Bank of New York Mellon Corporation $BNY Shares Sold by Hsbc Holdings PLC

Key Points

• HSBC Holdings PLC cut its stake in Bank of New York Mellon by 10.6% in the fourth quarter, selling 280,944 shares and leaving it with 2,363,580 shares valued at about $274.7 million.
• BNY Mellon posted strong quarterly results, reporting EPS of $2.25 versus the $1.94 consensus estimate and revenue of $5.41 billion, up 12.9% year over year.
• The company also maintained a steady dividend, paying a quarterly $0.53 per share dividend, while analysts currently hold a consensus Moderate Buy rating with a $142.77 price target.

Hsbc Holdings PLC lessened its stake in Bank of New York Mellon Corporation (NYSE:BNY - Free Report) by 10.6% in the 4th quarter, according to its most recent filing with the SEC. The firm owned 2,363,580 shares of the bank's stock after selling 280,944 shares during the quarter. Hsbc Holdings PLC owned 0.34% of Bank of New York Mellon worth $274,705,000 as of its most recent filing with the SEC.

Other large investors have also recently made changes to their positions in the company. Abound Financial LLC purchased a new stake in shares of Bank of New York Mellon in the 4th quarter valued at approximately $25,000. Thurston Springer Miller Herd & Titak Inc. purchased a new stake in shares of Bank of New York Mellon during the 4th quarter worth $27,000. MCF Advisors LLC grew its stake in shares of Bank of New York Mellon by 74.8% during the fourth quarter. MCF Advisors LLC now owns 236 shares of the bank's stock worth $27,000 after purchasing an additional 101 shares in the last quarter. Marquette Asset Management LLC increased its holdings in Bank of New York Mellon by 174.7% in the fourth quarter. Marquette Asset Management LLC now owns 261 shares of the bank's stock valued at $30,000 after buying an additional 166 shares during the last quarter. Finally, Heritage Wealth Advisors purchased a new position in Bank of New York Mellon in the fourth quarter valued at $31,000. 85.31% of the stock is currently owned by hedge funds and other institutional investors.

Bank of New York Mellon Stock Performance

Shares of BNY stock opened at $146.27 on Friday. The stock has a market capitalization of $100.40 billion, a PE ratio of 18.13, a price-to-earnings-growth ratio of 1.06 and a beta of 1.07. The company has a quick ratio of 0.75, a current ratio of 0.75 and a debt-to-equity ratio of 0.82. The stock's 50-day moving average price is $139.51 and its 200 day moving average price is $126.96. Bank of New York Mellon Corporation has a 52-week low of $91.96 and a 52-week high of $148.50.

Bank of New York Mellon (NYSE:BNY - Get Free Report) last released 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. Bank of New York Mellon had a return on equity of 15.29% and a net margin of 14.60%.The business had revenue of $5.41 billion during the quarter, compared to analysts' expectations of $5.14 billion. During the same quarter in the prior year, the business earned $1.58 earnings per share. The company's quarterly revenue was up 12.9% compared to the same quarter last year. As a group, equities research analysts forecast that Bank of New York Mellon Corporation will post 8.85 EPS for the current year.

Bank of New York Mellon Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, May 8th. Stockholders of record on Monday, April 27th were paid a dividend of $0.53 per share. This represents a $2.12 dividend on an annualized basis and a dividend yield of 1.4%. The ex-dividend date of this dividend was Monday, April 27th. Bank of New York Mellon's dividend payout ratio is 26.27%.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on the company. Citigroup boosted their target price on Bank of New York Mellon from $136.00 to $167.00 and gave the stock a "neutral" rating in a research note on Tuesday, June 23rd. Morgan Stanley increased their target price 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. Wall Street Zen upgraded shares of Bank of New York Mellon to a "hold" rating in a research note on Saturday, May 23rd. Evercore set a $136.00 price target on shares of Bank of New York Mellon in a research report on Friday, April 17th. Finally, Keefe, Bruyette & Woods raised their price target on Bank of New York Mellon from $143.00 to $150.00 and gave the stock an "outperform" rating in a research note on Friday, April 17th. One research analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and five have assigned a Hold rating to the stock. According to MarketBeat, Bank of New York Mellon currently has a consensus rating of "Moderate Buy" and a consensus price target of $142.77.

Insiders Place Their Bets

In other Bank of New York Mellon news, VP Shannon Marie Hobbs sold 297 shares of the firm's stock in a transaction on 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 owned 15,206 shares of the company's stock, valued at approximately $2,083,982.30. This trade represents a 1.92% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Kurtis R. Kurimsky sold 5,290 shares of the firm's stock in a transaction dated Friday, April 17th. The shares were sold at an average price of $136.02, for a total transaction of $719,545.80. Following the completion of the sale, the insider owned 17,259 shares of the company's stock, valued at $2,347,569.18. This trade represents a 23.46% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders have sold 48,091 shares of company stock worth $6,568,423. 0.17% of the stock is owned by insiders.

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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