Arax Advisory Partners Has $1.81 Million Stake in Bank of New York Mellon Corporation $BNY

Key Points

• Arax Advisory Partners cut its BNY stake by 53.9% in the fourth quarter, selling 18,303 shares and leaving it with 15,627 shares valued at about $1.81 million.
• Analysts remain broadly positive on Bank of New York Mellon. The stock has a consensus rating of “Moderate Buy” with an average price target of $138.08, even as several firms recently raised their targets.
• BNY posted stronger-than-expected quarterly results, reporting EPS of $2.25 versus $1.94 expected and revenue of $5.41 billion, while also paying a quarterly dividend of $0.53 per share.

Arax Advisory Partners lowered its position in Bank of New York Mellon Corporation (NYSE:BNY - Free Report) by 53.9% during the fourth quarter, according to its most recent filing with the SEC. The firm owned 15,627 shares of the bank's stock after selling 18,303 shares during the period. Arax Advisory Partners' holdings in Bank of New York Mellon were worth $1,814,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also recently modified their holdings of BNY. Vanguard Group Inc. grew its stake in shares of Bank of New York Mellon by 0.9% in the 4th quarter. Vanguard Group Inc. now owns 71,319,884 shares of the bank's stock worth $8,279,525,000 after acquiring an additional 647,847 shares in the last quarter. Northwestern Mutual Wealth Management Co. grew its stake in shares of Bank of New York Mellon by 18,044.4% in the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 19,670,202 shares of the bank's stock worth $2,283,514,000 after acquiring an additional 19,561,793 shares in the last quarter. Ameriprise Financial Inc. boosted its holdings in shares of Bank of New York Mellon by 18.0% in the 3rd quarter. Ameriprise Financial Inc. now owns 13,345,266 shares of the bank's stock worth $1,454,116,000 after buying an additional 2,034,781 shares during the last quarter. Norges Bank purchased a new position in shares of Bank of New York Mellon in the 4th quarter worth about $1,398,624,000. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its holdings in shares of Bank of New York Mellon by 639.5% in the 3rd quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 7,076,729 shares of the bank's stock worth $771,080,000 after buying an additional 6,119,749 shares during the last quarter. Institutional investors and hedge funds own 85.31% of the company's stock.

Analyst Upgrades and Downgrades

BNY has been the topic of a number of research analyst reports. Royal Bank Of Canada boosted their price target on shares of Bank of New York Mellon from $130.00 to $142.00 and gave the stock a "sector perform" rating in a report on Friday, April 17th. Truist Financial boosted their price target on shares of Bank of New York Mellon from $140.00 to $148.00 and gave the stock a "buy" rating in a report on Friday, April 17th. Evercore set a $136.00 price target on shares of Bank of New York Mellon in a report on Friday, April 17th. Barclays boosted their price target on shares of Bank of New York Mellon from $143.00 to $149.00 and gave the stock an "overweight" rating in a report on Friday, April 17th. Finally, JPMorgan Chase & Co. boosted their price target on shares of Bank of New York Mellon from $130.50 to $140.00 and gave the stock an "overweight" rating in a report on Monday, May 11th. One investment analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and five have given a Hold rating to the company. According to data from MarketBeat, Bank of New York Mellon has an average rating of "Moderate Buy" and a consensus target price of $138.08.

Insiders Place Their Bets

In other news, EVP Alejandro Perez sold 12,504 shares of Bank of New York Mellon stock in a transaction dated Friday, April 17th. The stock was sold at an average price of $137.01, for a total value of $1,713,173.04. Following the completion of the transaction, the executive vice president owned 62,613 shares of the company's stock, valued at $8,578,607.13. The trade was a 16.65% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP J Kevin Mccarthy sold 30,000 shares of the stock in a transaction on Friday, April 17th. The shares were sold at an average price of $136.50, for a total value of $4,095,000.00. Following the sale, the executive vice president directly owned 50,238 shares in the company, valued at $6,857,487. This trade represents a 37.39% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders sold 48,091 shares of company stock worth $6,568,423. Insiders own 0.17% of the company's stock.

Bank of New York Mellon Stock Down 1.0%

BNY stock opened at $142.48 on Tuesday. Bank of New York Mellon Corporation has a 1-year low of $87.41 and a 1-year high of $146.45. The company has a current ratio of 0.75, a quick ratio of 0.75 and a debt-to-equity ratio of 0.82. The company's 50 day moving average is $135.59 and its 200 day moving average is $124.14. The stock has a market cap of $97.80 billion, a price-to-earnings ratio of 17.66, a price-to-earnings-growth ratio of 1.05 and a beta of 1.07.

Bank of New York Mellon (NYSE:BNY - Get Free Report) last issued its quarterly earnings results on Thursday, April 16th. The bank reported $2.25 EPS for the quarter, beating analysts' consensus estimates of $1.94 by $0.31. Bank of New York Mellon had a net margin of 14.60% and a return on equity of 15.29%. The business had revenue of $5.41 billion for the quarter, compared to analysts' expectations of $5.14 billion. During the same period last year, the business earned $1.58 earnings per share. The business's quarterly revenue was up 12.9% on a year-over-year basis. Sell-side analysts predict that Bank of New York Mellon Corporation will post 8.78 EPS for the current fiscal year.

Bank of New York Mellon Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, May 8th. Investors of record on Monday, April 27th were paid 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 yield of 1.5%. Bank of New York Mellon's dividend payout ratio (DPR) is presently 26.27%.

About Bank of New York Mellon

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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