Truist Financial Corp Boosts Stake in The Bank of New York Mellon Co. (NYSE:BK)

Truist Financial Corp lifted its position in The Bank of New York Mellon Co. (NYSE:BK) by 3.3% in the 2nd quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 1,734,833 shares of the bank’s stock after acquiring an additional 55,631 shares during the period. Truist Financial Corp owned 0.23% of Bank of New York Mellon worth $103,899,000 as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in the company. Olistico Wealth LLC purchased a new stake in Bank of New York Mellon in the second quarter worth about $30,000. Clearstead Trust LLC bought a new stake in shares of Bank of New York Mellon in the 2nd quarter worth approximately $32,000. Kathleen S. Wright Associates Inc. purchased a new stake in shares of Bank of New York Mellon in the 1st quarter worth approximately $32,000. Able Wealth Management LLC bought a new position in Bank of New York Mellon during the 4th quarter valued at approximately $32,000. Finally, Family Firm Inc. purchased a new position in Bank of New York Mellon during the second quarter valued at $40,000. Institutional investors own 85.31% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on the company. Citigroup raised their price target on Bank of New York Mellon from $65.00 to $70.00 and gave the company a “neutral” rating in a report on Thursday, September 19th. The Goldman Sachs Group raised their price objective on shares of Bank of New York Mellon from $74.00 to $80.00 and gave the company a “buy” rating in a research note on Thursday, September 26th. Deutsche Bank Aktiengesellschaft upgraded shares of Bank of New York Mellon from a “hold” rating to a “buy” rating and increased their price target for the company from $66.00 to $80.00 in a report on Monday, September 23rd. Morgan Stanley boosted their price objective on shares of Bank of New York Mellon from $72.00 to $78.00 and gave the stock an “equal weight” rating in a report on Monday. Finally, Keefe, Bruyette & Woods reiterated an “outperform” rating and set a $75.00 target price (up from $70.00) on shares of Bank of New York Mellon in a research note on Monday, July 15th. Five analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. According to MarketBeat, Bank of New York Mellon has an average rating of “Moderate Buy” and a consensus price target of $69.38.

Insider Buying and Selling

In related news, VP Hanneke Smits sold 15,000 shares of the business’s stock in a transaction that occurred on Thursday, July 18th. The stock was sold at an average price of $64.11, for a total value of $961,650.00. Following the transaction, the vice president now directly owns 173,930 shares of the company’s stock, valued at approximately $11,150,652.30. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 0.14% of the stock is currently owned by company insiders.

Bank of New York Mellon Stock Performance

Shares of BK opened at $71.12 on Wednesday. The business has a 50-day simple moving average of $67.06 and a two-hundred day simple moving average of $61.53. The company has a quick ratio of 0.70, a current ratio of 0.70 and a debt-to-equity ratio of 0.85. The Bank of New York Mellon Co. has a 52 week low of $39.66 and a 52 week high of $73.19. The stock has a market cap of $53.18 billion, a price-to-earnings ratio of 16.46, a PEG ratio of 1.24 and a beta of 1.08.

Bank of New York Mellon (NYSE:BK) last released its earnings results on Friday, July 12th. The bank reported $1.51 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.43 by $0.08. The company had revenue of $4.60 billion during the quarter, compared to analyst estimates of $4.53 billion. Bank of New York Mellon had a net margin of 9.40% and a return on equity of 11.87%. The firm’s quarterly revenue was up 2.1% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.38 EPS. On average, analysts expect that The Bank of New York Mellon Co. will post 5.63 EPS for the current year.

Bank of New York Mellon Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, August 2nd. Investors of record on Monday, July 22nd were given a dividend of $0.47 per share. The ex-dividend date of this dividend was Monday, July 22nd. This represents a $1.88 annualized dividend and a dividend yield of 2.64%. This is a boost from Bank of New York Mellon’s previous quarterly dividend of $0.42. Bank of New York Mellon’s dividend payout ratio (DPR) is currently 43.52%.

Bank of New York Mellon Company 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.