Aberdeen Group plc Sells 789,343 Shares of The Bank of New York Mellon Corporation $BK

Key Points

• Aberdeen Group plc has decreased its holdings in The Bank of New York Mellon by 56.3%, selling 789,343 shares and now owning 0.09% of the company worth approximately $50.77 million.
• Recent analyst reports have led to several price target upgrades for The Bank of New York Mellon, with Truist Financial increasing its target from $100.00 to $109.00 and others following suit, contributing to a consensus rating of "Moderate Buy".
• The Bank of New York Mellon has declared a quarterly dividend of $0.53, marking an increase from the previous dividend of $0.47, resulting in an annualized yield of 2.1%.

Aberdeen Group plc cut its stake in The Bank of New York Mellon Corporation (NYSE:BK - Free Report) by 56.3% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 612,480 shares of the bank's stock after selling 789,343 shares during the period. Aberdeen Group plc owned 0.09% of Bank of New York Mellon worth $50,775,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in the company. Nuveen LLC bought a new stake in shares of Bank of New York Mellon in the 1st quarter valued at $773,627,000. Northern Trust Corp lifted its holdings in Bank of New York Mellon by 19.1% in the fourth quarter. Northern Trust Corp now owns 9,533,615 shares of the bank's stock valued at $732,468,000 after buying an additional 1,526,686 shares during the period. GAMMA Investing LLC boosted its position in Bank of New York Mellon by 9,538.9% during the first quarter. GAMMA Investing LLC now owns 1,399,958 shares of the bank's stock valued at $117,414,000 after acquiring an additional 1,385,434 shares during the last quarter. AustralianSuper Pty Ltd bought a new stake in Bank of New York Mellon during the first quarter valued at $92,502,000. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its holdings in Bank of New York Mellon by 15.9% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 7,689,477 shares of the bank's stock worth $590,783,000 after acquiring an additional 1,055,389 shares during the period. Institutional investors and hedge funds own 85.31% of the company's stock.

Insider Transactions at Bank of New York Mellon

In other news, EVP J Kevin Mccarthy sold 20,000 shares of the firm's stock in a transaction dated Tuesday, July 22nd. The stock was sold at an average price of $98.45, for a total transaction of $1,969,000.00. Following the transaction, the executive vice president directly owned 35,115 shares of the company's stock, valued at approximately $3,457,071.75. This trade represents a 36.29% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.14% of the stock is currently owned by insiders.

Bank of New York Mellon Price Performance

Shares of BK traded up $0.0960 during midday trading on Thursday, reaching $101.3460. The stock had a trading volume of 1,027,933 shares, compared to its average volume of 4,195,754. The company has a market capitalization of $71.47 billion, a price-to-earnings ratio of 15.47, a price-to-earnings-growth ratio of 0.95 and a beta of 1.12. The company has a current ratio of 0.72, a quick ratio of 0.72 and a debt-to-equity ratio of 0.86. The Bank of New York Mellon Corporation has a 12-month low of $65.24 and a 12-month high of $104.47. The company's 50-day moving average is $96.45 and its 200 day moving average is $88.39.

Bank of New York Mellon (NYSE:BK - Get Free Report) last issued its earnings results on Tuesday, July 15th. The bank reported $1.94 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.73 by $0.21. The business had revenue of $4.77 billion during the quarter, compared to analyst estimates of $4.80 billion. Bank of New York Mellon had a return on equity of 13.46% and a net margin of 12.27%.Bank of New York Mellon's revenue for the quarter was up 9.4% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.51 earnings per share. On average, equities analysts predict that The Bank of New York Mellon Corporation will post 6.96 EPS for the current fiscal year.

Bank of New York Mellon Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, August 7th. Shareholders of record on Friday, July 25th were paid a $0.53 dividend. This is a boost from Bank of New York Mellon's previous quarterly dividend of $0.47. This represents a $2.12 annualized dividend and a yield of 2.1%. The ex-dividend date of this dividend was Friday, July 25th. Bank of New York Mellon's payout ratio is presently 32.37%.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on BK shares. Morgan Stanley upped their target price on Bank of New York Mellon from $95.00 to $101.00 and gave the company an "overweight" rating in a research report on Wednesday, July 16th. Keefe, Bruyette & Woods increased their target price on shares of Bank of New York Mellon from $105.00 to $113.00 and gave the stock an "outperform" rating in a research note on Wednesday, July 16th. Wells Fargo & Company upped their price objective on shares of Bank of New York Mellon from $96.00 to $100.00 and gave the company an "equal weight" rating in a report on Wednesday, July 16th. Truist Financial raised their target price on Bank of New York Mellon from $100.00 to $109.00 and gave the company a "hold" rating in a research note on Thursday, August 14th. Finally, Evercore ISI boosted their target price on Bank of New York Mellon from $88.00 to $90.00 and gave the company an "in-line" rating in a research report on Wednesday, July 2nd. Eight research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $95.08.

Bank of New York Mellon 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.