Commonwealth Equity Services LLC Purchases 10,153 Shares of The Bank of New York Mellon Corporation (NYSE:BK)

Key Points

• Commonwealth Equity Services LLC increased its stake in The Bank of New York Mellon Corporation by 6.3%, now holding 172,529 shares valued at approximately $14.47 million.
• The Bank of New York Mellon recently declared a quarterly dividend of $0.53, up from the previous $0.47, representing an annual yield of 2.1%.
• Analysts have raised price targets for Bank of New York Mellon, with a consensus rating of "Moderate Buy" and an average price target of $94.38.

Commonwealth Equity Services LLC lifted its stake in shares of The Bank of New York Mellon Corporation (NYSE:BK - Free Report) by 6.3% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 172,529 shares of the bank's stock after buying an additional 10,153 shares during the period. Commonwealth Equity Services LLC's holdings in Bank of New York Mellon were worth $14,470,000 at the end of the most recent quarter.

Several other hedge funds also recently modified their holdings of BK. Alpine Bank Wealth Management bought a new stake in Bank of New York Mellon during the first quarter worth $25,000. Opal Wealth Advisors LLC bought a new stake in Bank of New York Mellon during the first quarter worth $25,000. Parvin Asset Management LLC bought a new stake in Bank of New York Mellon during the fourth quarter worth $25,000. Bellwether Advisors LLC bought a new stake in Bank of New York Mellon during the fourth quarter worth $28,000. Finally, Cornerstone Planning Group LLC lifted its holdings in Bank of New York Mellon by 100.0% during the first quarter. Cornerstone Planning Group LLC now owns 392 shares of the bank's stock worth $30,000 after acquiring an additional 196 shares during the period. Hedge funds and other institutional investors own 85.31% of the company's stock.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on BK. Keefe, Bruyette & Woods boosted 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 note on Wednesday, July 16th. Truist Financial boosted 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 note on Wednesday, July 16th. Morgan Stanley boosted their target price on Bank of New York Mellon from $95.00 to $101.00 and gave the company an "overweight" rating in a research note on Wednesday, July 16th. Evercore ISI boosted their target price on Bank of New York Mellon from $88.00 to $90.00 and gave the company an "in-line" rating in a research note on Wednesday, July 2nd. Finally, Wells Fargo & Company lifted their price target 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. Seven investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $94.38.

Bank of New York Mellon Price Performance

Bank of New York Mellon stock traded up $0.36 during midday trading on Tuesday, hitting $103.63. 2,869,737 shares of the company's stock were exchanged, compared to its average volume of 4,249,903. The Bank of New York Mellon Corporation has a 52-week low of $62.83 and a 52-week high of $104.47. The stock has a 50-day moving average price of $94.70 and a two-hundred day moving average price of $87.65. The company has a debt-to-equity ratio of 0.86, a quick ratio of 0.72 and a current ratio of 0.72. The company has a market cap of $73.08 billion, a P/E ratio of 15.82, a PEG ratio of 0.99 and a beta of 1.12.

Bank of New York Mellon (NYSE:BK - Get Free Report) last posted its quarterly earnings data on Tuesday, July 15th. The bank reported $1.94 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.73 by $0.21. Bank of New York Mellon had a return on equity of 13.46% and a net margin of 12.27%. The firm had revenue of $4.77 billion during the quarter, compared to analysts' expectations of $4.80 billion. During the same period in the prior year, the business earned $1.51 EPS. The company's revenue for the quarter was up 9.4% compared to the same quarter last year. 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 company also recently disclosed a quarterly dividend, which was paid on Thursday, August 7th. Stockholders of record on Friday, July 25th were issued a $0.53 dividend. This represents a $2.12 dividend on an annualized basis and a dividend yield of 2.0%. The ex-dividend date was 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 (DPR) is currently 32.37%.

Insider Activity

In other news, EVP J Kevin Mccarthy sold 20,000 shares of the business's stock in a transaction dated Tuesday, July 22nd. The stock was sold at an average price of $98.45, for a total value of $1,969,000.00. Following the completion of the sale, the executive vice president owned 35,115 shares of the company's stock, valued at approximately $3,457,071.75. The trade was a 36.29% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders own 0.14% of the company's stock.

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.