5 Best Dividend Stocks to Buy in August According to Hedge Funds

4. The Bank of New York Mellon Corporation (NYSE: BK)

Number of Hedge Fund Holders: 49
Dividend Yield: 2.7%

The Bank of New York Mellon Corporation (NYSE: BK) is a US based financial services company that operates across the globe. It has three segments, namely the Investment Services, Investment and Wealth Management, and Other segments. The company ranks 4th on our list of the best dividend stocks to buy in August according to hedge funds.

Argus analyst Stephen Biggar this July not only upgraded shares of The Bank of New York Mellon Corporation (NYSE: BK) from Hold to Buy with a $55 price target, but also raised his EPS view for 2021 by $0.16. The analyst’s new EPS view for the company this year is now $4.15, while his 2022 EPS view is $4.68, also raised by about $0.11.

In the second quarter of 2021, The Bank of New York Mellon Corporation (NYSE: BK) had an EPS of $1.13, beating estimates by $0.13. The company’s revenue was $3.96 billion, also beating estimates by $98.43 million. The Bank of New York Mellon Corporation (NYSE: BK) has also gained 27.89% in the past 6 months and 28.04% year to date.

By the end of the first quarter of 2021, 49 hedge funds out of the 866 tracked by Insider Monkey held stakes in The Bank of New York Mellon Corporation (NYSE: BK) worth roughly $4.77 billion. This is compared to 47 hedge funds in the previous quarter with a total stake value of approximately $4.69 billion.