MAI Capital Management Increases Stake in The Bank of New York Mellon Co. (NYSE:BK)

Posted by Defense World Staff on Aug 21st, 2023

MAI Capital Management boosted its stake in shares of The Bank of New York Mellon Co. (NYSE:BK – Free Report) by 12.8% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 21,215 shares of the bank’s stock after purchasing an additional 2,409 shares during the period. MAI Capital Management’s holdings in Bank of New York Mellon were worth $964,000 at the end of the most recent reporting period.

A number of other hedge funds have also bought and sold shares of BK. First Eagle Investment Management LLC grew its holdings in shares of Bank of New York Mellon by 3.9% during the fourth quarter. First Eagle Investment Management LLC now owns 17,130,608 shares of the bank’s stock valued at $779,785,000 after buying an additional 647,934 shares during the last quarter. Geode Capital Management LLC increased its holdings in shares of Bank of New York Mellon by 1.0% in the fourth quarter. Geode Capital Management LLC now owns 15,074,935 shares of the bank’s stock valued at $684,941,000 after purchasing an additional 144,887 shares during the period. Norges Bank purchased a new position in shares of Bank of New York Mellon in the fourth quarter worth about $503,489,000. Victory Capital Management Inc. lifted its holdings in shares of Bank of New York Mellon by 1.3% during the fourth quarter. Victory Capital Management Inc. now owns 9,401,434 shares of the bank’s stock worth $427,953,000 after purchasing an additional 122,471 shares during the period. Finally, Morgan Stanley boosted its position in Bank of New York Mellon by 13.2% in the fourth quarter. Morgan Stanley now owns 7,863,929 shares of the bank’s stock valued at $357,966,000 after buying an additional 916,664 shares during the last quarter. Institutional investors and hedge funds own 81.19% of the company’s stock.

Bank of New York Mellon Price Performance

Shares of Bank of New York Mellon stock opened at $44.02 on Monday. The firm has a market cap of $34.28 billion, a PE ratio of 12.83, a P/E/G ratio of 1.13 and a beta of 1.09. The Bank of New York Mellon Co. has a twelve month low of $36.22 and a twelve month high of $52.26. The company has a quick ratio of 0.72, a current ratio of 0.72 and a debt-to-equity ratio of 0.94. The business has a 50-day moving average price of $44.67 and a 200 day moving average price of $45.03.

Bank of New York Mellon (NYSE:BK – Get Free Report) last posted its quarterly earnings data on Tuesday, July 18th. The bank reported $1.38 EPS for the quarter, beating analysts’ consensus estimates of $1.22 by $0.16. Bank of New York Mellon had a return on equity of 11.88% and a net margin of 10.95%. The business had revenue of $4.45 billion during the quarter, compared to analysts’ expectations of $4.37 billion. During the same period in the previous year, the business earned $1.15 earnings per share. The business’s revenue was up 4.7% compared to the same quarter last year. Sell-side analysts predict that The Bank of New York Mellon Co. will post 4.87 earnings per share for the current fiscal year.

Bank of New York Mellon Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, August 10th. Shareholders of record on Friday, July 28th were given a dividend of $0.42 per share. The ex-dividend date of this dividend was Thursday, July 27th. This is a boost from Bank of New York Mellon’s previous quarterly dividend of $0.37. This represents a $1.68 dividend on an annualized basis and a yield of 3.82%. Bank of New York Mellon’s dividend payout ratio is currently 48.98%.

Analysts Set New Price Targets

A number of equities analysts have issued reports on BK shares. Evercore ISI reduced their price target on shares of Bank of New York Mellon from $49.00 to $46.00 in a research report on Friday, May 12th. Deutsche Bank Aktiengesellschaft boosted their target price on shares of Bank of New York Mellon from $43.00 to $44.00 in a research report on Wednesday, July 19th. Citigroup cut their price target on Bank of New York Mellon from $58.00 to $55.00 in a research report on Wednesday, July 19th. Finally, StockNews.com initiated coverage on Bank of New York Mellon in a report on Thursday. They issued a “hold” rating for the company. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat.com, Bank of New York Mellon currently has a consensus rating of “Hold” and an average target price of $52.90.

Check Out Our Latest Report on BK

Insider Buying and Selling at Bank of New York Mellon

In other news, insider Kurtis R. Kurimsky sold 14,045 shares of the business’s stock in a transaction dated Friday, August 4th. The shares were sold at an average price of $45.64, for a total transaction of $641,013.80. Following the completion of the sale, the insider now owns 23,816 shares of the company’s stock, valued at $1,086,962.24. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, insider Kurtis R. Kurimsky sold 14,045 shares of Bank of New York Mellon stock in a transaction dated Friday, August 4th. The stock was sold at an average price of $45.64, for a total value of $641,013.80. Following the sale, the insider now directly owns 23,816 shares in the company, valued at approximately $1,086,962.24. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP J Kevin Mccarthy sold 35,000 shares of the business’s stock in a transaction that occurred on Wednesday, July 19th. The stock was sold at an average price of $46.33, for a total value of $1,621,550.00. Following the sale, the executive vice president now owns 98,102 shares of the company’s stock, valued at $4,545,065.66. The disclosure for this sale can be found here. Insiders own 0.10% of the company’s stock.

About Bank of New York Mellon

(Free Report)

The Bank of New York Mellon Corp. is a bank holding company, which engages in the provision of financial services. It operates through the following segments: Securities Services, Market and Wealth Services, Investment and Wealth Management, and Other segment. The Securities Services segment includes Asset Servicing business, which provides global custody, fund accounting, integrated middle-office solutions, transfer agency and data and analytics solutions.