The Bank of New York Mellon Corporation $BK Shares Purchased by Woodline Partners LP

Key Points

• Woodline Partners LP increased its stake in The Bank of New York Mellon Corporation by 38.9% in Q1, owning 60,633 shares valued at $5,085,000.
• Multiple institutional investors, including Goldman Sachs and Ameriprise Financial, also boosted their positions in the bank, with overall institutional ownership at 85.31%.
• The bank recently increased its quarterly dividend from $0.47 to $0.53, yielding 2.0%, and reported an EPS of $1.94 for the last quarter, surpassing estimates.

Woodline Partners LP grew its position in shares of The Bank of New York Mellon Corporation (NYSE:BK - Free Report) by 38.9% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 60,633 shares of the bank's stock after acquiring an additional 16,969 shares during the quarter. Woodline Partners LP's holdings in Bank of New York Mellon were worth $5,085,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Canada Post Corp Registered Pension Plan acquired a new stake in Bank of New York Mellon during the first quarter worth about $1,035,000. TrueMark Investments LLC acquired a new stake in Bank of New York Mellon during the first quarter worth about $4,282,000. Wealth Enhancement Advisory Services LLC increased its stake in Bank of New York Mellon by 29.1% during the first quarter. Wealth Enhancement Advisory Services LLC now owns 223,438 shares of the bank's stock worth $18,740,000 after acquiring an additional 50,368 shares during the last quarter. Formidable Asset Management LLC acquired a new stake in Bank of New York Mellon during the first quarter worth about $247,000. Finally, Sumitomo Mitsui DS Asset Management Company Ltd increased its stake in Bank of New York Mellon by 121.8% during the first quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 183,602 shares of the bank's stock worth $15,399,000 after acquiring an additional 100,810 shares during the last quarter. 85.31% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, EVP J Kevin Mccarthy sold 20,000 shares of the firm's stock in a transaction that occurred 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 sale, the executive vice president directly owned 35,115 shares in the company, valued at $3,457,071.75. This trade represents a 36.29% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.14% of the stock is currently owned by corporate insiders.

Bank of New York Mellon Stock Performance

Shares of NYSE BK traded up $1.50 during mid-day trading on Thursday, hitting $108.51. The company had a trading volume of 998,861 shares, compared to its average volume of 4,054,329. The stock has a market cap of $76.53 billion, a price-to-earnings ratio of 16.57, a PEG ratio of 1.00 and a beta of 1.14. The Bank of New York Mellon Corporation has a 12 month low of $70.41 and a 12 month high of $108.43. 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 firm's 50 day simple moving average is $101.95 and its two-hundred day simple moving average is $90.88.

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

Analyst Upgrades and Downgrades

A number of research firms have recently issued reports on BK. Evercore ISI increased their target price on Bank of New York Mellon from $88.00 to $90.00 and gave the company an "in-line" rating in a research note on Wednesday, July 2nd. Truist Financial increased their target price on Bank of New York Mellon from $100.00 to $109.00 and gave the company a "hold" rating in a research note on Thursday, August 14th. Keefe, Bruyette & Woods increased their target price 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. Citigroup increased their target price on Bank of New York Mellon from $92.00 to $105.00 and gave the company a "neutral" rating in a research note on Friday, September 5th. Finally, Wells Fargo & Company increased their target price on 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. Eight research analysts have rated the stock with a Buy rating and six have given a Hold rating to the company's stock. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $96.62.

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.