The Bank of New York Mellon Corporation (NYSE:BK) Shares Bought by Forsta AP Fonden

Key Points

• Forsta AP Fonden increased its stake in The Bank of New York Mellon Corporation (NYSE:BK) by 6.5%, owning a total of 246,500 shares valued at approximately $20.67 million.
• The company announced a quarterly dividend of $0.53, up from the previous $0.47, representing an annual yield of 2.1%.
• Investment analysts have raised their price targets for the stock, with estimates ranging from $100.00 to $113.00, indicating a generally positive outlook for the stock.

Forsta AP Fonden grew its holdings in shares of The Bank of New York Mellon Corporation (NYSE:BK - Free Report) by 6.5% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 246,500 shares of the bank's stock after buying an additional 15,000 shares during the quarter. Forsta AP Fonden's holdings in Bank of New York Mellon were worth $20,674,000 at the end of the most recent reporting period.

Other hedge funds have also recently made changes to their positions in the company. NBW Capital LLC purchased a new stake in Bank of New York Mellon in the 1st quarter worth about $210,000. National Bank of Canada FI raised its position in Bank of New York Mellon by 32.2% in the 1st quarter. National Bank of Canada FI now owns 597,931 shares of the bank's stock worth $50,150,000 after purchasing an additional 145,731 shares during the period. Citigroup Inc. raised its position in Bank of New York Mellon by 126.9% in the 1st quarter. Citigroup Inc. now owns 1,557,145 shares of the bank's stock worth $130,598,000 after purchasing an additional 870,844 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. raised its position in Bank of New York Mellon by 10.4% in the 1st quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 1,271,452 shares of the bank's stock worth $106,637,000 after purchasing an additional 119,407 shares during the period. Finally, Y.D. More Investments Ltd raised its position in Bank of New York Mellon by 13.8% in the 1st quarter. Y.D. More Investments Ltd now owns 1,030 shares of the bank's stock worth $86,000 after purchasing an additional 125 shares during the period. 85.31% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

BK has been the topic of a number of research reports. Evercore ISI raised their target price on shares of 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 shares of Bank of New York Mellon from $97.00 to $100.00 and gave the stock a "hold" rating in a research report 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 report on Wednesday, July 16th. Morgan Stanley increased their price objective on shares of 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. Finally, Wells Fargo & Company increased their price objective on shares of Bank of New York Mellon from $96.00 to $100.00 and gave the company an "equal weight" rating in a research note 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 MarketBeat.com, Bank of New York Mellon has an average rating of "Moderate Buy" and an average price target of $94.38.

Bank of New York Mellon Stock Down 2.2%

Shares of NYSE:BK traded down $2.32 during trading hours on Wednesday, reaching $101.29. The stock had a trading volume of 2,316,816 shares, compared to its average volume of 4,237,657. The Bank of New York Mellon Corporation has a 1 year low of $63.50 and a 1 year high of $104.47. The firm's 50 day moving average is $94.98 and its 200-day moving average is $87.76. 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 stock has a market capitalization of $71.44 billion, a price-to-earnings ratio of 15.45, a P/E/G ratio of 1.00 and a beta of 1.12.

Bank of New York Mellon (NYSE:BK - Get Free Report) last announced its quarterly earnings data 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 company had revenue of $4.77 billion for the quarter, compared to the consensus estimate of $4.80 billion. During the same period in the prior year, the firm posted $1.51 EPS. The company's quarterly revenue was up 9.4% compared to the same quarter last year. Research analysts predict 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 firm also recently announced a quarterly dividend, which was paid on Thursday, August 7th. Shareholders of record on Friday, July 25th were 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 was 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%.

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.

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.