Several large investors have adjusted their stakes in Bank of New York Mellon (BK). The Ontario Pension Plan increased its ownership by 0.9%, acquiring 3,500 more shares to hold 387,500 shares worth $23.2 million. Heritage Wealth Management bought $600,000 worth of shares, while Sanctuary Advisors spent $5.2 million. Truist Financial raised its stake by 3.3%, now owning over 1.7 million shares valued at $103.9 million. Point72 Asset Management significantly increased its position by 1,081%, holding 304,100 shares worth $18.2 million. In total, institutional investors own 85.31% of BK.
Bank of New York Mellon Stock Performance
Bank of New York Mellon’s stock opened at $71.98. Key financial ratios include a current ratio of 0.70 and a debt-to-equity ratio of 0.85. The stock has a market cap of $53.83 billion and a P/E ratio of 16.66. Its 1-year low is $39.66, and the high is $73.19.
On July 12th, BK announced earnings of $1.51 per share, exceeding the expected $1.43. Revenue for the quarter was $4.60 billion, up 2.1% year-over-year. Analysts expect an earnings per share of 5.63 for the current year.
Dividend Increase
BK declared a quarterly dividend of $0.47, resulting in an annual yield of 2.61%. This is an increase from the previous $0.42 dividend. The dividend payout ratio is 43.52%.
Analyst Updates
Evercore ISI raised its price target for BK from $61 to $66. Barclays increased their target from $68 to $75, while Goldman Sachs lifted theirs from $74 to $80. Deutsche Bank upgraded BK from ‘hold’ to ‘buy’ at a target of $80. Overall, the stock has an average ‘Moderate Buy’ rating with a target price of $69.38.
Insider Activity
VP Hanneke Smits sold 15,000 shares at $64.11, totaling $961,650, but still owns 173,930 shares. Insiders hold 0.14% of the stock.
About Bank of New York Mellon
The Bank of New York Mellon provides various financial services internationally, including custody, trust services, and investment management.
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