The Bank of New York Mellon Corporation $BK Shares Sold by Adage Capital Partners GP L.L.C.

Key Points

• Adage Capital Partners GP L.L.C. reduced its stake in Bank of New York Mellon by 3.6% in Q1, holding approximately $54.94 million worth of shares.
• Several institutional investors increased their positions in Bank of New York Mellon, with Goldman Sachs raising its stake by 26.3% in the same quarter.
• The bank recently raised its quarterly dividend from $0.47 to $0.53, representing a dividend yield of 2.0% and a payout ratio of 32.37%.

Adage Capital Partners GP L.L.C. cut its position in shares of The Bank of New York Mellon Corporation (NYSE:BK - Free Report) by 3.6% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 655,016 shares of the bank's stock after selling 24,300 shares during the quarter. Adage Capital Partners GP L.L.C. owned approximately 0.09% of Bank of New York Mellon worth $54,936,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also modified their holdings of the company. Federation des caisses Desjardins du Quebec lifted its stake in shares of Bank of New York Mellon by 58.8% during the 1st quarter. Federation des caisses Desjardins du Quebec now owns 663,812 shares of the bank's stock worth $55,705,000 after purchasing an additional 245,764 shares during the period. Focus Partners Advisor Solutions LLC lifted its stake in shares of Bank of New York Mellon by 106.7% during the 1st quarter. Focus Partners Advisor Solutions LLC now owns 7,659 shares of the bank's stock worth $642,000 after purchasing an additional 3,953 shares during the period. Point72 Europe London LLP purchased a new stake in Bank of New York Mellon in the first quarter valued at approximately $5,963,000. Royal Bank of Canada grew its holdings in Bank of New York Mellon by 2.2% in the first quarter. Royal Bank of Canada now owns 4,410,049 shares of the bank's stock valued at $369,871,000 after purchasing an additional 94,095 shares during the period. Finally, Graham Capital Management L.P. purchased a new stake in Bank of New York Mellon in the first quarter valued at approximately $3,855,000. 85.31% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of equities research analysts recently issued reports on the stock. Truist Financial boosted their target price on shares of Bank of New York Mellon from $100.00 to $109.00 and gave the company a "hold" rating in a report on Thursday, August 14th. Keefe, Bruyette & Woods boosted their target price on shares of Bank of New York Mellon from $105.00 to $113.00 and gave the company an "outperform" rating in a report on Wednesday, July 16th. Wells Fargo & Company boosted their target price 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. Evercore ISI boosted their target price on shares of Bank of New York Mellon from $88.00 to $90.00 and gave the company an "in-line" rating in a report on Wednesday, July 2nd. Finally, Citigroup boosted their target price on shares of Bank of New York Mellon from $92.00 to $105.00 and gave the company a "neutral" rating in a report on Friday. Eight analysts have rated the stock with a Buy rating and six have issued a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $96.62.

Bank of New York Mellon Stock Down 1.8%

NYSE BK traded down $1.87 during trading hours on Friday, hitting $103.69. The company had a trading volume of 2,780,488 shares, compared to its average volume of 2,839,570. The Bank of New York Mellon Corporation has a fifty-two week low of $66.01 and a fifty-two week high of $106.57. The company has a market capitalization of $73.12 billion, a price-to-earnings ratio of 15.83, a P/E/G ratio of 0.98 and a beta of 1.14. The company has a debt-to-equity ratio of 0.86, a current ratio of 0.72 and a quick ratio of 0.72. The firm's 50 day moving average is $99.81 and its 200 day moving average is $89.89.

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

Bank of New York Mellon Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, August 7th. Stockholders of record on Friday, July 25th were paid a $0.53 dividend. This represents a $2.12 annualized dividend and a dividend yield of 2.0%. This is a boost from Bank of New York Mellon's previous quarterly dividend of $0.47. The ex-dividend date was Friday, July 25th. Bank of New York Mellon's payout ratio is currently 32.37%.

Insider Buying and Selling at Bank of New York Mellon

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

About Bank of New York Mellon

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.