BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp Decreases Stock Position in The Bank of New York Mellon Corporation $BK

Key Points

• BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp reduced its stake in The Bank of New York Mellon Corporation by 2.9%, selling 4,071 shares, leaving it with 137,251 shares valued at approximately $11.5 million.
• The Bank of New York Mellon recently announced an increased quarterly dividend of $0.53 per share, up from $0.47, reflecting a dividend yield of 2.1%.
• The bank's latest earnings report showed a profit of $1.94 per share, surpassing analysts' expectations, with revenue rising 9.4% year-over-year despite falling slightly short of forecasts.

BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp trimmed its position in The Bank of New York Mellon Corporation (NYSE:BK - Free Report) by 2.9% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 137,251 shares of the bank's stock after selling 4,071 shares during the quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp's holdings in Bank of New York Mellon were worth $11,511,000 at the end of the most recent reporting period.

Several other hedge funds have also made changes to their positions in the company. Ameriprise Financial Inc. lifted its holdings in shares of Bank of New York Mellon by 1.9% in the 1st quarter. Ameriprise Financial Inc. now owns 12,043,601 shares of the bank's stock worth $1,010,093,000 after buying an additional 221,613 shares during the period. Northern Trust Corp lifted its holdings in shares of Bank of New York Mellon by 19.1% in the 4th quarter. Northern Trust Corp now owns 9,533,615 shares of the bank's stock worth $732,468,000 after buying an additional 1,526,686 shares during the period. Nuveen LLC purchased a new stake in shares of Bank of New York Mellon in the 1st quarter worth $773,627,000. Invesco Ltd. lifted its holdings in shares of Bank of New York Mellon by 8.8% in the 1st quarter. Invesco Ltd. now owns 8,264,176 shares of the bank's stock worth $693,116,000 after buying an additional 667,966 shares during the period. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its holdings in shares of Bank of New York Mellon by 15.9% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 7,689,477 shares of the bank's stock worth $590,783,000 after buying an additional 1,055,389 shares during the period. 85.31% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

BK has been the subject of several research reports. Morgan Stanley upped their target price on Bank of New York Mellon from $95.00 to $101.00 and gave the stock an "overweight" rating in a report on Wednesday, July 16th. Keefe, Bruyette & Woods increased their price target on Bank of New York Mellon from $105.00 to $113.00 and gave the company an "outperform" rating in a research note on Wednesday, July 16th. Truist Financial increased their price target on Bank of New York Mellon from $100.00 to $109.00 and gave the company a "hold" rating in a research note on Thursday, August 14th. Wells Fargo & Company increased their price objective on Bank of New York Mellon from $96.00 to $100.00 and gave the company an "equal weight" rating in a report on Wednesday, July 16th. Finally, Evercore ISI raised their target price on Bank of New York Mellon from $88.00 to $90.00 and gave the stock an "in-line" rating in a report on Wednesday, July 2nd. Eight equities research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $95.08.

Insider Buying and Selling at Bank of New York Mellon

In other news, EVP J Kevin Mccarthy sold 20,000 shares of the firm's stock in a transaction that occurred on Tuesday, July 22nd. The stock was sold at an average price of $98.45, for a total value of $1,969,000.00. Following the transaction, the executive vice president owned 35,115 shares in the company, valued at $3,457,071.75. This trade represents a 36.29% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. 0.14% of the stock is currently owned by company insiders.

Bank of New York Mellon Price Performance

BK traded down $0.43 during trading on Friday, hitting $105.67. The company's stock had a trading volume of 2,933,101 shares, compared to its average volume of 3,174,358. The company has a current ratio of 0.72, a quick ratio of 0.72 and a debt-to-equity ratio of 0.86. The Bank of New York Mellon Corporation has a twelve month low of $66.01 and a twelve month high of $106.57. The business's fifty day simple moving average is $98.37 and its 200 day simple moving average is $89.31. The firm has a market capitalization of $74.52 billion, a price-to-earnings ratio of 16.13, a P/E/G ratio of 1.00 and a beta of 1.12.

Bank of New York Mellon (NYSE:BK - Get Free Report) last issued its quarterly earnings data on Tuesday, July 15th. The bank reported $1.94 EPS for the quarter, beating the consensus estimate of $1.73 by $0.21. Bank of New York Mellon had a return on equity of 13.46% and a net margin of 12.27%.The company had revenue of $4.77 billion for the quarter, compared to analyst estimates of $4.80 billion. During the same period last year, the company earned $1.51 earnings per share. Bank of New York Mellon's quarterly revenue was up 9.4% compared to the same quarter last year. On average, equities research analysts forecast that The Bank of New York Mellon Corporation will post 6.96 EPS for the current fiscal year.

Bank of New York Mellon Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, August 7th. Stockholders of record on Friday, July 25th were given a $0.53 dividend. This represents a $2.12 annualized dividend and a dividend yield of 2.0%. This is a boost from Bank of New York Mellon's previous quarterly dividend of $0.47. The ex-dividend date was Friday, July 25th. Bank of New York Mellon's dividend payout ratio (DPR) is 32.37%.

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.