Mirae Asset Global Investments Co. Ltd. Raises Position in The Bank of New York Mellon Corporation $BK

Mirae Asset Global Investments Co. Ltd. boosted its stake in The Bank of New York Mellon Corporation (NYSE:BK) by 4.2% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 176,853 shares of the bank’s stock after buying an additional 7,191 shares during the quarter. Mirae Asset Global Investments Co. Ltd.’s holdings in Bank of New York Mellon were worth $16,113,000 at the end of the most recent reporting period.

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

Analyst Upgrades and Downgrades

A number of research firms have commented on BK. Morgan Stanley increased their price objective on shares of Bank of New York Mellon from $101.00 to $116.00 and gave the company an “overweight” rating in a report on Monday, September 29th. Keefe, Bruyette & Woods increased their price objective on shares of 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. Wells Fargo & Company increased their price objective on shares of 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. Truist Financial increased their price objective on shares of Bank of New York Mellon from $109.00 to $118.00 and gave the company a “hold” rating in a report on Thursday. Finally, Weiss Ratings restated a “buy (b+)” rating on shares of Bank of New York Mellon in a report on Saturday, September 27th. Ten equities research analysts have rated the stock with a Buy rating and six have given a Hold rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $103.46.

Insider Buying and Selling

In other Bank of New York Mellon news, EVP J Kevin Mccarthy sold 20,000 shares of the firm’s stock in a transaction that occurred 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 transaction, 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 sale was disclosed in a filing with the SEC, which is available at this link. 0.14% of the stock is owned by corporate insiders.

Bank of New York Mellon Stock Performance

Shares of BK stock opened at $106.48 on Friday. The company has a quick ratio of 0.72, a current ratio of 0.72 and a debt-to-equity ratio of 0.86. The Bank of New York Mellon Corporation has a 52 week low of $70.46 and a 52 week high of $110.87. The stock has a market capitalization of $75.09 billion, a PE ratio of 16.26, a P/E/G ratio of 1.01 and a beta of 1.13. The firm has a 50 day moving average of $104.60 and a two-hundred day moving average of $92.99.

Bank of New York Mellon (NYSE:BK) last issued 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 company had revenue of $4.77 billion during the quarter, compared to analysts’ expectations of $4.80 billion. During the same quarter last year, the company posted $1.51 EPS. The firm’s revenue was up 9.4% compared to the same quarter last year. On average, research analysts predict that The Bank of New York Mellon Corporation will post 6.96 EPS 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. Shareholders of record on Friday, July 25th were given a $0.53 dividend. The ex-dividend date of this dividend was Friday, July 25th. This represents a $2.12 annualized dividend and a 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 dividend payout ratio is 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.