Several major investors changed their stakes in Bank of New York Mellon (BK). The Healthcare of Ontario Pension Plan Trust Fund increased its shares by 0.9% in Q2, owning 387,500 shares worth $23.2 million after buying an additional 3,500 shares. Heritage Wealth Management purchased $600,000 worth of shares, and Sanctuary Advisors acquired $5.2 million worth. Truist Financial raised its stake by 3.3%, owning 1,734,833 shares now valued at $103.9 million after buying 55,631 additional shares. Point72 Asset Management increased its position by 1,081% to 304,100 shares worth $18.2 million after buying 335,100 shares. Overall, institutional and hedge funds own 85.31% of BK stock.
Bank of New York Mellon Price Performance
BK shares opened at $71.98. Key financial metrics include a market cap of $53.83 billion, a P/E ratio of 16.66, and a debt-to-equity ratio of 0.85. The stock has fluctuated between a low of $39.66 and a high of $73.19 in the past year.
On July 12, BK reported Q2 earnings of $1.51 per share, exceeding expectations of $1.43. Revenue was $4.6 billion, above estimates of $4.53 billion, with a net margin of 9.4% and a 2.1% year-over-year revenue increase.
Bank of New York Mellon Increases Dividend
BK announced a quarterly dividend of $0.47, paid on August 2. This amounts to $1.88 annually, reflecting a yield of 2.61%, an increase from the previous $0.42. The dividend payout ratio is 43.52%.
Analyst Ratings
Analysts have recently updated their price targets for BK: Evercore ISI raised it to $66.00, Barclays to $75.00, and Goldman Sachs to $80.00. Morgan Stanley’s target is now $78.00. The stock has an average rating of “Moderate Buy” with a consensus target of $69.38.
Insider Trading Activity
VP Hanneke Smits sold 15,000 shares at $64.11 each on July 18, totaling $961,650. Post-sale, she owns 173,930 shares valued at $11.15 million. Insiders hold 0.14% of BK stock.
Bank of New York Mellon Overview
Bank of New York Mellon provides various financial services, including custody, trust, and investment management, both domestically and internationally.
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