3,948 Shares in The Bank of New York Mellon Corporation (NYSE:BK) Bought by Chicago Partners Investment Group LLC

Chicago Partners Investment Group LLC purchased a new position in The Bank of New York Mellon Corporation (NYSE:BK) during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 3,948 shares of the bank’s stock, valued at approximately $331,000.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. ASR Vermogensbeheer N.V. purchased a new stake in Bank of New York Mellon in the first quarter worth $12,181,000. Citizens Financial Group Inc. RI grew its stake in Bank of New York Mellon by 31.3% in the first quarter. Citizens Financial Group Inc. RI now owns 163,677 shares of the bank’s stock worth $13,728,000 after purchasing an additional 38,990 shares during the period. Strategy Asset Managers LLC purchased a new stake in Bank of New York Mellon in the first quarter worth $770,000. Hemington Wealth Management grew its stake in Bank of New York Mellon by 8.0% in the first quarter. Hemington Wealth Management now owns 1,628 shares of the bank’s stock worth $136,000 after purchasing an additional 121 shares during the period. Finally, Goldman Sachs Group Inc. grew its stake in Bank of New York Mellon by 26.3% in the first quarter. Goldman Sachs Group Inc. now owns 5,053,744 shares of the bank’s stock worth $423,858,000 after purchasing an additional 1,052,145 shares during the period. 85.31% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

BK has been the topic of a number of recent research reports. Morgan Stanley increased their target price on Bank of New York Mellon from $95.00 to $101.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 16th. 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 report on Wednesday, July 16th. Evercore ISI raised their price target on Bank of New York Mellon from $88.00 to $90.00 and gave the company an “in-line” rating in a report on Wednesday, July 2nd. Truist Financial raised their price target on Bank of New York Mellon from $97.00 to $100.00 and gave the company a “hold” rating in a report on Wednesday, July 16th. Finally, Wells Fargo & Company raised their price target 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. Seven analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. According to MarketBeat, Bank of New York Mellon presently has an average rating of “Moderate Buy” and a consensus target price of $94.38.

Bank of New York Mellon Stock Performance

NYSE:BK opened at $103.32 on Tuesday. 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 1 year low of $62.83 and a 1 year high of $103.97. The stock’s 50 day simple moving average is $94.70 and its two-hundred day simple moving average is $87.65. The company has a market cap of $72.86 billion, a price-to-earnings ratio of 15.77, a PEG ratio of 0.99 and a beta of 1.12.

Bank of New York Mellon (NYSE:BK) last released its quarterly earnings data on Tuesday, July 15th. The bank reported $1.94 earnings per share (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 business had revenue of $4.77 billion for the quarter, compared to the consensus estimate of $4.80 billion. During the same quarter in the previous year, the company posted $1.51 EPS. The company’s revenue was up 9.4% compared to the same quarter last year. As a group, equities 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 business also recently announced a quarterly dividend, which was paid on Thursday, August 7th. Stockholders of record on Friday, July 25th were issued a $0.53 dividend. This is a positive change from Bank of New York Mellon’s previous quarterly dividend of $0.47. The ex-dividend date was Friday, July 25th. This represents a $2.12 dividend on an annualized basis and a dividend yield of 2.1%. Bank of New York Mellon’s dividend payout ratio (DPR) is presently 32.37%.

Insider Activity at Bank of New York Mellon

In other news, EVP J Kevin Mccarthy sold 20,000 shares of Bank of New York Mellon 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 completion of the transaction, 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 position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 0.14% of the company’s stock.

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.