Azimuth Capital Investment Management LLC Reduces Stock Holdings in The Bank of New York Mellon Corporation $BK

Key Points

• Azimuth Capital Investment Management LLC has reduced its stake in The Bank of New York Mellon Corporation by 1.2%, now holding approximately 408,915 shares worth about $34.3 million.
• Recent analyst reports highlight an increased price target for Bank of New York Mellon, with Truist Financial raising it from $100 to $109 and Keefe, Bruyette & Woods from $105 to $113, indicating positive market sentiment.
• The company recently announced a dividend increase to $0.53 per share, up from $0.47, reflecting a strong return with an annualized dividend yield of 2.1%.

Azimuth Capital Investment Management LLC lessened its stake in shares of The Bank of New York Mellon Corporation (NYSE:BK - Free Report) by 1.2% in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 408,915 shares of the bank's stock after selling 4,907 shares during the quarter. Bank of New York Mellon comprises 1.4% of Azimuth Capital Investment Management LLC's portfolio, making the stock its 11th largest holding. Azimuth Capital Investment Management LLC owned approximately 0.06% of Bank of New York Mellon worth $34,296,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also recently modified their holdings of BK. Revolve Wealth Partners LLC bought a new stake in shares of Bank of New York Mellon during the 4th quarter valued at about $220,000. Rockefeller Capital Management L.P. grew its stake in Bank of New York Mellon by 101.4% in the fourth quarter. Rockefeller Capital Management L.P. now owns 59,446 shares of the bank's stock worth $4,563,000 after purchasing an additional 29,927 shares during the period. Townsquare Capital LLC grew its stake in Bank of New York Mellon by 34.3% in the fourth quarter. Townsquare Capital LLC now owns 29,544 shares of the bank's stock worth $2,270,000 after purchasing an additional 7,543 shares during the period. Sagespring Wealth Partners LLC purchased a new stake in shares of Bank of New York Mellon in the fourth quarter worth $403,000. Finally, Advisors Capital Management LLC grew its stake in shares of Bank of New York Mellon by 20.7% in the fourth quarter. Advisors Capital Management LLC now owns 5,459 shares of the bank's stock worth $419,000 after acquiring an additional 938 shares during the last quarter. Institutional investors own 85.31% of the company's stock.

Insider Activity

In other news, EVP J Kevin Mccarthy sold 20,000 shares of Bank of New York Mellon stock in a transaction on 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 transaction, the executive vice president directly owned 35,115 shares in the company, valued at approximately $3,457,071.75. This trade represents a 36.29% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Corporate insiders own 0.14% of the company's stock.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on BK. Wells Fargo & Company upped their price target on Bank of New York Mellon from $96.00 to $100.00 and gave the company an "equal weight" rating in a report on Wednesday, July 16th. Truist Financial raised their price objective 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. Keefe, Bruyette & Woods increased their target price on Bank of New York Mellon from $105.00 to $113.00 and gave the stock an "outperform" rating in a research report on Wednesday, July 16th. Evercore ISI raised their price target on Bank of New York Mellon from $88.00 to $90.00 and gave the company an "in-line" rating in a report on Wednesday, July 2nd. Finally, Morgan Stanley upped their target price on shares of Bank of New York Mellon from $95.00 to $101.00 and gave the company an "overweight" rating in a research report on Wednesday, July 16th. Eight equities research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company. Based on data from MarketBeat, Bank of New York Mellon has an average rating of "Moderate Buy" and a consensus target price of $95.08.

Bank of New York Mellon Stock Down 0.4%

NYSE BK traded down $0.4150 on Tuesday, reaching $101.3250. 1,018,127 shares of the stock traded hands, compared to its average volume of 4,212,520. The Bank of New York Mellon Corporation has a 12 month low of $65.01 and a 12 month high of $104.47. The company has a fifty day moving average price of $96.00 and a 200-day moving average price of $88.21. The company has a market cap of $71.46 billion, a price-to-earnings ratio of 15.46, a PEG ratio of 0.97 and a beta of 1.12. The company has a debt-to-equity ratio of 0.86, a quick ratio of 0.72 and a current ratio of 0.72.

Bank of New York Mellon (NYSE:BK - Get Free Report) last announced its quarterly earnings results on Tuesday, July 15th. The bank reported $1.94 earnings per share (EPS) 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 business had revenue of $4.77 billion for the quarter, compared to the consensus estimate of $4.80 billion. During the same period last year, the business posted $1.51 EPS. The business's revenue was up 9.4% compared to the same quarter last year. As a group, research analysts forecast that The Bank of New York Mellon Corporation will post 6.96 EPS for the current fiscal year.

Bank of New York Mellon Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, August 7th. Stockholders of record on Friday, July 25th were issued a $0.53 dividend. The ex-dividend date was Friday, July 25th. This represents a $2.12 dividend on an annualized basis and a dividend yield of 2.1%. This is a boost from Bank of New York Mellon's previous quarterly dividend of $0.47. Bank of New York Mellon's dividend payout ratio (DPR) is 32.37%.

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.