WoodTrust Financial Corp Buys 2,733 Shares of The Bank of New York Mellon Corporation $BK

Key Points

• WoodTrust Financial Corp increased its stake in The Bank of New York Mellon Corporation (NYSE: BK) by 105.0%, acquiring an additional 2,733 shares, bringing its total holdings to 5,335 shares valued at approximately $486,000.
• Several institutional investors have also recently modified their positions in BK, with 85.31% of the company's stock now owned by hedge funds and institutional investors.
• Bank of New York Mellon recently announced a quarterly dividend increase from $0.47 to $0.53 per share, which corresponds to an annualized dividend yield of 2.0%.

WoodTrust Financial Corp boosted its stake in The Bank of New York Mellon Corporation (NYSE:BK - Free Report) by 105.0% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 5,335 shares of the bank's stock after purchasing an additional 2,733 shares during the period. WoodTrust Financial Corp's holdings in Bank of New York Mellon were worth $486,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also modified their holdings of BK. Opal Wealth Advisors LLC bought a new position in Bank of New York Mellon in the 1st quarter worth $25,000. Alpine Bank Wealth Management purchased a new stake in shares of Bank of New York Mellon during the 1st quarter valued at about $25,000. Cornerstone Planning Group LLC raised its position in shares of Bank of New York Mellon by 100.0% during the 1st quarter. Cornerstone Planning Group LLC now owns 392 shares of the bank's stock valued at $30,000 after buying an additional 196 shares in the last quarter. Orion Capital Management LLC bought a new position in Bank of New York Mellon during the 1st quarter valued at about $32,000. Finally, Hoey Investments Inc. bought a new position in Bank of New York Mellon during the 2nd quarter valued at about $32,000. Hedge funds and other institutional investors own 85.31% of the company's stock.

Analyst Ratings Changes

A number of brokerages have commented on BK. Truist Financial upped their target price on shares of Bank of New York Mellon from $109.00 to $118.00 and gave the stock a "hold" rating in a research note on Thursday, October 2nd. Evercore ISI raised their target price on shares of Bank of New York Mellon from $91.00 to $110.00 and gave the company an "in-line" rating in a research note on Tuesday, September 30th. The Goldman Sachs Group raised their price target on shares of Bank of New York Mellon from $106.00 to $120.00 and gave the stock a "buy" rating in a report on Monday. Wells Fargo & Company raised their price target on shares of Bank of New York Mellon from $96.00 to $100.00 and gave the stock an "equal weight" rating in a report on Wednesday, July 16th. Finally, Citigroup boosted their target price on shares of Bank of New York Mellon from $92.00 to $105.00 and gave the company a "neutral" rating in a research report on Friday, September 5th. Ten investment analysts have rated the stock with a Buy rating and six have given a Hold rating to the stock. Based on data from MarketBeat, Bank of New York Mellon presently has an average rating of "Moderate Buy" and a consensus price target of $106.77.

Insider Activity at Bank of New York Mellon

In related news, EVP J Kevin Mccarthy sold 20,000 shares of Bank of New York Mellon stock in a transaction 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 completion of the sale, the executive vice president owned 35,115 shares in the company, valued at approximately $3,457,071.75. The trade was a 36.29% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Insiders own 0.14% of the company's stock.

Bank of New York Mellon Stock Up 0.4%

BK stock opened at $106.89 on Wednesday. The Bank of New York Mellon Corporation has a one year low of $70.46 and a one year high of $110.87. The stock has a market capitalization of $75.38 billion, a PE ratio of 16.32, a price-to-earnings-growth ratio of 1.00 and a beta of 1.13. 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 company has a fifty day moving average of $104.82 and a 200-day moving average of $93.31.

Bank of New York Mellon (NYSE:BK - Get Free Report) last announced its quarterly earnings data on Tuesday, July 15th. The bank reported $1.94 EPS for the quarter, beating the consensus estimate of $1.73 by $0.21. The firm had revenue of $4.77 billion during 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%. The business's revenue for the quarter was up 9.4% compared to the same quarter last year. During the same quarter last year, the business earned $1.51 earnings per share. As a group, analysts expect that The Bank of New York Mellon Corporation will post 6.96 EPS 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. 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 an increase 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 2.0%. Bank of New York Mellon's dividend payout ratio is presently 32.37%.

Bank of New York Mellon 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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