Bank of New York Mellon Corporation $BNY Shares Sold by LSV Asset Management

Key Points

• LSV Asset Management cut its stake in Bank of New York Mellon by 12.8% in the fourth quarter, selling 726,382 shares and leaving it with 4.94 million shares valued at about $573.8 million.
• BNY reported better-than-expected quarterly results, with EPS of $2.25 versus $1.94 expected and revenue of $5.41 billion, up 12.9% from a year ago.
• The company declared a quarterly dividend of $0.53 per share, and analysts remain generally constructive with a consensus rating of Moderate Buy and an average price target of $138.08.

LSV Asset Management lessened its holdings in Bank of New York Mellon Corporation (NYSE:BNY - Free Report) by 12.8% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 4,942,656 shares of the bank's stock after selling 726,382 shares during the quarter. Bank of New York Mellon makes up approximately 1.3% of LSV Asset Management's holdings, making the stock its 6th biggest holding. LSV Asset Management owned about 0.71% of Bank of New York Mellon worth $573,793,000 at the end of the most recent quarter.

Several other hedge funds also recently modified their holdings of BNY. Northwestern Mutual Wealth Management Co. boosted its stake in shares of Bank of New York Mellon by 18,044.4% in the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 19,670,202 shares of the bank's stock valued at $2,283,514,000 after purchasing an additional 19,561,793 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its stake in shares of Bank of New York Mellon by 639.5% in the 3rd quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 7,076,729 shares of the bank's stock valued at $771,080,000 after purchasing an additional 6,119,749 shares during the last quarter. Ameriprise Financial Inc. boosted its stake in shares of Bank of New York Mellon by 18.0% in the 3rd quarter. Ameriprise Financial Inc. now owns 13,345,266 shares of the bank's stock valued at $1,454,116,000 after purchasing an additional 2,034,781 shares during the last quarter. AQR Capital Management LLC boosted its stake in shares of Bank of New York Mellon by 29.1% in the 3rd quarter. AQR Capital Management LLC now owns 4,023,663 shares of the bank's stock valued at $438,418,000 after purchasing an additional 906,218 shares during the last quarter. Finally, PFA Pension Forsikringsaktieselskab bought a new position in shares of Bank of New York Mellon in the 4th quarter valued at about $95,002,000. Institutional investors own 85.31% of the company's stock.

Bank of New York Mellon Stock Up 0.4%

Bank of New York Mellon stock opened at $137.67 on Friday. The company's 50 day simple moving average is $127.66 and its 200 day simple moving average is $120.37. Bank of New York Mellon Corporation has a fifty-two week low of $87.41 and a fifty-two week high of $139.15. The firm has a market capitalization of $94.75 billion, a price-to-earnings ratio of 17.06, a PEG ratio of 1.00 and a beta of 1.08. The company has a debt-to-equity ratio of 0.82, a current ratio of 0.75 and a quick ratio of 0.75.

Bank of New York Mellon (NYSE:BNY - Get Free Report) last released its quarterly earnings data on Thursday, April 16th. The bank reported $2.25 earnings per share for the quarter, topping the consensus estimate 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 business had revenue of $5.41 billion for the quarter, compared to analyst estimates of $5.14 billion. During the same quarter last year, the firm earned $1.58 EPS. Bank of New York Mellon's quarterly revenue was up 12.9% compared to the same quarter last year. As a group, sell-side analysts anticipate that Bank of New York Mellon Corporation will post 8.78 EPS for the current year.

Bank of New York Mellon Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, May 8th. Shareholders of record on Monday, April 27th were paid a $0.53 dividend. The ex-dividend date of this dividend 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 presently 26.27%.

Insider Activity at Bank of New York Mellon

In other Bank of New York Mellon 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 transaction, the executive vice president owned 50,238 shares of the company's stock, valued at approximately $6,857,487. The trade was a 37.39% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, EVP Alejandro Perez sold 12,504 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 $137.01, for a total transaction of $1,713,173.04. Following the completion of the transaction, the executive vice president directly owned 62,613 shares in the company, valued at approximately $8,578,607.13. The trade was a 16.65% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last three months, insiders sold 48,091 shares of company stock worth $6,568,423. Corporate insiders own 0.17% of the company's stock.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on BNY shares. Truist Financial raised their target price on shares of Bank of New York Mellon from $140.00 to $148.00 and gave the company a "buy" rating in a research note on Friday, April 17th. Evercore set a $136.00 target price on shares of Bank of New York Mellon in a research note on Friday, April 17th. JPMorgan Chase & Co. lifted their price objective on shares of Bank of New York Mellon from $130.50 to $140.00 and gave the stock an "overweight" rating in a research note on Monday, May 11th. Wall Street Zen raised shares of Bank of New York Mellon to a "hold" rating in a research note on Saturday. Finally, 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. One 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's stock. According to data from MarketBeat.com, Bank of New York Mellon has a consensus rating of "Moderate Buy" and an average price target of $138.08.

Bank of New York Mellon Profile

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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