Brandywine Global Investment Management LLC Reduces Stock Position in Bank of New York Mellon Corporation $BNY

Key Points

• Brandywine Global Investment Management trimmed its stake in Bank of New York Mellon by 1.9% in the fourth quarter, selling 7,573 shares and ending with 392,700 shares valued at about $45.6 million.
• Several analysts remain constructive on BNY: Barclays, RBC, and Truist all raised price targets, and the stock now carries a consensus Moderate Buy rating with an average target price of $138.08.
• The company reported strong quarterly results, posting EPS of $2.25 versus the $1.94 estimate and revenue of $5.41 billion, while also paying a quarterly dividend of $0.53 per share.

Brandywine Global Investment Management LLC decreased its position in Bank of New York Mellon Corporation (NYSE:BNY - Free Report) by 1.9% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 392,700 shares of the bank's stock after selling 7,573 shares during the quarter. Brandywine Global Investment Management LLC owned about 0.06% of Bank of New York Mellon worth $45,589,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also modified their holdings of BNY. Linscomb Wealth Inc. increased its stake in Bank of New York Mellon by 2.5% in the fourth quarter. Linscomb Wealth Inc. now owns 3,240 shares of the bank's stock valued at $376,000 after purchasing an additional 80 shares during the last quarter. Ransom Advisory Ltd increased its position in Bank of New York Mellon by 1.3% during the fourth quarter. Ransom Advisory Ltd now owns 6,777 shares of the bank's stock worth $787,000 after purchasing an additional 85 shares during the last quarter. Mather Group LLC. increased its position in Bank of New York Mellon by 0.9% during the fourth quarter. Mather Group LLC. now owns 9,232 shares of the bank's stock worth $1,072,000 after purchasing an additional 86 shares during the last quarter. Essex Financial Services Inc. raised its position in shares of Bank of New York Mellon by 0.5% in the 4th quarter. Essex Financial Services Inc. now owns 17,584 shares of the bank's stock worth $2,041,000 after buying an additional 89 shares during the period. Finally, Nemes Rush Group LLC boosted its holdings in Bank of New York Mellon by 12.8% in the fourth quarter. Nemes Rush Group LLC now owns 813 shares of the bank's stock valued at $94,000 after acquiring an additional 92 shares during the last quarter. Institutional investors and hedge funds own 85.31% of the company's stock.

Insider Buying and Selling at Bank of New York Mellon

In other Bank of New York Mellon news, 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 value of $719,545.80. Following the completion of the transaction, the insider directly owned 17,259 shares in the company, valued at $2,347,569.18. The trade was a 23.46% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, VP Shannon Marie Hobbs sold 297 shares of the firm's stock in a transaction that occurred 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 directly owned 15,206 shares in the company, valued at approximately $2,083,982.30. This trade represents a 1.92% 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. Company insiders own 0.17% of the company's stock.

Wall Street Analyst Weigh In

Several equities research analysts have commented on the company. Barclays upped their price target on Bank of New York Mellon from $143.00 to $149.00 and gave the stock an "overweight" rating in a research note on Friday, April 17th. Royal Bank Of Canada boosted their price objective on shares of Bank of New York Mellon from $130.00 to $142.00 and gave the stock a "sector perform" rating in a research note on Friday, April 17th. Citigroup assumed coverage on Bank of New York Mellon in a research report on Monday, February 23rd. They issued a "neutral" rating on the stock. Evercore set a $136.00 target price on Bank of New York Mellon in a research note on Friday, April 17th. Finally, Truist Financial increased their price objective on shares of 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. One equities research analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and five have assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, Bank of New York Mellon has a consensus rating of "Moderate Buy" and an average target price of $138.08.

Bank of New York Mellon Trading Up 0.2%

NYSE BNY opened at $142.65 on Monday. The company has a market capitalization of $97.91 billion, a price-to-earnings ratio of 17.68, a price-to-earnings-growth ratio of 1.04 and a beta of 1.07. 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 Corporation has a 12 month low of $87.41 and a 12 month high of $144.98. The company's fifty day moving average price is $132.70 and its two-hundred day moving average price is $122.68.

Bank of New York Mellon (NYSE:BNY - Get Free Report) last released its earnings results 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. The company had revenue of $5.41 billion during the quarter, compared to the consensus estimate of $5.14 billion. Bank of New York Mellon had a net margin of 14.60% and a return on equity of 15.29%. The company's revenue was up 12.9% on a year-over-year basis. During the same quarter in the previous year, the firm earned $1.58 EPS. As a group, 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 firm also recently disclosed a quarterly dividend, which was paid on Friday, May 8th. Shareholders of record on Monday, April 27th were issued a $0.53 dividend. This represents a $2.12 dividend on an annualized basis and a yield of 1.5%. The ex-dividend date of this dividend was Monday, April 27th. Bank of New York Mellon's payout ratio is currently 26.27%.

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.

Want to see what other hedge funds are holding BNY? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Bank of New York Mellon Corporation (NYSE:BNY - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.