Bessemer Group Inc. Lowers Stock Holdings in The Bank of New York Mellon Corporation (NYSE:BK)

Bessemer Group Inc. lessened its holdings in shares of The Bank of New York Mellon Corporation (NYSE:BK - Free Report) by 65.3% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 27,782 shares of the bank's stock after selling 52,325 shares during the quarter. Bessemer Group Inc.'s holdings in Bank of New York Mellon were worth $2,330,000 at the end of the most recent quarter.

Several other hedge funds have also made changes to their positions in BK. TrueMark Investments LLC purchased a new stake in shares of Bank of New York Mellon during the 1st quarter valued at $4,282,000. O Shaughnessy Asset Management LLC grew its position in Bank of New York Mellon by 11.7% during the fourth quarter. O Shaughnessy Asset Management LLC now owns 786,496 shares of the bank's stock valued at $60,426,000 after acquiring an additional 82,671 shares during the period. Wealth Enhancement Advisory Services LLC increased its stake in Bank of New York Mellon by 29.1% during the first quarter. Wealth Enhancement Advisory Services LLC now owns 223,438 shares of the bank's stock worth $18,740,000 after acquiring an additional 50,368 shares during the last quarter. Natixis Advisors LLC increased its stake in Bank of New York Mellon by 6.5% during the fourth quarter. Natixis Advisors LLC now owns 285,965 shares of the bank's stock worth $21,971,000 after acquiring an additional 17,457 shares during the last quarter. Finally, Benson Investment Management Company Inc. purchased a new position in shares of Bank of New York Mellon in the 1st quarter worth about $5,259,000. Institutional investors and hedge funds own 85.31% of the company's stock.

Bank of New York Mellon Trading Up 1.4%

NYSE:BK opened at $91.28 on Friday. The stock has a market cap of $65.31 billion, a price-to-earnings ratio of 14.87, a PEG ratio of 1.02 and a beta of 1.08. The company has a debt-to-equity ratio of 0.81, a quick ratio of 0.69 and a current ratio of 0.69. The Bank of New York Mellon Corporation has a 1 year low of $59.19 and a 1 year high of $92.64. The business has a fifty day moving average of $86.88 and a 200-day moving average of $83.61.

Bank of New York Mellon (NYSE:BK - Get Free Report) last posted its quarterly earnings results on Friday, April 11th. The bank reported $1.58 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.50 by $0.08. The company had revenue of $4.79 billion for the quarter, compared to analysts' expectations of $4.76 billion. Bank of New York Mellon had a return on equity of 12.96% and a net margin of 11.78%. The firm's revenue was up 5.9% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.29 earnings per share. Equities analysts predict that The Bank of New York Mellon Corporation will post 6.96 earnings per share for the current year.

Bank of New York Mellon Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, May 2nd. Shareholders of record on Monday, April 21st were given a $0.47 dividend. This represents a $1.88 annualized dividend and a yield of 2.06%. The ex-dividend date of this dividend was Monday, April 21st. Bank of New York Mellon's payout ratio is currently 30.62%.

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on BK shares. Wells Fargo & Company increased their target price on shares of Bank of New York Mellon from $86.00 to $96.00 and gave the stock an "equal weight" rating in a research report on Monday, March 3rd. Evercore ISI raised their target price on shares of Bank of New York Mellon from $83.00 to $87.00 and gave the company an "in-line" rating in a research note on Tuesday, April 1st. Royal Bank Of Canada restated a "sector perform" rating and set a $90.00 target price on shares of Bank of New York Mellon in a report on Monday, March 17th. Truist Financial downgraded Bank of New York Mellon from a "buy" rating to a "hold" rating and increased their price target for the company from $87.00 to $97.00 in a report on Wednesday, May 28th. Finally, Morgan Stanley raised their price objective on Bank of New York Mellon from $94.00 to $95.00 and gave the company an "overweight" rating in a research report on Tuesday, June 3rd. Seven equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. According to MarketBeat, Bank of New York Mellon presently has a consensus rating of "Moderate Buy" and an average price target of $91.85.

Insider Transactions at Bank of New York Mellon

In related news, VP Catherine Keating sold 65,473 shares of the company's stock in a transaction dated Monday, April 14th. The stock was sold at an average price of $77.31, for a total value of $5,061,717.63. Following the completion of the sale, the vice president now owns 87,542 shares in the company, valued at approximately $6,767,872.02. This represents a 42.79% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, insider Kurtis R. Kurimsky sold 5,641 shares of Bank of New York Mellon stock in a transaction that occurred on Monday, April 14th. The stock was sold at an average price of $77.50, for a total transaction of $437,177.50. Following the transaction, the insider now directly owns 21,679 shares in the company, valued at $1,680,122.50. The trade was a 20.65% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 101,114 shares of company stock worth $7,869,795. 0.14% of the stock is owned by corporate insiders.

Bank of New York Mellon Company 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.