Allstate Corp Boosts Stock Position in Bank of New York Mellon Corporation $BNY

Key Points

• Allstate Corp more than doubled its stake in Bank of New York Mellon during the fourth quarter, increasing holdings by 104.9% to 52,869 shares valued at about $6.1 million.
• BNY reported strong quarterly results, with EPS of $2.25 beating estimates and revenue of $5.41 billion topping expectations, while revenue rose 12.9% year over year.
• The bank also paid a quarterly dividend of $0.53 per share and has drawn mostly positive analyst sentiment, including a consensus rating of Moderate Buy with a price target of $138.08.

Allstate Corp lifted its position in Bank of New York Mellon Corporation (NYSE:BNY - Free Report) by 104.9% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 52,869 shares of the bank's stock after acquiring an additional 27,068 shares during the period. Allstate Corp's holdings in Bank of New York Mellon were worth $6,138,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also recently made changes to their positions in the company. Revolve Wealth Partners LLC acquired a new position in Bank of New York Mellon during the fourth quarter worth $220,000. Sivia Capital Partners LLC raised its position in Bank of New York Mellon by 36.6% in the second quarter. Sivia Capital Partners LLC now owns 3,394 shares of the bank's stock valued at $309,000 after purchasing an additional 909 shares during the period. Jump Financial LLC purchased a new stake in Bank of New York Mellon in the second quarter valued at $2,482,000. Treasurer of the State of North Carolina raised its position in Bank of New York Mellon by 1.7% in the second quarter. Treasurer of the State of North Carolina now owns 334,388 shares of the bank's stock valued at $30,466,000 after purchasing an additional 5,445 shares during the period. Finally, Osterweis Capital Management Inc. raised its position in Bank of New York Mellon by 11,890.0% in the second quarter. Osterweis Capital Management Inc. now owns 1,199 shares of the bank's stock valued at $109,000 after purchasing an additional 1,189 shares during the period. 85.31% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Bank of New York Mellon

In related news, VP Shannon Marie Hobbs sold 297 shares of the company's stock in a transaction dated Friday, April 17th. The stock was sold at an average price of $137.05, for a total value of $40,703.85. Following the completion of the sale, the vice president directly owned 15,206 shares of the company's stock, valued at $2,083,982.30. This represents a 1.92% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Kurtis R. Kurimsky sold 5,290 shares of the company's stock in a transaction dated Friday, April 17th. The shares were sold at an average price of $136.02, for a total value of $719,545.80. Following the completion of the sale, the insider directly owned 17,259 shares of the company's stock, valued at approximately $2,347,569.18. This trade represents a 23.46% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 48,091 shares of company stock valued at $6,568,423 in the last 90 days. Company insiders own 0.17% of the company's stock.

Bank of New York Mellon Trading Up 1.6%

NYSE:BNY opened at $141.38 on Wednesday. The stock has a 50-day simple moving average of $128.60 and a 200-day simple moving average of $120.91. The stock has a market cap of $97.30 billion, a P/E ratio of 17.52, a P/E/G ratio of 1.02 and a beta of 1.08. Bank of New York Mellon Corporation has a 1 year low of $87.41 and a 1 year high of $141.65. The company has a debt-to-equity ratio of 0.82, a quick ratio of 0.75 and a current ratio of 0.75.

Bank of New York Mellon (NYSE:BNY - Get Free Report) last released its quarterly earnings data on Thursday, April 16th. The bank reported $2.25 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.94 by $0.31. The business had revenue of $5.41 billion during the quarter, compared to analysts' expectations of $5.14 billion. Bank of New York Mellon had a return on equity of 15.29% and a net margin of 14.60%.The business's quarterly revenue was up 12.9% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.58 EPS. As a group, analysts anticipate that Bank of New York Mellon Corporation will post 8.78 earnings per share for the current fiscal year.

Bank of New York Mellon Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, May 8th. Investors of record on Monday, April 27th were given a $0.53 dividend. The ex-dividend date of this dividend was Monday, April 27th. This represents a $2.12 dividend on an annualized basis and a dividend yield of 1.5%. Bank of New York Mellon's dividend payout ratio is 26.27%.

Wall Street Analyst Weigh In

A number of research firms have commented on BNY. JPMorgan Chase & Co. lifted their target price on Bank of New York Mellon from $130.50 to $140.00 and gave the company an "overweight" rating in a research report on Monday, May 11th. Weiss Ratings upgraded Bank of New York Mellon from a "buy (a-)" rating to a "buy (a)" rating in a research report on Monday, May 4th. Citigroup began coverage on Bank of New York Mellon in a research report on Monday, February 23rd. They issued a "neutral" rating on the stock. Keefe, Bruyette & Woods boosted their price objective on Bank of New York Mellon from $143.00 to $150.00 and gave the company an "outperform" rating in a report on Friday, April 17th. Finally, Morgan Stanley boosted their price objective on Bank of New York Mellon from $135.00 to $139.00 and gave the company an "equal weight" rating in a report on Friday, April 17th. One equities research analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and five have assigned a Hold rating to the stock. According to data from MarketBeat, Bank of New York Mellon currently has a consensus rating of "Moderate Buy" and a consensus price target of $138.08.

Bank of New York Mellon Company Profile

BNY, formerly known as BNY Mellon, is a global financial services company headquartered in New York City. Formed in 2007 through the merger of the Bank of New York and Mellon Financial Corporation, BNY traces its roots back to 1784, making it one of the oldest banking institutions in the United States. It was also the first company listed on the New York Stock Exchange.

BNY operates at the center of the world's capital markets, partnering with clients to help them operate more efficiently and accelerate growth.

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