The Bank of New York Mellon Corporation (NYSE:BK) Shares Purchased by Kovitz Investment Group Partners LLC

Kovitz Investment Group Partners LLC raised its stake in shares of The Bank of New York Mellon Corporation (NYSE:BK) by 17.7% in the 1st quarter, HoldingsChannel.com reports. The firm owned 447,332 shares of the bank’s stock after purchasing an additional 67,248 shares during the quarter. Kovitz Investment Group Partners LLC’s holdings in Bank of New York Mellon were worth $37,518,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Parvin Asset Management LLC acquired a new position in Bank of New York Mellon during the fourth quarter worth approximately $25,000. Opal Wealth Advisors LLC acquired a new position in Bank of New York Mellon during the first quarter worth approximately $25,000. Alpine Bank Wealth Management acquired a new position in Bank of New York Mellon during the first quarter worth approximately $25,000. Bellwether Advisors LLC acquired a new position in Bank of New York Mellon during the fourth quarter worth approximately $28,000. Finally, REAP Financial Group LLC increased its position in shares of Bank of New York Mellon by 123.2% in the fourth quarter. REAP Financial Group LLC now owns 395 shares of the bank’s stock worth $30,000 after acquiring an additional 218 shares in the last quarter. Institutional investors and hedge funds own 85.31% of the company’s stock.

Bank of New York Mellon Trading Down 1.6%

NYSE BK opened at $101.91 on Thursday. The Bank of New York Mellon Corporation has a 12 month low of $63.50 and a 12 month high of $104.47. 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 company has a market capitalization of $71.87 billion, a price-to-earnings ratio of 15.56, a price-to-earnings-growth ratio of 1.00 and a beta of 1.12. The company’s fifty day moving average price is $95.25 and its two-hundred day moving average price is $87.86.

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 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 13.46%. The firm had revenue of $4.77 billion for the quarter, compared to the consensus estimate of $4.80 billion. During the same period in the prior year, the firm posted $1.51 EPS. The firm’s revenue was up 9.4% compared to the same quarter last year. As a group, 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 declared a quarterly dividend, which was paid on Thursday, August 7th. Stockholders of record on Friday, July 25th were given a $0.53 dividend. This represents a $2.12 dividend on an annualized basis and a dividend yield of 2.1%. The ex-dividend date was Friday, July 25th. This is an increase from Bank of New York Mellon’s previous quarterly dividend of $0.47. Bank of New York Mellon’s payout ratio is 32.37%.

Insider Activity

In other news, EVP J Kevin Mccarthy sold 20,000 shares of the firm’s stock in a transaction dated 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 transaction, the executive vice president directly owned 35,115 shares in the company, valued at approximately $3,457,071.75. This trade represents a 36.29% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Insiders own 0.14% of the company’s stock.

Wall Street Analyst Weigh In

BK has been the subject of several recent research reports. Truist Financial increased their price objective on shares of Bank of New York Mellon from $97.00 to $100.00 and gave the stock a “hold” rating in a research report on Wednesday, July 16th. Keefe, Bruyette & Woods increased their price objective on shares of Bank of New York Mellon from $105.00 to $113.00 and gave the stock an “outperform” rating in a research 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 stock an “equal weight” rating in a research report on Wednesday, July 16th. Morgan Stanley increased their price objective on shares of Bank of New York Mellon from $95.00 to $101.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 16th. Finally, Evercore ISI increased 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 research report on Wednesday, July 2nd. Seven investment analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $94.38.

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.