Wednesday, July 2nd. Morgan Stanley increased their price target on shares of Bank of New York Mellon from $95.00 to $101.00 and gave the stock an "overweight" rating in a research note on Wednesday, July 16th. Wells Fargo & Company increased their price target on shares of Bank of New York Mellon from $96.00 to $100.00 and gave the stock an "equal weight" rating in a research note on Wednesday, July 16th. Keefe, Bruyette & Woods raised their target price on shares of Bank of New York Mellon from $105.00 to $113.00 and gave the stock an "outperform" rating in a research note on Wednesday, July 16th. Finally, Truist Financial raised 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 research note 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. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $94.38.

Bank of New York Mellon Stock Down 0.8%

Shares of NYSE BK opened at $100.64 on Wednesday. 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 50-day moving average price of $93.59 and a 200 day moving average price of $87.12. The Bank of New York Mellon Corporation has a 52 week low of $61.25 and a 52 week high of $103.16. The stock has a market capitalization of $70.98 billion, a price-to-earnings ratio of 15.37, a price-to-earnings-growth ratio of 0.99 and a beta of 1.12.

Bank of New York Mellon (NYSE:BK - Get Free Report) last posted its earnings results on Tuesday, July 15th. The bank reported $1.94 earnings per share 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 firm had revenue of $4.77 billion during the quarter, compared to the consensus estimate of $4.80 billion. During the same period last year, the firm posted $1.51 EPS. The firm's revenue for the quarter was up 9.4% on a year-over-year basis. Equities research analysts anticipate 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 firm also recently announced 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 is an increase from Bank of New York Mellon's previous quarterly dividend of $0.47. The ex-dividend date is Friday, July 25th. This represents a $2.12 annualized dividend and a yield of 2.1%. Bank of New York Mellon's payout ratio is 32.37%.

Bank of New York Mellon Company 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.

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.