Wellington Management Group LLP Acquires 890,593 Shares of The Bank of New York Mellon Corporation $BK

Key Points

• Wellington Management Group LLP increased its holdings in The Bank of New York Mellon Corporation by 257.6%, acquiring an additional 890,593 shares, bringing their total to 1,236,255 shares valued at approximately $103.7 million.
• The Bank of New York Mellon recently reported strong earnings, with $1.94 EPS for the quarter, surpassing the consensus estimate, along with a revenue increase of 9.4% year-over-year.
• The bank has raised its quarterly dividend to $0.53 per share, an increase from the previous dividend of $0.47, resulting in an annualized yield of 2.1%.

Wellington Management Group LLP increased its holdings in shares of The Bank of New York Mellon Corporation (NYSE:BK - Free Report) by 257.6% in the first quarter, according to its most recent filing with the SEC. The fund owned 1,236,255 shares of the bank's stock after acquiring an additional 890,593 shares during the period. Wellington Management Group LLP owned about 0.17% of Bank of New York Mellon worth $103,685,000 at the end of the most recent quarter.

Several other hedge funds also recently bought and sold shares of the business. Alpine Bank Wealth Management purchased a new stake in shares of Bank of New York Mellon during the first quarter valued at $25,000. Opal Wealth Advisors LLC bought a new stake in Bank of New York Mellon during the 1st quarter valued at about $25,000. Parvin Asset Management LLC purchased a new stake in Bank of New York Mellon in the 4th quarter valued at about $25,000. Bellwether Advisors LLC purchased a new position in shares of Bank of New York Mellon during the fourth quarter worth approximately $28,000. Finally, Cornerstone Planning Group LLC raised its stake in shares of Bank of New York Mellon by 100.0% during the first quarter. Cornerstone Planning Group LLC now owns 392 shares of the bank's stock valued at $30,000 after acquiring an additional 196 shares in the last quarter. Institutional investors own 85.31% of the company's stock.

Bank of New York Mellon Price Performance

BK opened at $101.7220 on Friday. The firm has a market capitalization of $71.74 billion, a PE ratio of 15.53, a price-to-earnings-growth ratio of 0.96 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 0.72. The business's 50-day moving average is $96.69 and its two-hundred day moving average is $88.50. The Bank of New York Mellon Corporation has a 1 year low of $65.24 and a 1 year high of $104.47.

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. Bank of New York Mellon had a net margin of 12.27% and a return on equity of 13.46%. The business had revenue of $4.77 billion during the quarter, compared to analyst estimates of $4.80 billion. During the same period in the prior year, the firm posted $1.51 earnings per share. The company's quarterly revenue was up 9.4% on a year-over-year basis. Research analysts anticipate that The Bank of New York Mellon Corporation will post 6.96 earnings per share 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. Stockholders of record on Friday, July 25th were given a dividend of $0.53 per share. The ex-dividend date of this dividend was Friday, July 25th. This is a boost from Bank of New York Mellon's previous quarterly dividend of $0.47. This represents a $2.12 dividend on an annualized basis and a dividend yield of 2.1%. Bank of New York Mellon's payout ratio is currently 32.37%.

Insider Activity at Bank of New York Mellon

In other news, EVP J Kevin Mccarthy sold 20,000 shares of the firm's 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 owned 35,115 shares of the company's stock, valued at $3,457,071.75. This trade represents a 36.29% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 0.14% of the company's stock.

Wall Street Analysts Forecast Growth

Several research analysts recently issued reports on the company. Evercore ISI increased their price objective on 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. Truist Financial increased their price target on 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. Keefe, Bruyette & Woods raised their price target on Bank of New York Mellon from $105.00 to $113.00 and gave the company an "outperform" rating in a research note on Wednesday, July 16th. Wells Fargo & Company lifted their price objective on Bank of New York Mellon from $96.00 to $100.00 and gave the company an "equal weight" rating in a report on Wednesday, July 16th. Finally, Morgan Stanley increased their target price on shares of Bank of New York Mellon from $95.00 to $101.00 and gave the stock an "overweight" rating in a report on Wednesday, July 16th. Eight research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target 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.

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