Woodward Diversified Capital LLC Boosts Stock Holdings in The Bank of New York Mellon Corporation $BK

Key Points

• Woodward Diversified Capital LLC increased its stake in The Bank of New York Mellon Corporation by 56.1% in the second quarter, holding shares worth $691,000.
• The Bank of New York Mellon reported a quarterly EPS of $1.94, exceeding analysts' expectations of $1.73, with revenue up 9.4% from last year.
• Additionally, the company announced a quarterly dividend of $0.53, raising its annualized dividend yield to 2.0%, up from the previous $0.47.

Woodward Diversified Capital LLC lifted its stake in shares of The Bank of New York Mellon Corporation (NYSE:BK - Free Report) by 56.1% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 7,585 shares of the bank's stock after acquiring an additional 2,725 shares during the quarter. Woodward Diversified Capital LLC's holdings in Bank of New York Mellon were worth $691,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors also recently bought and sold shares of the company. Leonard Rickey Investment Advisors P.L.L.C. boosted its stake in shares of Bank of New York Mellon by 2.2% in the second quarter. Leonard Rickey Investment Advisors P.L.L.C. now owns 5,094 shares of the bank's stock valued at $464,000 after buying an additional 112 shares in the last quarter. Sax Wealth Advisors LLC boosted its position in shares of Bank of New York Mellon by 2.3% during the 1st quarter. Sax Wealth Advisors LLC now owns 5,278 shares of the bank's stock worth $443,000 after purchasing an additional 117 shares in the last quarter. Hemington Wealth Management boosted its position in shares of Bank of New York Mellon by 8.0% during the 1st quarter. Hemington Wealth Management now owns 1,628 shares of the bank's stock worth $136,000 after purchasing an additional 121 shares in the last quarter. Y.D. More Investments Ltd boosted its position in shares of Bank of New York Mellon by 13.8% during the 1st quarter. Y.D. More Investments Ltd now owns 1,030 shares of the bank's stock worth $86,000 after purchasing an additional 125 shares in the last quarter. Finally, Resources Management Corp CT ADV boosted its holdings in Bank of New York Mellon by 5.9% during the first quarter. Resources Management Corp CT ADV now owns 2,260 shares of the bank's stock worth $190,000 after buying an additional 125 shares in the last quarter. Hedge funds and other institutional investors own 85.31% of the company's stock.

Bank of New York Mellon Stock Performance

Bank of New York Mellon stock opened at $106.89 on Thursday. The stock's 50-day moving average is $104.36 and its 200-day moving average is $92.60. The company has a market cap of $75.39 billion, a price-to-earnings ratio of 16.32, a price-to-earnings-growth ratio of 1.03 and a beta of 1.13. 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 Bank of New York Mellon Corporation has a 12 month low of $70.41 and a 12 month high of $110.87.

Bank of New York Mellon (NYSE:BK - Get Free Report) last released its quarterly earnings data on Tuesday, July 15th. The bank reported $1.94 EPS for the quarter, topping analysts' consensus estimates of $1.73 by $0.21. Bank of New York Mellon had a return on equity of 13.46% and a net margin of 12.27%.The company had revenue of $4.77 billion for the quarter, compared to the consensus estimate of $4.80 billion. During the same period last year, the business posted $1.51 EPS. The company's quarterly revenue was up 9.4% compared to the same quarter last year. Equities analysts anticipate 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. Stockholders of record on Friday, July 25th were paid a $0.53 dividend. The ex-dividend date of this dividend was Friday, July 25th. This represents a $2.12 dividend on an annualized basis and a dividend yield of 2.0%. This is a boost from Bank of New York Mellon's previous quarterly dividend of $0.47. 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 the firm's 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 transaction, the executive vice president 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 sale was disclosed in a legal filing with the SEC, which is available at this link. Corporate insiders own 0.14% of the company's stock.

Analyst Upgrades and Downgrades

A number of analysts recently commented on BK shares. Citigroup boosted their price objective on shares of Bank of New York Mellon from $92.00 to $105.00 and gave the stock a "neutral" rating in a report on Friday, September 5th. Keefe, Bruyette & Woods boosted their price target on Bank of New York Mellon from $105.00 to $113.00 and gave the stock an "outperform" rating in a research note on Wednesday, July 16th. TD Cowen assumed coverage on Bank of New York Mellon in a research note on Thursday, September 25th. They set a "buy" rating on the stock. Morgan Stanley boosted their target price on Bank of New York Mellon from $101.00 to $116.00 and gave the stock an "overweight" rating in a research report on Monday. Finally, Evercore ISI boosted their target price on Bank of New York Mellon from $91.00 to $110.00 and gave the stock an "in-line" rating in a research report on Tuesday. Eight investment analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $100.92.

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.

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