Arrowstreet Capital Limited Partnership Sells 457,097 Shares of Bank of New York Mellon Corporation $BNY

Key Points

• Arrowstreet Capital cut its Bank of New York Mellon stake by 13.4% in the fourth quarter, selling 457,097 shares and ending with 2.95 million shares valued at about $342.9 million.
• BNY posted stronger-than-expected quarterly results, reporting $2.25 EPS versus $1.94 expected and revenue of $5.41 billion, up 12.9% from a year earlier.
• The company also paid a quarterly dividend of $0.53 per share and has drawn generally positive analyst sentiment, with a consensus rating of “Moderate Buy” and an average price target of $138.08.

Arrowstreet Capital Limited Partnership decreased its stake in shares of Bank of New York Mellon Corporation (NYSE:BNY - Free Report) by 13.4% in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 2,953,391 shares of the bank's stock after selling 457,097 shares during the quarter. Arrowstreet Capital Limited Partnership owned about 0.42% of Bank of New York Mellon worth $342,859,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the stock. Linscomb Wealth Inc. boosted its position in shares of Bank of New York Mellon by 2.5% during the fourth quarter. Linscomb Wealth Inc. now owns 3,240 shares of the bank's stock worth $376,000 after acquiring an additional 80 shares during the last quarter. Ransom Advisory Ltd boosted its position in shares of Bank of New York Mellon by 1.3% during the fourth quarter. Ransom Advisory Ltd now owns 6,777 shares of the bank's stock worth $787,000 after acquiring an additional 85 shares during the last quarter. Mather Group LLC. lifted its position in Bank of New York Mellon by 0.9% during the fourth quarter. Mather Group LLC. now owns 9,232 shares of the bank's stock valued at $1,072,000 after purchasing an additional 86 shares during the last quarter. Parkside Financial Bank & Trust lifted its position in Bank of New York Mellon by 3.2% during the fourth quarter. Parkside Financial Bank & Trust now owns 2,805 shares of the bank's stock valued at $326,000 after purchasing an additional 88 shares during the last quarter. Finally, Essex Financial Services Inc. lifted its position in Bank of New York Mellon by 0.5% during the fourth quarter. Essex Financial Services Inc. now owns 17,584 shares of the bank's stock valued at $2,041,000 after purchasing an additional 89 shares during the last quarter. Institutional investors own 85.31% of the company's stock.

Bank of New York Mellon Price Performance

Bank of New York Mellon stock opened at $143.74 on Monday. The firm has a 50-day moving average price of $135.19 and a 200-day moving average price of $123.91. The firm has a market capitalization of $98.66 billion, a PE ratio of 17.81, a price-to-earnings-growth ratio of 1.05 and a beta of 1.07. The company has a current ratio of 0.75, a quick ratio of 0.75 and a debt-to-equity ratio of 0.82. Bank of New York Mellon Corporation has a 12-month low of $87.41 and a 12-month high of $145.02.

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

Bank of New York Mellon Announces Dividend

The business 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. This represents a $2.12 annualized dividend and a yield of 1.5%. The ex-dividend date of this dividend was Monday, April 27th. Bank of New York Mellon's dividend payout ratio (DPR) is currently 26.27%.

Insider Activity at Bank of New York Mellon

In other news, insider Kurtis R. Kurimsky sold 5,290 shares of the business'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 owned 17,259 shares in the company, valued at approximately $2,347,569.18. The trade was a 23.46% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP J Kevin Mccarthy sold 30,000 shares of Bank of New York Mellon stock in a transaction that occurred on Friday, April 17th. The stock was sold at an average price of $136.50, for a total transaction of $4,095,000.00. Following the completion of the transaction, the executive vice president directly owned 50,238 shares in the company, valued at approximately $6,857,487. The trade was a 37.39% decrease in their position. The SEC filing for this sale provides additional information. Over the last quarter, insiders sold 48,091 shares of company stock worth $6,568,423. 0.17% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

Several equities analysts have commented on the stock. Citigroup assumed coverage on shares of Bank of New York Mellon in a research report on Monday, February 23rd. They set a "neutral" rating for the company. Keefe, Bruyette & Woods increased their price objective on shares of Bank of New York Mellon from $143.00 to $150.00 and gave the company an "outperform" rating in a research report on Friday, April 17th. Morgan Stanley increased their price objective on shares of Bank of New York Mellon from $135.00 to $139.00 and gave the company an "equal weight" rating in a research report on Friday, April 17th. Barclays increased their price objective on shares of Bank of New York Mellon from $143.00 to $149.00 and gave the company an "overweight" rating in a research report on Friday, April 17th. Finally, Evercore set a $136.00 price objective on shares of Bank of New York Mellon in a research report on Friday, April 17th. One analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and five have issued a Hold rating to the company's stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average 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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