Charles Schwab Investment Management Inc. Reduces Stock Holdings in The Bank of New York Mellon Corporation (NYSE:BK)

Key Points

• Charles Schwab Investment Management Inc. reduced its stake in The Bank of New York Mellon Corporation by 2.0%, ending the quarter with approximately 4.75 million shares valued at $398.6 million.
• The Bank of New York Mellon raised its quarterly dividend from $0.47 to $0.53, which translates to a 2.1% yield and a payout ratio of 32.37%.
• Research analysts have raised their price targets for Bank of New York Mellon, with Wells Fargo increasing it from $96 to $100, indicating a consensus rating of "Moderate Buy" with an average target of $94.38.

Charles Schwab Investment Management Inc. lowered its stake in shares of The Bank of New York Mellon Corporation (NYSE:BK - Free Report) by 2.0% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 4,752,312 shares of the bank's stock after selling 97,059 shares during the period. Charles Schwab Investment Management Inc. owned 0.66% of Bank of New York Mellon worth $398,576,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also recently modified their holdings of the company. Capital Analysts LLC increased its position in Bank of New York Mellon by 3.7% during the fourth quarter. Capital Analysts LLC now owns 3,317 shares of the bank's stock valued at $255,000 after acquiring an additional 119 shares during the last quarter. Hemington Wealth Management boosted its stake in shares of Bank of New York Mellon by 8.0% during the first quarter. Hemington Wealth Management now owns 1,628 shares of the bank's stock valued at $136,000 after purchasing an additional 121 shares during the period. Syon Capital LLC boosted its stake in shares of Bank of New York Mellon by 2.5% during the fourth quarter. Syon Capital LLC now owns 5,432 shares of the bank's stock valued at $417,000 after purchasing an additional 132 shares during the period. Parallel Advisors LLC boosted its stake in shares of Bank of New York Mellon by 1.1% during the first quarter. Parallel Advisors LLC now owns 12,589 shares of the bank's stock valued at $1,056,000 after purchasing an additional 139 shares during the period. Finally, Quotient Wealth Partners LLC boosted its stake in shares of Bank of New York Mellon by 4.7% during the first quarter. Quotient Wealth Partners LLC now owns 3,171 shares of the bank's stock valued at $266,000 after purchasing an additional 141 shares during the period. 85.31% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

BK has been the subject of a number of recent analyst reports. Keefe, Bruyette & Woods boosted their target price on shares of 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. Morgan Stanley boosted their target price on shares of Bank of New York Mellon from $95.00 to $101.00 and gave the company an "overweight" rating in a research note on Wednesday, July 16th. Evercore ISI lifted their price objective on Bank of New York Mellon from $88.00 to $90.00 and gave the company an "in-line" rating in a report on Wednesday, July 2nd. Truist Financial lifted their price objective on Bank of New York Mellon from $97.00 to $100.00 and gave the company a "hold" rating in a report on Wednesday, July 16th. Finally, Wells Fargo & Company lifted 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. Seven analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $94.38.

Insider Activity

In other news, EVP J Kevin Mccarthy sold 20,000 shares of the stock in a transaction on Tuesday, July 22nd. The stock was sold at an average price of $98.45, for a total transaction of $1,969,000.00. Following the completion of the transaction, the executive vice president directly owned 35,115 shares in the company, valued at approximately $3,457,071.75. This represents a 36.29% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 0.14% of the stock is owned by company insiders.

Bank of New York Mellon Price Performance

NYSE BK traded down $3.13 during mid-day trading on Wednesday, hitting $100.48. The stock had a trading volume of 1,824,142 shares, compared to its average volume of 4,231,711. The Bank of New York Mellon Corporation has a twelve month low of $63.50 and a twelve month high of $104.47. The stock has a market capitalization of $70.86 billion, a price-to-earnings ratio of 15.36, a PEG ratio of 1.00 and a beta of 1.12. The firm's 50 day moving average is $94.98 and its 200 day moving average is $87.76. The company has a debt-to-equity ratio of 0.86, a current ratio of 0.72 and a quick ratio of 0.72.

Bank of New York Mellon (NYSE:BK - Get Free Report) last issued its earnings results on Tuesday, July 15th. The bank reported $1.94 earnings per share (EPS) for the quarter, topping analysts' consensus estimates 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 business had revenue of $4.77 billion during the quarter, compared to the consensus estimate of $4.80 billion. During the same period last year, the company earned $1.51 EPS. The company's revenue for the quarter was up 9.4% on a year-over-year basis. Equities research analysts forecast that The Bank of New York Mellon Corporation will post 6.96 earnings per share for the current fiscal year.

Bank of New York Mellon Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, August 7th. Shareholders of record on Friday, July 25th were paid a $0.53 dividend. This is a boost from Bank of New York Mellon's previous quarterly dividend of $0.47. The ex-dividend date of this dividend was Friday, July 25th. This represents a $2.12 dividend on an annualized basis and a dividend yield of 2.1%. Bank of New York Mellon's dividend payout ratio 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.