Thoroughbred Financial Services LLC Has $2.40 Million Stock Holdings in The Bank of New York Mellon Corporation (NYSE:BK)

Key Points

• Thoroughbred Financial Services LLC increased its stake in The Bank of New York Mellon Corporation by 189.3%, holding 28,672 shares valued at approximately $2.40 million.
• Bank of New York Mellon reported a quarterly EPS of $1.94, exceeding the consensus estimate of $1.73, with revenue of $4.77 billion, a 9.4% increase year-over-year.
• The company announced a quarterly dividend of $0.53 per share, an increase from the previous dividend, representing an annual yield of 2.1%.

Thoroughbred Financial Services LLC increased its stake in shares of The Bank of New York Mellon Corporation (NYSE:BK - Free Report) by 189.3% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 28,672 shares of the bank's stock after purchasing an additional 18,760 shares during the quarter. Thoroughbred Financial Services LLC's holdings in Bank of New York Mellon were worth $2,404,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. Ameriprise Financial Inc. increased its position in shares of Bank of New York Mellon by 0.3% during the fourth quarter. Ameriprise Financial Inc. now owns 11,821,988 shares of the bank's stock worth $908,281,000 after buying an additional 35,413 shares during the period. Northern Trust Corp boosted its stake in Bank of New York Mellon by 19.1% during the fourth 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. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its stake in shares of Bank of New York Mellon by 15.9% in the fourth 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 in the last quarter. Invesco Ltd. lifted its stake in shares of Bank of New York Mellon by 2.4% in the fourth 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 in the last quarter. Finally, Royal Bank of Canada lifted its stake in shares of Bank of New York Mellon by 13.2% in the fourth 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 in the last quarter. 85.31% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

BK has been the subject of several analyst reports. 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. Keefe, Bruyette & Woods raised 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 report on Wednesday, July 16th. Truist Financial raised their price objective on shares of Bank of New York Mellon from $97.00 to $100.00 and gave the stock a "hold" rating in a report on Wednesday, July 16th. Evercore ISI lifted 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 note on Wednesday, July 2nd. Finally, Morgan Stanley boosted 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. Seven research analysts have rated the stock with a hold rating and eight have given a buy rating to the company's stock. According to MarketBeat, the company has an average rating of "Moderate Buy" and an average price target of $94.38.

Bank of New York Mellon Stock Down 0.8%

NYSE:BK opened at $100.64 on Wednesday. The firm's 50-day moving average price is $93.59 and its 200-day moving average price is $87.12. The company has a market capitalization of $70.98 billion, a PE ratio of 15.37, a P/E/G ratio of 0.99 and a beta of 1.12. 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 1-year low of $61.25 and a 1-year high of $103.16.

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 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 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. Bank of New York Mellon's revenue for the quarter was up 9.4% on a year-over-year basis. On average, equities analysts predict 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 business also recently announced a quarterly dividend, which will be paid on Thursday, August 7th. Shareholders of record on Friday, July 25th will be paid a dividend of $0.53 per share. The ex-dividend date is Friday, July 25th. This represents a $2.12 dividend on an annualized basis and a yield of 2.1%. This is a boost from Bank of New York Mellon's previous quarterly dividend of $0.47. Bank of New York Mellon's dividend payout ratio (DPR) is presently 32.37%.

Insiders Place Their Bets

In other Bank of New York Mellon news, EVP J Kevin Mccarthy sold 20,000 shares of the business's stock in a transaction on 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 approximately $3,457,071.75. The trade was a 36.29% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate 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.

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