Napatree Capital LLC Acquires 169 Shares of The Bank of New York Mellon Corporation (NYSE:BK)

Napatree Capital LLC grew its holdings in shares of The Bank of New York Mellon Corporation (NYSE:BK) by 6.2% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 2,885 shares of the bank’s stock after purchasing an additional 169 shares during the quarter. Napatree Capital LLC’s holdings in Bank of New York Mellon were worth $242,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also modified their holdings of the company. Alpine Bank Wealth Management bought a new position in Bank of New York Mellon in the 1st quarter worth $25,000. Opal Wealth Advisors LLC bought a new position in Bank of New York Mellon in the 1st quarter worth $25,000. Parvin Asset Management LLC bought a new position in Bank of New York Mellon in the 4th quarter worth $25,000. Bellwether Advisors LLC bought a new position in Bank of New York Mellon in the 4th quarter worth $28,000. 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 worth $30,000 after acquiring an additional 196 shares during the period. Institutional investors own 85.31% of the company’s stock.

Bank of New York Mellon Price Performance

NYSE:BK opened at $95.43 on Thursday. The Bank of New York Mellon Corporation has a 12 month low of $60.93 and a 12 month high of $96.47. The firm has a market cap of $68.27 billion, a PE ratio of 14.57, a price-to-earnings-growth ratio of 1.03 and a beta of 1.07. The company has a quick ratio of 0.69, a current ratio of 0.69 and a debt-to-equity ratio of 0.81. The company’s 50-day moving average price is $90.33 and its two-hundred day moving average price is $84.93.

Bank of New York Mellon (NYSE:BK) last announced its earnings results on Tuesday, July 15th. The bank reported $1.94 earnings per share for the quarter, topping analysts’ consensus estimates of $1.73 by $0.21. Bank of New York Mellon had a net margin of 12.27% and a return on equity of 13.57%. The company had revenue of $4.77 billion during the quarter, compared to the consensus estimate of $4.80 billion. During the same period in the previous year, the firm posted $1.51 earnings per share. The company’s revenue was up 9.4% on a year-over-year basis. On average, equities analysts anticipate 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 will be paid on Thursday, August 7th. Investors of record on Friday, July 25th will be paid a dividend of $0.53 per share. This represents a $2.12 dividend on an annualized basis and a dividend yield of 2.22%. This is an increase from Bank of New York Mellon’s previous quarterly dividend of $0.47. The ex-dividend date is Friday, July 25th. Bank of New York Mellon’s payout ratio is 30.62%.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on BK shares. Citigroup boosted their price objective on shares of Bank of New York Mellon from $82.00 to $85.00 and gave the stock a “neutral” rating in a report on Monday, March 24th. Evercore ISI boosted their price objective on shares of Bank of New York Mellon from $88.00 to $90.00 and gave the stock an “in-line” rating in a report on Wednesday, July 2nd. Truist Financial lifted their target price on shares of Bank of New York Mellon from $97.00 to $100.00 and gave the company a “hold” rating in a research report on Wednesday. Wells Fargo & Company lifted their target price on shares of Bank of New York Mellon from $96.00 to $100.00 and gave the company an “equal weight” rating in a research report on Wednesday. Finally, Keefe, Bruyette & Woods lifted their target price on shares of Bank of New York Mellon from $105.00 to $113.00 and gave the company an “outperform” rating in a research report on Wednesday. Seven research analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $94.38.

Insider Buying and Selling at Bank of New York Mellon

In related news, EVP J Kevin Mccarthy sold 30,000 shares of the business’s stock in a transaction that occurred on Tuesday, April 29th. The shares were sold at an average price of $79.03, for a total transaction of $2,370,900.00. Following the completion of the sale, the executive vice president directly owned 55,115 shares of the company’s stock, valued at $4,355,738.45. The trade was a 35.25% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. 0.14% of the stock is currently owned by company insiders.

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.