ASR Vermogensbeheer N.V. Trims Holdings in The Bank of New York Mellon Corporation $BK

Key Points

• ASR Vermogensbeheer N.V. reduced its stake in The Bank of New York Mellon Corporation by 4.8%, selling 6,950 shares in the second quarter and holding a total of 138,276 shares valued at approximately $12.6 million.
• Equities analysts have raised their price targets for Bank of New York Mellon, with Evercore ISI increasing its target from $91 to $110, and Wells Fargo raising its target from $96 to $100.
• Bank of New York Mellon recently announced an increase in its quarterly dividend from $0.47 to $0.53, providing a dividend yield of 2.0%.

ASR Vermogensbeheer N.V. cut its stake in The Bank of New York Mellon Corporation (NYSE:BK - Free Report) by 4.8% in the 2nd quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 138,276 shares of the bank's stock after selling 6,950 shares during the quarter. ASR Vermogensbeheer N.V.'s holdings in Bank of New York Mellon were worth $12,598,000 at the end of the most recent quarter.

Several other hedge funds also recently made changes to their positions in BK. Alpine Bank Wealth Management purchased a new position in Bank of New York Mellon during the first quarter worth about $25,000. Opal Wealth Advisors LLC purchased a new position in Bank of New York Mellon during the first quarter worth about $25,000. Hoey Investments Inc. purchased a new position in Bank of New York Mellon during the second quarter worth about $32,000. Orion Capital Management LLC purchased a new position in Bank of New York Mellon during the first quarter worth about $32,000. Finally, Cornerstone Planning Group LLC grew its position in Bank of New York Mellon by 100.0% during the first quarter. Cornerstone Planning Group LLC now owns 392 shares of the bank's stock worth $30,000 after buying an additional 196 shares in the last quarter. 85.31% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several equities analysts recently commented on the company. Evercore ISI boosted their target price on Bank of New York Mellon from $91.00 to $110.00 and gave the stock an "in-line" rating in a research report on Tuesday. TD Cowen started coverage on Bank of New York Mellon in a research note on Thursday, September 25th. They set a "buy" rating for the company. Wells Fargo & Company lifted their price target on Bank of New York Mellon from $96.00 to $100.00 and gave the stock an "equal weight" rating in a research note on Wednesday, July 16th. Truist Financial lifted their price target on Bank of New York Mellon from $100.00 to $109.00 and gave the stock a "hold" rating in a research note on Thursday, August 14th. Finally, Keefe, Bruyette & Woods lifted their price target on Bank of New York Mellon from $105.00 to $113.00 and gave the stock an "outperform" rating in a research note on Wednesday, July 16th. Eight research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company. According to data from MarketBeat, Bank of New York Mellon has a consensus rating of "Moderate Buy" and a consensus price target of $100.92.

Bank of New York Mellon Trading Down 1.9%

NYSE BK opened at $106.89 on Thursday. The Bank of New York Mellon Corporation has a 1-year low of $70.41 and a 1-year high of $110.87. The company has a current ratio of 0.72, a quick ratio of 0.72 and a debt-to-equity ratio of 0.86. The stock has a 50-day moving average of $104.36 and a 200-day moving average of $92.60. The firm has a market cap of $75.39 billion, a PE ratio of 16.32, a price-to-earnings-growth ratio of 1.03 and a beta of 1.13.

Bank of New York Mellon (NYSE:BK - Get Free Report) last released its earnings results on Tuesday, July 15th. The bank reported $1.94 earnings per share for the quarter, beating analysts' consensus estimates 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 company had revenue of $4.77 billion during the quarter, compared to analyst estimates of $4.80 billion. During the same quarter in the previous year, the company posted $1.51 EPS. Bank of New York Mellon's revenue for the quarter was up 9.4% on a year-over-year basis. As a group, sell-side analysts forecast that The Bank of New York Mellon Corporation will post 6.96 EPS for the current year.

Bank of New York Mellon Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, August 7th. Stockholders of record on Friday, July 25th were paid a $0.53 dividend. This is a boost from Bank of New York Mellon's previous quarterly dividend of $0.47. The ex-dividend date of this dividend was Friday, July 25th. This represents a $2.12 dividend on an annualized basis and a dividend yield of 2.0%. Bank of New York Mellon's dividend payout ratio is presently 32.37%.

Insider Buying and Selling at Bank of New York Mellon

In other news, EVP J Kevin Mccarthy sold 20,000 shares of the business'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 completion of the sale, the executive vice president owned 35,115 shares of the company's stock, valued at approximately $3,457,071.75. The trade was a 36.29% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Company insiders own 0.14% of the company's stock.

Bank of New York Mellon 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.

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