Bank of New York Mellon Corporation $BNY Shares Purchased by Forsta AP Fonden

Key Points

• Forsta AP Fonden increased its stake in Bank of New York Mellon by 12.6% in the fourth quarter, buying 23,600 additional shares and bringing its total to 210,400 shares worth about $24.4 million.
• Bank of New York Mellon reported strong quarterly results, with EPS of $2.25 beating estimates and revenue of $5.41 billion topping expectations. Revenue rose 12.9% year over year, and analysts now expect full-year EPS of 8.78.
• The company paid a quarterly dividend of $0.53 per share, or $2.12 annualized, for a yield of 1.5%. Meanwhile, analysts currently rate the stock a Moderate Buy with an average price target of $138.08.

Forsta AP Fonden increased its position in shares of Bank of New York Mellon Corporation (NYSE:BNY - Free Report) by 12.6% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 210,400 shares of the bank's stock after purchasing an additional 23,600 shares during the period. Forsta AP Fonden's holdings in Bank of New York Mellon were worth $24,425,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Thurston Springer Miller Herd & Titak Inc. acquired a new stake in Bank of New York Mellon during the fourth quarter worth about $27,000. Marquette Asset Management LLC boosted its stake in Bank of New York Mellon by 174.7% during the fourth quarter. Marquette Asset Management LLC now owns 261 shares of the bank's stock worth $30,000 after buying an additional 166 shares during the period. Valley Wealth Managers Inc. purchased a new position in Bank of New York Mellon during the third quarter worth about $33,000. Kohmann Bosshard Financial Services LLC purchased a new position in Bank of New York Mellon during the fourth quarter worth about $46,000. Finally, Godfrey Financial Associates Inc. purchased a new position in Bank of New York Mellon during the fourth quarter worth about $48,000. 85.31% of the stock is currently owned by institutional investors and hedge funds.

Bank of New York Mellon Trading Down 0.8%

NYSE BNY opened at $139.38 on Friday. The firm has a 50 day simple moving average of $130.07 and a 200-day simple moving average of $121.47. The company has a debt-to-equity ratio of 0.82, a quick ratio of 0.75 and a current ratio of 0.75. Bank of New York Mellon Corporation has a one year low of $87.41 and a one year high of $141.65. The firm has a market cap of $95.67 billion, a price-to-earnings ratio of 17.27, a PEG ratio of 1.02 and a beta of 1.08.

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 earnings per share (EPS) for the quarter, topping 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 company had revenue of $5.41 billion during the quarter, compared to the consensus estimate of $5.14 billion. During the same quarter in the previous year, the firm earned $1.58 earnings per share. The firm's quarterly revenue was up 12.9% on a year-over-year basis. Equities research analysts anticipate 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 company 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 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 payout ratio is currently 26.27%.

Insider Activity

In related news, 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 shares were sold at an average price of $136.50, for a total value of $4,095,000.00. Following the completion of the transaction, the executive vice president owned 50,238 shares in the company, valued at $6,857,487. The trade was a 37.39% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Kurtis R. Kurimsky sold 5,290 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 $136.02, for a total transaction of $719,545.80. Following the completion of the transaction, the insider owned 17,259 shares of the company's stock, valued at $2,347,569.18. This represents a 23.46% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 48,091 shares of company stock worth $6,568,423 over the last three months. Insiders own 0.17% of the company's stock.

Analysts Set New Price Targets

Several brokerages have weighed in on BNY. Weiss Ratings raised shares of Bank of New York Mellon from a "buy (a-)" rating to a "buy (a)" rating in a research note on Monday, May 4th. Morgan Stanley increased their target price on shares of Bank of New York Mellon from $135.00 to $139.00 and gave the stock an "equal weight" rating in a research note on Friday, April 17th. Truist Financial increased their target price on shares of Bank of New York Mellon from $140.00 to $148.00 and gave the stock a "buy" rating in a research note on Friday, April 17th. Wall Street Zen raised shares of Bank of New York Mellon to a "hold" rating in a research note on Saturday, May 23rd. Finally, Royal Bank Of Canada raised their price objective on shares of Bank of New York Mellon from $130.00 to $142.00 and gave the company a "sector perform" rating in a research note on Friday, April 17th. One investment 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. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price 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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