Several hedge funds have changed their investments in Bank of New York Mellon. The Manufacturers Life Insurance Company increased its stake by 2.1%, acquiring 12,417 additional shares to reach 600,834 shares worth about $31.27 million. CIBC Private Wealth Group raised its holdings by 25.2% with an additional 10,799 shares, totaling 53,688 shares valued at $2.79 million. Tower Research Capital boosted its stake by a large 214.2%, owning 110,336 shares after buying 75,216 more. Cetera Advisor Networks increased its shares by 6.8%, now holding 93,306 shares valued at $4.86 million. Public Employees Retirement Association of Colorado raised its stake significantly by 6,029.8%, acquiring 114,687 shares for a total of 116,589 shares worth $6.07 million. Overall, institutional investors hold 85.31% of the company’s stock.
Stock Performance
Bank of New York Mellon’s shares opened at $70.82 on Friday. The stock has fluctuated between a low of $39.66 and a high of $73.19 over the past year. It has a market cap of $52.96 billion, a P/E ratio of 16.39, and a beta of 1.08. Its 50-day moving average is $67.33, and the 200-day moving average is $61.66.
On July 12th, Bank of New York Mellon reported earnings of $1.51 per share, exceeding analysts’ expectations of $1.43. The company generated $4.60 billion in revenue, above the forecast of $4.53 billion, with a year-over-year revenue increase of 2.1%. Analysts project earnings of $5.63 per share for the current year.
Dividend Increase
The bank announced a quarterly dividend of $0.47, up from $0.42, payable on August 2nd to shareholders who were on record by July 22nd. This reflects an annualized dividend of $1.88 and a yield of 2.65%, with a payout ratio of 43.52%.
Insider Transactions
On July 18th, VP Hanneke Smits sold 15,000 shares at an average price of $64.11, amounting to $961,650. She now owns 173,930 shares valued at approximately $11.15 million. Insiders hold 0.14% of the stock.
Analyst Ratings
Analysts have updated their views on Bank of New York Mellon. Morgan Stanley raised its price target from $72 to $78. Deutsche Bank upgraded it from hold to buy and lifted its target from $66 to $80. Keefe, Bruyette & Woods maintained their outperform rating with a new target of $75. Goldman Sachs increased their target from $74 to $80, while Evercore ISI raised its target from $61 to $66. Overall, five analysts recommend holding the stock, while eight suggest buying. The average target price is $69.38.
Company Overview
The Bank of New York Mellon Corporation offers a variety of financial services both in the U.S. and internationally. It operates through multiple segments, providing services such as custody, trust, accounting, liquidity services, and data analytics.
Further Reading
- Five stocks we like better than Bank of New York Mellon
- 3 Must-Buy Warren Buffett Stocks for Volatile Times
- When Is the Best Time to Invest in Mutual Funds?
- Dividend King Proctor & Gamble Is A Buy On Post-Earnings Weakness
- Is NVIDIA Stock in a Correction or Consolidation?
- Low PE Growth Stocks: Unlocking Investment Opportunities
- 3 Oversold Stocks with Big RSI Rebound Potential
Receive News & Ratings for Bank of New York Mellon Daily – Enter your email below for a daily summary of news and ratings:
`
