APG Asset Management N.V. Sells 7,800 Shares of The Bank of New York Mellon Corporation $BK

Key Points

• APG Asset Management N.V. has reduced its stake in The Bank of New York Mellon Corporation by 1.9%, now holding 395,500 shares valued at approximately $30.7 million.
• Several institutional investors, including Ameriprise Financial and Northern Trust, have increased their positions in Bank of New York Mellon, with 85.31% of the stock owned by hedge funds and other institutional investors.
• The bank recently increased its quarterly dividend from $0.47 to $0.53, indicating a 2.1% dividend yield for investors.

APG Asset Management N.V. lessened its holdings in The Bank of New York Mellon Corporation (NYSE:BK - Free Report) by 1.9% during the first quarter, according to its most recent disclosure with the SEC. The institutional investor owned 395,500 shares of the bank's stock after selling 7,800 shares during the period. APG Asset Management N.V. owned 0.06% of Bank of New York Mellon worth $30,708,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. Alpine Bank Wealth Management bought a new position in Bank of New York Mellon in the first quarter valued at $25,000. Opal Wealth Advisors LLC bought a new position in Bank of New York Mellon in the first quarter valued at $25,000. Parvin Asset Management LLC bought a new position in Bank of New York Mellon in the fourth quarter valued at $25,000. Bellwether Advisors LLC bought a new position in Bank of New York Mellon in the fourth quarter valued at $28,000. Finally, Cornerstone Planning Group LLC increased its stake in Bank of New York Mellon by 100.0% in the first quarter. Cornerstone Planning Group LLC now owns 392 shares of the bank's stock valued at $30,000 after acquiring an additional 196 shares during the last quarter. Institutional investors own 85.31% of the company's stock.

Bank of New York Mellon Trading Up 1.4%

Shares of NYSE BK traded up $1.42 during trading hours on Tuesday, hitting $104.54. The company's stock had a trading volume of 3,619,553 shares, compared to its average volume of 3,276,520. The company has a debt-to-equity ratio of 0.86, a quick ratio of 0.72 and a current ratio of 0.72. The stock has a market cap of $73.73 billion, a price-to-earnings ratio of 15.96, a P/E/G ratio of 0.97 and a beta of 1.12. The Bank of New York Mellon Corporation has a 12 month low of $66.01 and a 12 month high of $104.76. The business has a 50-day simple moving average of $97.52 and a 200-day simple moving average of $88.89.

Bank of New York Mellon (NYSE:BK - Get Free Report) last posted 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 company had revenue of $4.77 billion for the quarter, compared to analysts' expectations 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 quarterly revenue was up 9.4% on a year-over-year basis. During the same period last year, the firm earned $1.51 earnings per share. On average, 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 firm also recently announced a quarterly dividend, which was paid on Thursday, August 7th. Investors of record on Friday, July 25th were paid a $0.53 dividend. The ex-dividend date of this dividend was Friday, July 25th. 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%. Bank of New York Mellon's payout ratio is 32.37%.

Analysts Set New Price Targets

A number of research analysts recently commented on the company. Morgan Stanley increased 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 note on Wednesday, July 16th. Wells Fargo & Company increased their target price on Bank of New York Mellon from $96.00 to $100.00 and gave the company an "equal weight" rating in a research note on Wednesday, July 16th. Evercore ISI increased 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 note on Wednesday, July 2nd. Keefe, Bruyette & Woods raised their price objective on 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. Finally, Truist Financial raised their price objective 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. Eight investment analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company's stock. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $95.08.

Insider Activity

In related 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 value of $1,969,000.00. Following the sale, the executive vice president directly owned 35,115 shares of the company's stock, valued at $3,457,071.75. This trade represents a 36.29% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 0.14% of the stock is owned by insiders.

Bank of New York Mellon Company 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.