KLP Kapitalforvaltning AS Buys 15,100 Shares of The Bank of New York Mellon Corporation $BK

KLP Kapitalforvaltning AS lifted its holdings in The Bank of New York Mellon Corporation (NYSE:BK) by 4.1% during the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 387,710 shares of the bank’s stock after buying an additional 15,100 shares during the quarter. KLP Kapitalforvaltning AS owned approximately 0.05% of Bank of New York Mellon worth $35,324,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Canada Post Corp Registered Pension Plan purchased a new stake in shares of Bank of New York Mellon in the first quarter worth approximately $1,035,000. TrueMark Investments LLC purchased a new stake in shares of Bank of New York Mellon in the first quarter worth approximately $4,282,000. Wealth Enhancement Advisory Services LLC raised its holdings in shares of Bank of New York Mellon by 29.1% in the first quarter. Wealth Enhancement Advisory Services LLC now owns 223,438 shares of the bank’s stock worth $18,740,000 after buying an additional 50,368 shares during the period. Formidable Asset Management LLC purchased a new stake in shares of Bank of New York Mellon in the first quarter worth approximately $247,000. Finally, Sumitomo Mitsui DS Asset Management Company Ltd raised its holdings in shares of Bank of New York Mellon by 121.8% in 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 buying an additional 100,810 shares during the period. 85.31% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In related news, EVP J Kevin Mccarthy sold 20,000 shares of the business’s stock in a transaction on Tuesday, July 22nd. The stock was sold at an average price of $98.45, for a total transaction of $1,969,000.00. Following the transaction, the executive vice president directly owned 35,115 shares in the company, valued at $3,457,071.75. The trade was a 36.29% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 0.14% of the stock is currently owned by company insiders.

Bank of New York Mellon Trading Up 0.4%

Shares of NYSE:BK opened at $106.89 on Wednesday. The Bank of New York Mellon Corporation has a 12-month low of $70.46 and a 12-month high of $110.87. The business’s fifty day simple moving average is $104.82 and its 200-day simple moving average is $93.31. The company has a market capitalization of $75.38 billion, a PE ratio of 16.32, a P/E/G ratio of 1.00 and a beta of 1.13. The company has a current ratio of 0.72, a quick ratio of 0.72 and a debt-to-equity ratio of 0.86.

Bank of New York Mellon (NYSE:BK) last announced its quarterly earnings results on Tuesday, July 15th. The bank reported $1.94 earnings per share (EPS) for the quarter, beating 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 period last year, the business posted $1.51 EPS. The business’s revenue was up 9.4% compared to the same quarter last year. As a group, equities research analysts predict 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 firm also recently announced a quarterly dividend, which was paid on Thursday, August 7th. Investors of record on Friday, July 25th were paid a dividend of $0.53 per share. 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 annualized dividend and a yield of 2.0%. Bank of New York Mellon’s dividend payout ratio (DPR) is presently 32.37%.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on the company. Wells Fargo & Company increased their price target on 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. Morgan Stanley lifted their target price on Bank of New York Mellon from $101.00 to $116.00 and gave the company an “overweight” rating in a research report on Monday, September 29th. Weiss Ratings reaffirmed a “buy (b+)” rating on shares of Bank of New York Mellon in a research report on Saturday, September 27th. The Goldman Sachs Group lifted their target price on Bank of New York Mellon from $106.00 to $120.00 and gave the company a “buy” rating in a research report on Monday. Finally, Truist Financial lifted their target price on Bank of New York Mellon from $109.00 to $118.00 and gave the company a “hold” rating in a research report on Thursday, October 2nd. Ten investment analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $106.77.

About Bank of New York Mellon

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.