The Bank of New York Mellon Co. (NYSE:BK) Shares Acquired by Fifth Third Bancorp

Fifth Third Bancorp increased its stake in The Bank of New York Mellon Co. (NYSE:BK) by 14.3% during the first quarter, HoldingsChannel.com reports. The fund owned 107,490 shares of the bank’s stock after buying an additional 13,444 shares during the period. Fifth Third Bancorp’s holdings in Bank of New York Mellon were worth $9,015,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of the stock. Parvin Asset Management LLC purchased a new position in shares of Bank of New York Mellon during the fourth quarter valued at $25,000. Bellwether Advisors LLC purchased a new position in Bank of New York Mellon in the fourth quarter valued at about $28,000. REAP Financial Group LLC grew its stake in 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 valued at $30,000 after purchasing an additional 218 shares in the last quarter. Transce3nd LLC purchased a new position in Bank of New York Mellon in the fourth quarter valued at about $33,000. Finally, South Plains Financial Inc. purchased a new position in Bank of New York Mellon in the fourth quarter valued at about $34,000. 85.31% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In other Bank of New York Mellon news, insider Kurtis R. Kurimsky sold 5,641 shares of the company’s stock in a transaction that occurred on Monday, April 14th. The stock was sold at an average price of $77.50, for a total value of $437,177.50. Following the completion of the transaction, the insider now owns 21,679 shares of the company’s stock, valued at $1,680,122.50. This represents a 20.65% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, VP Catherine Keating sold 65,473 shares of the company’s stock in a transaction that occurred on Monday, April 14th. The shares were sold at an average price of $77.31, for a total value of $5,061,717.63. Following the completion of the sale, the vice president now owns 87,542 shares in the company, valued at approximately $6,767,872.02. This represents a 42.79% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 101,114 shares of company stock valued at $7,869,795. Insiders own 0.14% of the company’s stock.

Analyst Ratings Changes

A number of research analysts have commented on BK shares. Wells Fargo & Company boosted their target price on Bank of New York Mellon from $86.00 to $96.00 and gave the company an “equal weight” rating in a research note on Monday, March 3rd. Evercore ISI lifted their price objective on shares of Bank of New York Mellon from $83.00 to $87.00 and gave the company an “in-line” rating in a research note on Tuesday, April 1st. Citigroup boosted their price target on Bank of New York Mellon from $82.00 to $85.00 and gave the stock a “neutral” rating in a research report on Monday, March 24th. Truist Financial cut Bank of New York Mellon from a “buy” rating to a “hold” rating and boosted their price target for the stock from $87.00 to $97.00 in a research report on Wednesday, May 28th. Finally, Morgan Stanley boosted their price target on Bank of New York Mellon from $94.00 to $95.00 and gave the stock an “overweight” rating in a research report on Tuesday, June 3rd. Seven analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $91.85.

Bank of New York Mellon Price Performance

NYSE BK opened at $88.50 on Friday. The Bank of New York Mellon Co. has a twelve month low of $57.18 and a twelve month high of $90.63. The company has a debt-to-equity ratio of 0.83, a quick ratio of 0.70 and a current ratio of 0.69. The stock has a market capitalization of $63.32 billion, a PE ratio of 15.23, a P/E/G ratio of 0.97 and a beta of 1.08. The stock has a 50-day simple moving average of $84.13 and a 200 day simple moving average of $82.92.

Bank of New York Mellon (NYSE:BK) last posted its quarterly earnings data on Friday, April 11th. The bank reported $1.58 earnings per share for the quarter, topping the consensus estimate of $1.50 by $0.08. Bank of New York Mellon had a return on equity of 12.68% and a net margin of 11.35%. The business had revenue of $4.79 billion during the quarter, compared to analysts’ expectations of $4.76 billion. During the same quarter in the previous year, the firm earned $1.29 EPS. The firm’s revenue was up 5.9% compared to the same quarter last year. Research analysts anticipate that The Bank of New York Mellon Co. will post 6.96 EPS for the current year.

Bank of New York Mellon Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, May 2nd. Investors of record on Monday, April 21st were given a dividend of $0.47 per share. The ex-dividend date of this dividend was Monday, April 21st. This represents a $1.88 annualized dividend and a dividend yield of 2.12%. Bank of New York Mellon’s dividend payout ratio is presently 30.62%.

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.