LPL Financial LLC Boosts Stock Position in The Bank of New York Mellon Corporation (NYSE:BK)

LPL Financial LLC grew its stake in The Bank of New York Mellon Corporation (NYSE:BK) by 16.7% in the first quarter, Holdings Channel.com reports. The firm owned 523,554 shares of the bank’s stock after acquiring an additional 74,882 shares during the quarter. LPL Financial LLC’s holdings in Bank of New York Mellon were worth $43,910,000 at the end of the most recent reporting period.

Other large investors have also made changes to their positions in the company. TrueMark Investments LLC acquired a new position in Bank of New York Mellon during the first quarter worth $4,282,000. Wealth Enhancement Advisory Services LLC increased its holdings in 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 valued at $18,740,000 after buying an additional 50,368 shares during the last quarter. Formidable Asset Management LLC purchased a new position in shares of Bank of New York Mellon during the first quarter worth about $247,000. Sumitomo Mitsui DS Asset Management Company Ltd grew its holdings in shares of Bank of New York Mellon by 121.8% during 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 purchasing an additional 100,810 shares during the last quarter. Finally, Benson Investment Management Company Inc. purchased a new position in shares of Bank of New York Mellon during the first quarter worth about $5,259,000. 85.31% of the stock is currently owned by hedge funds and other institutional investors.

Bank of New York Mellon Price Performance

BK stock opened at $99.78 on Friday. The firm has a 50 day moving average of $93.13 and a 200-day moving average of $86.84. The Bank of New York Mellon Corporation has a 12-month low of $60.93 and a 12-month high of $103.16. The company has a current ratio of 0.72, a quick ratio of 0.69 and a debt-to-equity ratio of 0.86. The company has a market cap of $71.39 billion, a price-to-earnings ratio of 15.23, a PEG ratio of 0.99 and a beta of 1.12.

Bank of New York Mellon (NYSE:BK) last posted 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 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 the consensus estimate of $4.80 billion. During the same period last year, the firm earned $1.51 EPS. The company’s revenue for the quarter was up 9.4% on a year-over-year basis. As a group, equities analysts expect 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 business also recently declared a quarterly dividend, which will be paid on Thursday, August 7th. Stockholders of record on Friday, July 25th will be given a dividend of $0.53 per share. This represents a $2.12 dividend on an annualized basis and a dividend yield of 2.1%. The ex-dividend date is 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 32.37%.

Insider Activity

In other news, EVP J Kevin Mccarthy sold 20,000 shares of Bank of New York Mellon stock in a transaction that occurred on Tuesday, July 22nd. The shares were sold at an average price of $98.45, for a total transaction of $1,969,000.00. Following the completion of the sale, 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 legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 0.14% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages have issued reports on BK. Wells Fargo & Company raised 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 report on Wednesday, July 16th. Keefe, Bruyette & Woods increased their target price on shares of Bank of New York Mellon from $105.00 to $113.00 and gave the stock an “outperform” rating in a research note on Wednesday, July 16th. Evercore ISI increased their target price 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 note on Wednesday, July 2nd. Truist Financial increased their target price on shares of Bank of New York Mellon from $97.00 to $100.00 and gave the stock a “hold” rating in a research note on Wednesday, July 16th. Finally, Morgan Stanley increased their target price on shares of Bank of New York Mellon from $95.00 to $101.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 16th. Seven equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $94.38.

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.