Boston Research & Management Inc. Sells 19,438 Shares of Bank of New York Mellon Corporation $BNY

Key Points

• Boston Research & Management cut its Bank of New York Mellon stake by 23.1% in the fourth quarter, selling 19,438 shares and leaving it with 64,824 shares worth about $7.5 million.
• Analysts remain generally constructive on BNY, with a consensus rating of “Moderate Buy” and an average price target of $138.08 after several firms raised targets or reiterated positive views.
• The company reported strong quarterly results, posting $2.25 EPS and $5.41 billion in revenue, both ahead of estimates, while also paying a quarterly dividend of $0.53 per share.

Boston Research & Management Inc. lowered its position in Bank of New York Mellon Corporation (NYSE:BNY - Free Report) by 23.1% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 64,824 shares of the bank's stock after selling 19,438 shares during the quarter. Bank of New York Mellon makes up about 1.7% of Boston Research & Management Inc.'s portfolio, making the stock its 16th biggest position. Boston Research & Management Inc.'s holdings in Bank of New York Mellon were worth $7,525,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently bought and sold shares of the company. Thurston Springer Miller Herd & Titak Inc. bought a new stake in Bank of New York Mellon during the 4th quarter valued at $27,000. MCF Advisors LLC boosted its position in Bank of New York Mellon by 74.8% during the 4th quarter. MCF Advisors LLC now owns 236 shares of the bank's stock valued at $27,000 after acquiring an additional 101 shares in the last quarter. Marquette Asset Management LLC boosted its position in Bank of New York Mellon by 174.7% during the 4th quarter. Marquette Asset Management LLC now owns 261 shares of the bank's stock valued at $30,000 after acquiring an additional 166 shares in the last quarter. Kohmann Bosshard Financial Services LLC bought a new stake in Bank of New York Mellon during the 4th quarter valued at $46,000. Finally, Godfrey Financial Associates Inc. bought a new stake in Bank of New York Mellon during the 4th quarter valued at $48,000. Institutional investors own 85.31% of the company's stock.

Wall Street Analyst Weigh In

Several analysts have issued reports on the company. Keefe, Bruyette & Woods increased their target price on Bank of New York Mellon from $143.00 to $150.00 and gave the company an "outperform" rating in a research report on Friday, April 17th. Evercore set a $136.00 target price on Bank of New York Mellon in a research report on Friday, April 17th. Weiss Ratings raised Bank of New York Mellon from a "buy (a-)" rating to a "buy (a)" rating in a research report on Monday, May 4th. Truist Financial increased their target price on Bank of New York Mellon from $140.00 to $148.00 and gave the company a "buy" rating in a research report on Friday, April 17th. Finally, Royal Bank Of Canada increased their target price on Bank of New York Mellon from $130.00 to $142.00 and gave the company a "sector perform" rating in a research report on Friday, April 17th. One investment 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. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $138.08.

Insider Transactions at Bank of New York Mellon

In related 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 transaction, the vice president owned 15,206 shares in the company, valued at $2,083,982.30. This trade represents a 1.92% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP Alejandro Perez sold 12,504 shares of the firm's stock in a transaction on Friday, April 17th. The stock was sold at an average price of $137.01, for a total value of $1,713,173.04. Following the completion of the transaction, the executive vice president owned 62,613 shares of the company's stock, valued at $8,578,607.13. This trade represents a 16.65% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders have sold 48,091 shares of company stock worth $6,568,423. Insiders own 0.17% of the company's stock.

Bank of New York Mellon Stock Performance

Shares of BNY opened at $139.89 on Thursday. Bank of New York Mellon Corporation has a 12 month low of $87.41 and a 12 month high of $144.98. The stock has a fifty day moving average price of $134.27 and a 200-day moving average price of $123.41. The company has a current ratio of 0.75, a quick ratio of 0.75 and a debt-to-equity ratio of 0.82. The firm has a market cap of $96.02 billion, a PE ratio of 17.33, a P/E/G ratio of 1.05 and a beta of 1.07.

Bank of New York Mellon (NYSE:BNY - Get Free Report) last issued its quarterly earnings data on Thursday, April 16th. The bank reported $2.25 EPS for the quarter, beating the consensus estimate of $1.94 by $0.31. The firm had revenue of $5.41 billion during the quarter, compared to analyst estimates of $5.14 billion. Bank of New York Mellon had a return on equity of 15.29% and a net margin of 14.60%.The business's revenue for the quarter was up 12.9% compared to the same quarter last year. During the same quarter in the prior year, the business posted $1.58 EPS. Equities research analysts predict that Bank of New York Mellon Corporation will post 8.78 earnings per share for the current fiscal year.

Bank of New York Mellon Announces Dividend

The company also recently announced 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 dividend payout ratio (DPR) is 26.27%.

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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