The Bank of New York Mellon Corporation $BK Shares Sold by Amundi

Key Points

• Amundi sold 674,606 shares of The Bank of New York Mellon Corporation, reducing its holdings by 9.2%, and now owns approximately 6.68 million shares valued at $534.47 million.
• The Bank of New York Mellon has announced an increase in its quarterly dividend to $0.53 per share, reflecting its financial strength, with a payout ratio of 32.37%.
• Recent analyst upgrades have raised the target price for Bank of New York Mellon, with ratings from various firms indicating a consensus "Moderate Buy" with a target price of $95.08.

Amundi reduced its stake in The Bank of New York Mellon Corporation (NYSE:BK - Free Report) by 9.2% during the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 6,688,409 shares of the bank's stock after selling 674,606 shares during the period. Amundi owned 0.93% of Bank of New York Mellon worth $534,471,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Sax Wealth Advisors LLC raised its stake in Bank of New York Mellon by 2.3% during the 1st quarter. Sax Wealth Advisors LLC now owns 5,278 shares of the bank's stock worth $443,000 after acquiring an additional 117 shares in the last quarter. Hemington Wealth Management raised its stake in Bank of New York Mellon by 8.0% during the 1st quarter. Hemington Wealth Management now owns 1,628 shares of the bank's stock worth $136,000 after acquiring an additional 121 shares in the last quarter. Y.D. More Investments Ltd raised its stake in Bank of New York Mellon by 13.8% during the 1st quarter. Y.D. More Investments Ltd now owns 1,030 shares of the bank's stock worth $86,000 after acquiring an additional 125 shares in the last quarter. Haverford Trust Co raised its stake in Bank of New York Mellon by 4.3% during the 1st quarter. Haverford Trust Co now owns 3,133 shares of the bank's stock worth $263,000 after acquiring an additional 130 shares in the last quarter. Finally, Pinnacle Wealth Planning Services Inc. raised its stake in Bank of New York Mellon by 2.4% during the 1st quarter. Pinnacle Wealth Planning Services Inc. now owns 5,906 shares of the bank's stock worth $495,000 after acquiring an additional 136 shares in the last quarter. 85.31% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In other Bank of New York Mellon news, EVP J Kevin Mccarthy sold 20,000 shares of the firm's stock in a transaction on Tuesday, July 22nd. The stock was sold at an average price of $98.45, for a total value of $1,969,000.00. Following the completion of the sale, the executive vice president 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 0.14% of the company's stock.

Bank of New York Mellon Stock Performance

Shares of NYSE BK traded down $1.87 during mid-day trading on Friday, hitting $103.69. 2,780,488 shares of the company were exchanged, compared to its average volume of 2,839,570. The company has a quick ratio of 0.72, a current ratio of 0.72 and a debt-to-equity ratio of 0.86. The stock has a 50 day simple moving average of $99.81 and a 200-day simple moving average of $89.88. The Bank of New York Mellon Corporation has a 1-year low of $66.01 and a 1-year high of $106.57. The firm has a market cap of $73.13 billion, a price-to-earnings ratio of 15.83, a price-to-earnings-growth ratio of 1.00 and a beta of 1.14.

Bank of New York Mellon (NYSE:BK - Get Free Report) last issued 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 return on equity of 13.46% and a net margin of 12.27%.The firm had revenue of $4.77 billion during the quarter, compared to the consensus estimate of $4.80 billion. During the same period last year, the company earned $1.51 earnings per share. The company's revenue for the quarter was up 9.4% on a year-over-year basis. On average, sell-side analysts forecast 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 business also recently declared a quarterly dividend, which was paid on Thursday, August 7th. Investors of record on Friday, July 25th were issued a dividend of $0.53 per share. 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 dividend yield of 2.0%. The ex-dividend date of this dividend was Friday, July 25th. Bank of New York Mellon's dividend payout ratio is 32.37%.

Analyst Upgrades and Downgrades

Several brokerages recently commented on BK. Morgan Stanley lifted 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. Truist Financial raised 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. Citigroup raised their target price on shares of Bank of New York Mellon from $92.00 to $105.00 and gave the stock a "neutral" rating in a research report on Friday. Keefe, Bruyette & Woods raised 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 report on Wednesday, July 16th. Finally, Evercore ISI raised their target price 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 report on Wednesday, July 2nd. Eight equities research analysts have rated the stock with a Buy rating and six have given a Hold rating to the company's stock. Based on data from MarketBeat.com, Bank of New York Mellon presently has an average rating of "Moderate Buy" and a consensus price target of $96.62.

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.