Twin Tree Management LP Has $13.67 Million Stock Holdings in The Bank of New York Mellon Corporation $BK

Key Points

• Twin Tree Management LP increased its stake in The Bank of New York Mellon Corporation by 109.0%, owning 162,941 shares valued at approximately $13.67 million.
• The Bank of New York Mellon recently declared a quarterly dividend of $0.53, reflecting an increase from the previous dividend of $0.47, with a current yield of 2.0%.
• In its latest report, the bank exceeded earnings expectations with $1.94 EPS for the quarter, beating the consensus estimate of $1.73.

Twin Tree Management LP grew its stake in shares of The Bank of New York Mellon Corporation (NYSE:BK - Free Report) by 109.0% during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 162,941 shares of the bank's stock after acquiring an additional 84,987 shares during the period. Twin Tree Management LP's holdings in Bank of New York Mellon were worth $13,666,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also modified their holdings of BK. Pinnacle Wealth Planning Services Inc. lifted its stake in shares of Bank of New York Mellon by 2.4% in the 1st quarter. Pinnacle Wealth Planning Services Inc. now owns 5,906 shares of the bank's stock valued at $495,000 after purchasing an additional 136 shares during the last quarter. Evergreen Capital Management LLC lifted its stake in shares of Bank of New York Mellon by 3.6% in the 1st quarter. Evergreen Capital Management LLC now owns 22,884 shares of the bank's stock valued at $1,919,000 after purchasing an additional 802 shares during the last quarter. Canada Pension Plan Investment Board lifted its stake in shares of Bank of New York Mellon by 17.8% in the 1st quarter. Canada Pension Plan Investment Board now owns 1,037,622 shares of the bank's stock valued at $87,025,000 after purchasing an additional 156,535 shares during the last quarter. WPG Advisers LLC acquired a new stake in shares of Bank of New York Mellon in the 1st quarter valued at $41,000. Finally, OMERS ADMINISTRATION Corp lifted its stake in shares of Bank of New York Mellon by 3.2% in the 1st quarter. OMERS ADMINISTRATION Corp now owns 51,650 shares of the bank's stock valued at $4,332,000 after purchasing an additional 1,587 shares during the last quarter. 85.31% of the stock is currently owned by hedge funds and other institutional investors.

Bank of New York Mellon Price Performance

Shares of NYSE BK traded down $0.16 during mid-day trading on Wednesday, hitting $104.54. 2,258,193 shares of the stock were exchanged, compared to its average volume of 3,020,512. The company has a market cap of $73.73 billion, a P/E ratio of 15.62, a PEG ratio of 1.00 and a beta of 1.14. The stock's fifty day simple moving average is $98.96 and its two-hundred day simple moving average is $89.56. 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 Bank of New York Mellon Corporation has a twelve month low of $66.01 and a twelve month high of $106.57.

Bank of New York Mellon (NYSE:BK - Get Free Report) last released its quarterly earnings results on Tuesday, July 15th. The bank reported $1.94 EPS for the quarter, beating the consensus estimate of $1.73 by $0.21. The business had revenue of $4.77 billion for the quarter, compared to analysts' expectations of $4.80 billion. Bank of New York Mellon had a net margin of 12.27% and a return on equity of 13.46%. Bank of New York Mellon's revenue was up 9.4% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.51 earnings per share. As a group, analysts forecast 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 company also recently announced a quarterly dividend, which was paid on Thursday, August 7th. Stockholders of record on Friday, July 25th were paid a $0.53 dividend. This is an increase from Bank of New York Mellon's previous quarterly dividend of $0.47. The ex-dividend date of this dividend was Friday, July 25th. This represents a $2.12 annualized dividend and a dividend yield of 2.0%. Bank of New York Mellon's payout ratio is 32.37%.

Insider Activity at Bank of New York Mellon

In other news, EVP J Kevin Mccarthy sold 20,000 shares of Bank of New York Mellon stock in a transaction on 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 directly owned 35,115 shares of the company's stock, valued at approximately $3,457,071.75. This trade represents a 36.29% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 0.14% of the company's stock.

Analyst Ratings Changes

A number of equities research analysts have issued reports on the stock. Evercore ISI upped their price target on shares of Bank of New York Mellon from $88.00 to $90.00 and gave the company an "in-line" rating in a report on Wednesday, July 2nd. 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 report on Wednesday, July 16th. Keefe, Bruyette & Woods upped their price target on shares of Bank of New York Mellon from $105.00 to $113.00 and gave the company an "outperform" rating in a report on Wednesday, July 16th. Wells Fargo & Company upped 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 report on Wednesday, July 16th. Finally, Truist Financial upped their price objective on shares of Bank of New York Mellon from $100.00 to $109.00 and gave the company a "hold" rating in a research report on Thursday, August 14th. Eight research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $95.08.

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.