Vestmark Advisory Solutions Inc. Purchases New Shares in The Bank of New York Mellon Corporation $BK

Key Points

• Vestmark Advisory Solutions Inc. has invested $223,000 in The Bank of New York Mellon Corporation by acquiring 2,664 shares in the first quarter.
• The bank has raised its quarterly dividend from $0.47 to $0.53 per share, representing a 2.1% dividend yield.
• The Bank of New York Mellon reported $1.94 earnings per share, exceeding analyst expectations of $1.73, and showed a 9.4% increase in revenue year-over-year.

Vestmark Advisory Solutions Inc. bought a new position in shares of The Bank of New York Mellon Corporation (NYSE:BK - Free Report) in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 2,664 shares of the bank's stock, valued at approximately $223,000.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Capital Analysts LLC lifted its stake in Bank of New York Mellon by 3.7% in the 4th quarter. Capital Analysts LLC now owns 3,317 shares of the bank's stock worth $255,000 after purchasing an additional 119 shares in the last quarter. Hemington Wealth Management increased its holdings in Bank of New York Mellon by 8.0% in the 1st quarter. Hemington Wealth Management now owns 1,628 shares of the bank's stock valued at $136,000 after purchasing an additional 121 shares during the last quarter. Y.D. More Investments Ltd boosted 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 valued at $86,000 after buying an additional 125 shares during the period. Syon Capital LLC boosted its position in Bank of New York Mellon by 2.5% in the 4th quarter. Syon Capital LLC now owns 5,432 shares of the bank's stock valued at $417,000 after buying an additional 132 shares during the period. Finally, Ontario Teachers Pension Plan Board boosted its position in Bank of New York Mellon by 1.1% in the 1st quarter. Ontario Teachers Pension Plan Board now owns 12,504 shares of the bank's stock valued at $1,049,000 after buying an additional 138 shares during the period. Hedge funds and other institutional investors own 85.31% of the company's stock.

Insider Activity

In related news, EVP J Kevin Mccarthy sold 20,000 shares of the company's stock in a transaction that occurred 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 transaction, the executive vice president owned 35,115 shares of the company's stock, valued at approximately $3,457,071.75. This represents a 36.29% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. 0.14% of the stock is owned by company insiders.

Bank of New York Mellon Stock Performance

NYSE BK traded up $0.4720 during trading on Thursday, reaching $101.7220. The company's stock had a trading volume of 2,451,255 shares, compared to its average volume of 3,391,840. 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 firm has a market cap of $71.74 billion, a price-to-earnings ratio of 15.53, a P/E/G ratio of 0.96 and a beta of 1.12. The Bank of New York Mellon Corporation has a twelve month low of $65.24 and a twelve month high of $104.47. The business's fifty day moving average price is $96.45 and its 200-day moving average price is $88.39.

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 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 analyst estimates of $4.80 billion. During the same period in the previous year, the business posted $1.51 earnings per share. Bank of New York Mellon's quarterly revenue was up 9.4% on a year-over-year basis. As a group, analysts anticipate 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 represents a $2.12 annualized dividend and a dividend yield of 2.1%. This is a boost 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 payout ratio is currently 32.37%.

Analyst Upgrades and Downgrades

BK has been the subject of several recent analyst reports. Wells Fargo & Company lifted their price objective 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 lifted their price objective 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. Keefe, Bruyette & Woods lifted 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 report on Wednesday, July 16th. Truist Financial lifted their price objective on shares of Bank of New York Mellon from $100.00 to $109.00 and gave the stock a "hold" rating in a research report on Thursday, August 14th. Finally, Morgan Stanley lifted their price objective on shares of Bank of New York Mellon from $95.00 to $101.00 and gave the stock an "overweight" rating in a research report on Wednesday, July 16th. Eight investment analysts have rated the stock with a Buy rating and six have given a Hold rating to the company. According to MarketBeat, the stock currently has an average 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.