Truist Financial Corp Acquires 75,933 Shares of The Bank of New York Mellon Corporation $BK

Key Points

• Truist Financial Corp increased its holdings in The Bank of New York Mellon by 3.8%, acquiring an additional 75,933 shares, bringing its total ownership to 2,061,235 shares, valued at approximately $187.8 million.
• Analysts are optimistic about Bank of New York Mellon, with various firms raising their price targets, including Morgan Stanley, which raised its target from $101 to $116, reflecting an "overweight" rating.
• The company recently announced a dividend increase to $0.53 per share, representing a 1.9% dividend yield, up from the previous $0.47 per share, with a dividend payout ratio of 32.37%.

Truist Financial Corp increased its holdings in shares of The Bank of New York Mellon Corporation (NYSE:BK - Free Report) by 3.8% during the second quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 2,061,235 shares of the bank's stock after purchasing an additional 75,933 shares during the period. Truist Financial Corp owned 0.29% of Bank of New York Mellon worth $187,799,000 as of its most recent SEC filing.

Several other institutional investors also recently bought and sold shares of BK. Revolve Wealth Partners LLC purchased a new position in shares of Bank of New York Mellon in the 4th quarter valued at $220,000. NBC Securities Inc. boosted its position in Bank of New York Mellon by 109,118.2% during the first quarter. NBC Securities Inc. now owns 12,014 shares of the bank's stock valued at $1,007,000 after purchasing an additional 12,003 shares in the last quarter. Merit Financial Group LLC grew its stake in Bank of New York Mellon by 89.0% in the first quarter. Merit Financial Group LLC now owns 13,296 shares of the bank's stock valued at $1,115,000 after purchasing an additional 6,262 shares during the last quarter. Sentry Investment Management LLC purchased a new position in Bank of New York Mellon in the first quarter valued at about $204,000. Finally, Hennion & Walsh Asset Management Inc. raised its holdings in Bank of New York Mellon by 111.8% in the first quarter. Hennion & Walsh Asset Management Inc. now owns 25,585 shares of the bank's stock worth $2,146,000 after purchasing an additional 13,503 shares in the last quarter. 85.31% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on BK. Morgan Stanley raised their price target on shares of Bank of New York Mellon from $101.00 to $116.00 and gave the company an "overweight" rating in a report on Monday. Wells Fargo & Company raised their target price 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. Citigroup upped their price target on Bank of New York Mellon from $92.00 to $105.00 and gave the stock a "neutral" rating in a research report on Friday, September 5th. Truist Financial increased their price objective on Bank of New York Mellon from $100.00 to $109.00 and gave the company a "hold" rating in a report on Thursday, August 14th. Finally, Keefe, Bruyette & Woods boosted their target price on 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. Eight analysts have rated the stock with a Buy rating and six have given a Hold rating to the company. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $100.92.

Bank of New York Mellon Trading Down 0.6%

NYSE:BK opened at $109.04 on Wednesday. The company has a market capitalization of $76.90 billion, a P/E ratio of 16.65, a PEG ratio of 1.04 and a beta of 1.14. The company has a current ratio of 0.72, a quick ratio of 0.72 and a debt-to-equity ratio of 0.86. The Bank of New York Mellon Corporation has a 12 month low of $70.41 and a 12 month high of $110.87. The firm has a fifty day simple moving average of $104.22 and a 200-day simple moving average of $92.50.

Bank of New York Mellon (NYSE:BK - Get Free Report) last issued its earnings results 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 company had revenue of $4.77 billion during the quarter, compared to analyst estimates of $4.80 billion. During the same quarter last year, the business posted $1.51 EPS. The firm's quarterly revenue was up 9.4% on a year-over-year basis. On average, equities research analysts anticipate 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 announced a quarterly dividend, which was paid on Thursday, August 7th. Investors of record on Friday, July 25th were issued a dividend of $0.53 per share. This represents a $2.12 dividend on an annualized basis and a dividend yield of 1.9%. This is a positive change from Bank of New York Mellon's previous quarterly dividend of $0.47. The ex-dividend date of this dividend was Friday, July 25th. Bank of New York Mellon's dividend payout ratio is presently 32.37%.

Insider Buying and Selling

In related news, EVP J Kevin Mccarthy sold 20,000 shares of the stock in a transaction that occurred on Tuesday, July 22nd. The shares were sold at an average price of $98.45, for a total value of $1,969,000.00. Following the transaction, the executive vice president owned 35,115 shares in the company, valued at approximately $3,457,071.75. This represents a 36.29% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 0.14% of the stock is currently owned by corporate insiders.

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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