The Bank of New York Mellon Corporation (NYSE:BK) Shares Bought by Goldman Sachs Group Inc.

Key Points

• Goldman Sachs Group Inc. increased its stake in The Bank of New York Mellon Corporation by 26.3%, acquiring an additional 1,052,145 shares, which brought their total holding to approximately 5,053,744 shares valued at $423.86 million.
• Multiple analysts raised their price targets for Bank of New York Mellon, with estimates ranging from $90.00 to $113.00, reflecting a generally positive outlook, as the stock holds a consensus rating of "Moderate Buy."
• The Bank of New York Mellon recently increased its quarterly dividend to $0.53 per share, representing an annualized dividend yield of 2.1%, up from the previous dividend of $0.47.

Goldman Sachs Group Inc. grew its stake in shares of The Bank of New York Mellon Corporation (NYSE:BK - Free Report) by 26.3% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 5,053,744 shares of the bank's stock after acquiring an additional 1,052,145 shares during the period. Goldman Sachs Group Inc. owned 0.71% of Bank of New York Mellon worth $423,858,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Alpine Bank Wealth Management acquired a new stake in shares of Bank of New York Mellon in the 1st quarter worth about $25,000. Opal Wealth Advisors LLC bought a new position in Bank of New York Mellon in the 1st quarter valued at $25,000. Parvin Asset Management LLC purchased a new stake in shares of Bank of New York Mellon during the 4th quarter valued at $25,000. Bellwether Advisors LLC purchased a new stake in shares of Bank of New York Mellon during the 4th quarter valued at $28,000. Finally, Cornerstone Planning Group LLC raised its position in Bank of New York Mellon by 100.0% in the 1st quarter. Cornerstone Planning Group LLC now owns 392 shares of the bank's stock worth $30,000 after purchasing an additional 196 shares during the period. 85.31% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

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 transaction of $1,969,000.00. Following the completion of the sale, the executive vice president owned 35,115 shares in the company, valued at approximately $3,457,071.75. The trade was a 36.29% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 0.14% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

BK has been the topic of several research reports. 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 research note on Wednesday, July 16th. Truist Financial upped their price target 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. Wells Fargo & Company upped their target price 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 report on Wednesday, July 16th. Evercore ISI upped 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. Finally, Morgan Stanley upped their price target 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. Seven investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. Based on data from MarketBeat, Bank of New York Mellon presently has an average rating of "Moderate Buy" and a consensus price target of $94.38.

Bank of New York Mellon Stock Up 1.0%

Shares of BK stock traded up $1.01 during trading hours on Friday, reaching $103.22. 3,083,288 shares of the stock were exchanged, compared to its average volume of 4,312,141. The business's fifty day moving average is $94.41 and its two-hundred day moving average is $87.51. The company has a debt-to-equity ratio of 0.86, a current ratio of 0.72 and a quick ratio of 0.69. The Bank of New York Mellon Corporation has a 12-month low of $62.83 and a 12-month high of $103.98. The firm has a market capitalization of $72.79 billion, a P/E ratio of 15.76, a P/E/G 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 EPS for the quarter, beating the consensus estimate 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 the consensus estimate of $4.80 billion. During the same period in the prior year, the business earned $1.51 EPS. The firm's revenue was up 9.4% compared to the same quarter last year. As a group, research analysts expect 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 declared a quarterly dividend, which was paid on Thursday, August 7th. Shareholders of record on Friday, July 25th were issued a $0.53 dividend. This is a positive change 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 dividend payout ratio (DPR) is presently 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.