Conning Inc. Decreases Stock Holdings in The Bank of New York Mellon Corporation (NYSE:BK)

Conning Inc. cut its holdings in shares of The Bank of New York Mellon Corporation (NYSE:BK - Free Report) by 12.0% during the first quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 411,964 shares of the bank's stock after selling 56,430 shares during the period. Conning Inc. owned approximately 0.06% of Bank of New York Mellon worth $34,551,000 as of its most recent SEC filing.

A number of other institutional investors have also recently modified their holdings of BK. TrueMark Investments LLC purchased a new position in Bank of New York Mellon in the 1st quarter valued at about $4,282,000. O Shaughnessy Asset Management LLC lifted its stake in Bank of New York Mellon by 11.7% in the 4th quarter. O Shaughnessy Asset Management LLC now owns 786,496 shares of the bank's stock valued at $60,426,000 after buying an additional 82,671 shares in the last quarter. Wealth Enhancement Advisory Services LLC lifted its stake in Bank of New York Mellon by 29.1% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 223,438 shares of the bank's stock valued at $18,740,000 after buying an additional 50,368 shares in the last quarter. Natixis Advisors LLC lifted its stake in Bank of New York Mellon by 6.5% in the 4th quarter. Natixis Advisors LLC now owns 285,965 shares of the bank's stock valued at $21,971,000 after buying an additional 17,457 shares in the last quarter. Finally, Benson Investment Management Company Inc. purchased a new position in Bank of New York Mellon in the 1st quarter valued at about $5,259,000. 85.31% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of research firms have weighed in on BK. Morgan Stanley raised their target price on shares of Bank of New York Mellon from $94.00 to $95.00 and gave the stock an "overweight" rating in a research note on Tuesday, June 3rd. Citigroup raised their target price on shares of Bank of New York Mellon from $82.00 to $85.00 and gave the stock a "neutral" rating in a research note on Monday, March 24th. Royal Bank Of Canada reissued a "sector perform" rating and issued a $90.00 target price on shares of Bank of New York Mellon in a research note on Monday, March 17th. Truist Financial lowered shares of Bank of New York Mellon from a "buy" rating to a "hold" rating and raised their target price for the stock from $87.00 to $97.00 in a research note on Wednesday, May 28th. Finally, Evercore ISI raised their target price on shares of Bank of New York Mellon from $88.00 to $90.00 and gave the stock an "in-line" rating in a research note on Wednesday. Seven investment analysts have rated the stock with a hold rating and eight have given a buy rating to the company's stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $92.08.

Bank of New York Mellon Trading Down 0.2%

Bank of New York Mellon stock traded down $0.16 during trading on Friday, hitting $91.93. The company had a trading volume of 2,408,224 shares, compared to its average volume of 4,121,885. The Bank of New York Mellon Corporation has a 1-year low of $59.19 and a 1-year high of $92.85. The company has a current ratio of 0.69, a quick ratio of 0.69 and a debt-to-equity ratio of 0.81. The company's 50 day simple moving average is $88.06 and its 200-day simple moving average is $83.92. The stock has a market cap of $65.77 billion, a price-to-earnings ratio of 14.97, a price-to-earnings-growth ratio of 1.03 and a beta of 1.07.

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

Bank of New York Mellon Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, May 2nd. Investors of record on Monday, April 21st were issued a $0.47 dividend. The ex-dividend date was Monday, April 21st. This represents a $1.88 annualized dividend and a yield of 2.05%. Bank of New York Mellon's dividend payout ratio (DPR) is presently 30.62%.

Insider Activity at Bank of New York Mellon

In related news, EVP J Kevin Mccarthy sold 30,000 shares of Bank of New York Mellon stock in a transaction that occurred on Tuesday, April 29th. The shares were sold at an average price of $79.03, for a total value of $2,370,900.00. Following the completion of the sale, the executive vice president owned 55,115 shares in the company, valued at approximately $4,355,738.45. This trade represents a 35.25% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, VP Catherine Keating sold 65,473 shares of the business's stock in a transaction on Monday, April 14th. The stock was sold at an average price of $77.31, for a total transaction of $5,061,717.63. Following the completion of the transaction, the vice president owned 87,542 shares of the company's stock, valued at approximately $6,767,872.02. This trade represents a 42.79% 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. Insiders own 0.14% of the company's stock.

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.