Meeder Asset Management Inc. Boosts Stake in The Bank of New York Mellon Corporation (NYSE:BK)

Meeder Asset Management Inc. boosted its stake in The Bank of New York Mellon Corporation (NYSE:BK) by 0.1% during the first quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 285,528 shares of the bank’s stock after buying an additional 228 shares during the quarter. Bank of New York Mellon makes up about 1.6% of Meeder Asset Management Inc.’s holdings, making the stock its 14th biggest position. Meeder Asset Management Inc.’s holdings in Bank of New York Mellon were worth $23,947,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the stock. Meeder Advisory Services Inc. lifted its stake in Bank of New York Mellon by 12.4% in the 1st quarter. Meeder Advisory Services Inc. now owns 19,146 shares of the bank’s stock valued at $1,606,000 after buying an additional 2,118 shares in the last quarter. Fiera Capital Corp lifted its stake in Bank of New York Mellon by 19.2% in the 1st quarter. Fiera Capital Corp now owns 103,930 shares of the bank’s stock valued at $8,717,000 after buying an additional 16,741 shares in the last quarter. Picton Mahoney Asset Management lifted its stake in shares of Bank of New York Mellon by 1,191.1% during the 1st quarter. Picton Mahoney Asset Management now owns 15,493 shares of the bank’s stock worth $1,300,000 after purchasing an additional 14,293 shares during the period. Mackenzie Financial Corp lifted its stake in shares of Bank of New York Mellon by 4.1% during the 1st quarter. Mackenzie Financial Corp now owns 104,252 shares of the bank’s stock worth $8,744,000 after purchasing an additional 4,073 shares during the period. Finally, Prosperity Consulting Group LLC lifted its stake in shares of Bank of New York Mellon by 12.9% during the 1st quarter. Prosperity Consulting Group LLC now owns 45,072 shares of the bank’s stock worth $3,780,000 after purchasing an additional 5,165 shares during the period. Hedge funds and other institutional investors own 85.31% of the company’s stock.

Bank of New York Mellon Trading Down 0.3%

NYSE:BK opened at $100.59 on Tuesday. The business’s 50-day moving average is $92.17 and its two-hundred day moving average is $86.28. The company has a debt-to-equity ratio of 0.86, a current ratio of 0.72 and a quick ratio of 0.69. The Bank of New York Mellon Corporation has a 12 month low of $60.93 and a 12 month high of $101.16. The firm has a market capitalization of $71.97 billion, a PE ratio of 15.36, a price-to-earnings-growth ratio of 0.98 and a beta of 1.07.

Bank of New York Mellon (NYSE:BK) last released its quarterly earnings data on Tuesday, July 15th. The bank reported $1.94 EPS for the quarter, beating the consensus estimate of $1.73 by $0.21. Bank of New York Mellon had a return on equity of 13.46% and a net margin of 12.27%. The company had revenue of $4.77 billion for the quarter, compared to analyst estimates of $4.80 billion. During the same period last year, the company posted $1.51 earnings per share. The firm’s revenue was up 9.4% compared to the same quarter last year. 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 business also recently disclosed a quarterly dividend, which will be paid on Thursday, August 7th. Shareholders of record on Friday, July 25th will be given a $0.53 dividend. The ex-dividend date of this dividend is Friday, July 25th. This is a positive change from Bank of New York Mellon’s previous quarterly dividend of $0.47. This represents a $2.12 annualized dividend and a yield of 2.11%. Bank of New York Mellon’s dividend payout ratio (DPR) is 32.37%.

Insider Buying and Selling

In other Bank of New York Mellon news, EVP J Kevin Mccarthy sold 20,000 shares of the firm’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 transaction, the executive vice president directly owned 35,115 shares of the company’s stock, valued at $3,457,071.75. This trade represents a 36.29% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 0.14% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on the company. Wells Fargo & Company increased their price target on Bank of New York Mellon from $96.00 to $100.00 and gave the stock an “equal weight” rating in a research note on Wednesday, July 16th. Evercore ISI increased their price target on 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 price target on 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. Morgan Stanley increased their price target on 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. Finally, Keefe, Bruyette & Woods increased 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 note on Wednesday, July 16th. Seven investment analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Bank of New York Mellon currently has an average rating of “Moderate Buy” and an average price target of $94.38.

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.