Artisan Partners Limited Partnership Has $1.71 Billion Stock Position in Bank of New York Mellon Corporation $BNY

Key Points

• Artisan Partners trimmed its Bank of New York Mellon stake by 3.8% in the fourth quarter, but it still owns 14.76 million shares valued at about $1.71 billion, making BNY its fifth-largest holding.
• BNY posted stronger-than-expected first-quarter results, with EPS of $2.25 versus the $1.94 estimate and revenue of $5.41 billion versus $5.14 billion expected, while revenue rose 12.9% year over year.
• Insiders sold shares recently, including VP Shannon Marie Hobbs and EVP J Kevin Mccarthy, with total insider sales reaching 48,091 shares worth about $6.57 million over the last 90 days.

Artisan Partners Limited Partnership decreased its holdings in Bank of New York Mellon Corporation (NYSE:BNY - Free Report) by 3.8% in the 4th quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 14,759,534 shares of the bank's stock after selling 576,801 shares during the quarter. Bank of New York Mellon accounts for approximately 2.6% of Artisan Partners Limited Partnership's holdings, making the stock its 5th largest position. Artisan Partners Limited Partnership owned approximately 2.12% of Bank of New York Mellon worth $1,713,434,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently modified their holdings of BNY. Todd Asset Management LLC lifted its holdings in shares of Bank of New York Mellon by 37.5% in the fourth quarter. Todd Asset Management LLC now owns 370,998 shares of the bank's stock valued at $43,069,000 after buying an additional 101,142 shares during the period. CIBC Asset Management Inc lifted its holdings in shares of Bank of New York Mellon by 53.8% in the fourth quarter. CIBC Asset Management Inc now owns 182,002 shares of the bank's stock valued at $21,129,000 after buying an additional 63,627 shares during the period. First National Bank of Omaha acquired a new stake in shares of Bank of New York Mellon in the third quarter valued at $3,044,000. Cullen Investment Group LTD. lifted its holdings in shares of Bank of New York Mellon by 1,691.4% in the fourth quarter. Cullen Investment Group LTD. now owns 38,730 shares of the bank's stock valued at $4,610,000 after buying an additional 36,568 shares during the period. Finally, CIBC Bancorp USA Inc. acquired a new stake in shares of Bank of New York Mellon in the third quarter valued at $10,641,000. Institutional investors own 85.31% of the company's stock.

Insiders Place Their Bets

In related news, VP Shannon Marie Hobbs sold 297 shares of the stock in a transaction dated Friday, April 17th. The stock was sold at an average price of $137.05, for a total value of $40,703.85. Following the completion of the sale, the vice president directly owned 15,206 shares of the company's stock, valued at approximately $2,083,982.30. This represents a 1.92% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP J Kevin Mccarthy sold 30,000 shares of the stock in a transaction dated Friday, April 17th. The stock was sold at an average price of $136.50, for a total value of $4,095,000.00. Following the completion of the sale, the executive vice president directly owned 50,238 shares of the company's stock, valued at approximately $6,857,487. This represents a 37.39% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 48,091 shares of company stock valued at $6,568,423 in the last 90 days. Insiders own 0.17% of the company's stock.

Bank of New York Mellon Stock Up 1.3%

Shares of Bank of New York Mellon stock opened at $144.32 on Wednesday. The stock has a 50-day moving average price of $136.04 and a 200 day moving average price of $124.38. The company has a market cap of $99.06 billion, a P/E ratio of 17.88, a P/E/G ratio of 1.04 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 1 year low of $87.41 and a 1 year high of $146.45.

Bank of New York Mellon (NYSE:BNY - Get Free Report) last announced its quarterly earnings data on Thursday, April 16th. The bank reported $2.25 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.94 by $0.31. The firm had revenue of $5.41 billion during the quarter, compared to the consensus estimate of $5.14 billion. Bank of New York Mellon had a return on equity of 15.29% and a net margin of 14.60%.The business's revenue for the quarter was up 12.9% on a year-over-year basis. During the same period in the prior year, the business earned $1.58 EPS. As a group, analysts expect 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 disclosed 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 is currently 26.27%.

Analyst Ratings Changes

Several brokerages have recently commented on BNY. Wall Street Zen raised Bank of New York Mellon to a "hold" rating in a report on Saturday, May 23rd. Weiss Ratings raised Bank of New York Mellon from a "buy (a-)" rating to a "buy (a)" rating in a report on Monday, May 4th. Truist Financial upped their target price on Bank of New York Mellon from $140.00 to $148.00 and gave the company a "buy" rating in a report on Friday, April 17th. Citigroup began coverage on Bank of New York Mellon in a report on Monday, February 23rd. They set a "neutral" rating for the company. Finally, Keefe, Bruyette & Woods upped their target price on Bank of New York Mellon from $143.00 to $150.00 and gave the company an "outperform" rating in a report on Friday, April 17th. One investment analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and five have given a Hold rating to the company. According to MarketBeat, Bank of New York Mellon presently has a consensus rating of "Moderate Buy" and an average price target of $138.08.

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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