Stock Yards Bank & Trust Co. Increases Position in The Bank of New York Mellon Corporation $BK

Stock Yards Bank & Trust Co. grew its holdings in The Bank of New York Mellon Corporation (NYSE:BK) by 33.0% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 3,332 shares of the bank’s stock after purchasing an additional 826 shares during the quarter. Stock Yards Bank & Trust Co.’s holdings in Bank of New York Mellon were worth $304,000 as of its most recent SEC filing.

A number of other large investors have also made changes to their positions in BK. Opal Wealth Advisors LLC purchased a new stake in Bank of New York Mellon in the 1st quarter valued at $25,000. Alpine Bank Wealth Management acquired a new position in shares of Bank of New York Mellon during the 1st quarter valued at about $25,000. Cornerstone Planning Group LLC grew its holdings in shares of Bank of New York Mellon by 100.0% in the first quarter. Cornerstone Planning Group LLC now owns 392 shares of the bank’s stock valued at $30,000 after purchasing an additional 196 shares during the period. Orion Capital Management LLC acquired a new stake in Bank of New York Mellon during the first quarter worth about $32,000. Finally, Hoey Investments Inc. purchased a new position in Bank of New York Mellon during the second quarter worth about $32,000. 85.31% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several analysts have recently weighed in on the stock. Morgan Stanley increased their price target on shares of Bank of New York Mellon from $101.00 to $116.00 and gave the company an “overweight” rating in a research note on Monday, September 29th. Wells Fargo & Company increased their price objective on Bank of New York Mellon from $96.00 to $100.00 and gave the stock an “equal weight” rating in a research report on Wednesday, July 16th. TD Cowen began coverage on Bank of New York Mellon in a research report on Thursday, September 25th. They issued a “buy” rating on the stock. Evercore ISI increased their price target on Bank of New York Mellon from $91.00 to $110.00 and gave the stock an “in-line” rating in a report on Tuesday, September 30th. Finally, BMO Capital Markets initiated coverage on shares of Bank of New York Mellon in a report on Friday. They issued an “outperform” rating and a $125.00 price objective on the stock. Ten investment analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $103.46.

Insiders Place Their Bets

In other Bank of New York Mellon news, EVP J Kevin Mccarthy sold 20,000 shares of the company’s stock in a transaction dated 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 sale, the executive vice president owned 35,115 shares in the company, valued at $3,457,071.75. This represents a 36.29% decrease in their position. The sale was disclosed in a document filed 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 Price Performance

BK opened at $106.48 on Monday. The stock’s 50-day moving average price is $104.60 and its 200 day moving average price is $93.05. The Bank of New York Mellon Corporation has a 12-month low of $70.46 and a 12-month high of $110.87. The firm has a market cap of $75.09 billion, a price-to-earnings ratio of 16.26, a PEG ratio of 1.01 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 posted its quarterly earnings data 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 business had revenue of $4.77 billion during the quarter, compared to analyst estimates of $4.80 billion. During the same quarter last year, the firm posted $1.51 earnings per share. The business’s revenue for the quarter was up 9.4% compared to the same quarter last year. As a group, sell-side analysts expect 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 business 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 represents a $2.12 annualized dividend and a yield of 2.0%. The ex-dividend date of this dividend was Friday, July 25th. This is a positive change from Bank of New York Mellon’s previous quarterly dividend of $0.47. Bank of New York Mellon’s payout ratio is presently 32.37%.

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.