KLP Kapitalforvaltning AS Increases Stock Holdings in The Bank of New York Mellon Corporation $BK

KLP Kapitalforvaltning AS increased its holdings in shares of The Bank of New York Mellon Corporation (NYSE:BK) by 4.1% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 387,710 shares of the bank’s stock after buying an additional 15,100 shares during the quarter. KLP Kapitalforvaltning AS’s holdings in Bank of New York Mellon were worth $35,324,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in BK. Opal Wealth Advisors LLC acquired a new stake in Bank of New York Mellon during the 1st quarter worth about $25,000. Alpine Bank Wealth Management acquired a new stake in Bank of New York Mellon during the 1st quarter worth about $25,000. Cornerstone Planning Group LLC lifted its position in Bank of New York Mellon by 100.0% during the 1st quarter. Cornerstone Planning Group LLC now owns 392 shares of the bank’s stock worth $30,000 after acquiring an additional 196 shares during the period. Orion Capital Management LLC acquired a new stake in Bank of New York Mellon during the 1st quarter worth about $32,000. Finally, Hoey Investments Inc. acquired a new stake in Bank of New York Mellon during the 2nd quarter worth about $32,000. Institutional investors and hedge funds own 85.31% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts have commented on the company. Keefe, Bruyette & Woods lifted their price target on 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. Citigroup boosted their price objective on Bank of New York Mellon from $92.00 to $105.00 and gave the company a “neutral” rating in a report on Friday, September 5th. Truist Financial boosted their price objective on Bank of New York Mellon from $109.00 to $118.00 and gave the company a “hold” rating in a report on Thursday, October 2nd. The Goldman Sachs Group boosted their price objective on Bank of New York Mellon from $106.00 to $120.00 and gave the company a “buy” rating in a report on Monday. Finally, TD Cowen initiated coverage on Bank of New York Mellon in a report on Thursday, September 25th. They issued a “buy” rating for the company. Ten equities research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $106.77.

Insiders Place Their Bets

In related 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 value of $1,969,000.00. Following the completion of the transaction, the executive vice president owned 35,115 shares of the company’s stock, valued at approximately $3,457,071.75. This represents a 36.29% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders own 0.14% of the company’s stock.

Bank of New York Mellon Stock Performance

NYSE BK opened at $106.89 on Wednesday. The stock has a market capitalization of $75.38 billion, a price-to-earnings ratio of 16.32, a PEG ratio of 1.00 and a beta of 1.13. The Bank of New York Mellon Corporation has a twelve month low of $70.46 and a twelve month high of $110.87. The company has a current ratio of 0.72, a quick ratio of 0.72 and a debt-to-equity ratio of 0.86. The stock has a 50-day moving average of $104.82 and a 200 day moving average of $93.31.

Bank of New York Mellon (NYSE:BK) last released its quarterly earnings results on Tuesday, July 15th. The bank reported $1.94 earnings per share for the quarter, topping analysts’ consensus estimates of $1.73 by $0.21. The company had revenue of $4.77 billion during the quarter, compared to analysts’ expectations of $4.80 billion. Bank of New York Mellon had a return on equity of 13.46% and a net margin of 12.27%.Bank of New York Mellon’s quarterly revenue was up 9.4% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.51 EPS. Sell-side analysts anticipate 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 firm also recently declared a quarterly dividend, which was paid on Thursday, August 7th. Investors of record on Friday, July 25th were issued a $0.53 dividend. This represents a $2.12 dividend on an annualized basis 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 currently 32.37%.

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.