American Century Companies Inc. Cuts Stock Holdings in The Bank of New York Mellon Corporation $BK

Key Points

• American Century Companies Inc. reduced its stake in The Bank of New York Mellon Corporation by 18.6%, selling 883,615 shares and now holds approximately 3.86 million shares valued at $323.48 million.
• Multiple hedge funds increased their positions in Bank of New York Mellon, with Ameriprise Financial owning 11.82 million shares valued at $908.28 million and Northern Trust increasing its holdings by 19.1%.
• The company recently declared a quarterly dividend of $0.53, up from $0.47, representing a 2.0% dividend yield with a payout ratio of 32.37%.

American Century Companies Inc. decreased its position in The Bank of New York Mellon Corporation (NYSE:BK - Free Report) by 18.6% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 3,856,915 shares of the bank's stock after selling 883,615 shares during the quarter. American Century Companies Inc. owned about 0.54% of Bank of New York Mellon worth $323,480,000 as of its most recent SEC filing.

A number of other hedge funds have also recently added to or reduced their stakes in BK. TrueMark Investments LLC bought a new position in shares of Bank of New York Mellon in the 1st quarter valued at $4,282,000. Wealth Enhancement Advisory Services LLC raised its holdings in Bank of New York Mellon by 29.1% during the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 223,438 shares of the bank's stock valued at $18,740,000 after acquiring an additional 50,368 shares during the period. Formidable Asset Management LLC purchased a new position in shares of Bank of New York Mellon during the 1st quarter valued at $247,000. Sumitomo Mitsui DS Asset Management Company Ltd grew its position in shares of Bank of New York Mellon by 121.8% during the 1st quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 183,602 shares of the bank's stock valued at $15,399,000 after purchasing an additional 100,810 shares in the last quarter. Finally, Benson Investment Management Company Inc. purchased a new position in shares of Bank of New York Mellon during the 1st quarter valued at $5,259,000. Institutional investors own 85.31% of the company's stock.

Wall Street Analyst Weigh In

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

Insider Activity 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 on Tuesday, July 22nd. The shares were sold at an average price of $98.45, for a total transaction of $1,969,000.00. Following the sale, the executive vice president directly owned 35,115 shares in the company, valued at $3,457,071.75. This trade represents a 36.29% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. 0.14% of the stock is owned by insiders.

Bank of New York Mellon Stock Performance

BK stock traded down $0.7530 on Tuesday, hitting $100.9870. The company had a trading volume of 3,206,850 shares, compared to its average volume of 4,226,446. 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 $65.01 and a 12-month high of $104.47. The stock has a market cap of $71.22 billion, a price-to-earnings ratio of 15.42, a P/E/G ratio of 0.97 and a beta of 1.12. The stock's 50-day simple moving average is $96.00 and its 200 day simple moving average is $88.21.

Bank of New York Mellon (NYSE:BK - Get Free Report) last released its quarterly earnings results on Tuesday, July 15th. The bank reported $1.94 earnings per share for the quarter, topping the consensus estimate of $1.73 by $0.21. Bank of New York Mellon had a net margin of 12.27% and a return on equity of 13.46%. The business had revenue of $4.77 billion for the quarter, compared to the consensus estimate of $4.80 billion. During the same period last year, the firm earned $1.51 earnings per share. The company's quarterly revenue was up 9.4% on a year-over-year basis. As a group, equities research analysts expect 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 disclosed a quarterly dividend, which was paid on Thursday, August 7th. Stockholders of record on Friday, July 25th were given a dividend of $0.53 per share. This represents a $2.12 annualized dividend and a dividend yield of 2.1%. The ex-dividend date was Friday, July 25th. This is a positive change from Bank of New York Mellon's previous quarterly dividend of $0.47. Bank of New York Mellon's payout ratio is 32.37%.

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.