Davis Selected Advisers Has $160.25 Million Holdings in The Bank of New York Mellon Corporation (NYSE:BK)

Key Points

• Davis Selected Advisers reduced its stake in The Bank of New York Mellon Corporation by 10.6%, selling 226,329 shares, which brings its total ownership to 1,910,645 shares.
• The company's recent quarterly earnings report revealed earnings per share of $1.94, surpassing analysts' expectations by $0.21, despite revenues being slightly below forecasts.
• Bank of New York Mellon recently increased its quarterly dividend to $0.53 per share, marking a rise from the previous dividend of $0.47.

Davis Selected Advisers lessened its holdings in The Bank of New York Mellon Corporation (NYSE:BK - Free Report) by 10.6% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 1,910,645 shares of the bank's stock after selling 226,329 shares during the period. Bank of New York Mellon accounts for approximately 0.9% of Davis Selected Advisers' portfolio, making the stock its 25th largest holding. Davis Selected Advisers owned approximately 0.27% of Bank of New York Mellon worth $160,246,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently modified their holdings of the business. Capital Analysts LLC lifted its stake 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 purchasing an additional 119 shares during the last quarter. Hemington Wealth Management lifted its stake in 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 last quarter. Y.D. More Investments Ltd lifted its stake in Bank of New York Mellon by 13.8% during the first quarter. Y.D. More Investments Ltd now owns 1,030 shares of the bank's stock valued at $86,000 after purchasing an additional 125 shares during the last quarter. Syon Capital LLC lifted its stake in 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 last quarter. Finally, Ontario Teachers Pension Plan Board lifted its stake in Bank of New York Mellon by 1.1% during the first quarter. Ontario Teachers Pension Plan Board now owns 12,504 shares of the bank's stock valued at $1,049,000 after purchasing an additional 138 shares during the last quarter. Hedge funds and other institutional investors own 85.31% of the company's stock.

Insider Transactions at Bank of New York Mellon

In other news, EVP J Kevin Mccarthy sold 20,000 shares of the stock in a transaction on Tuesday, July 22nd. The shares were sold at an average price of $98.45, for a total transaction 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 represents a 36.29% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 0.14% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

BK has been the subject of several recent research reports. Wells Fargo & Company increased their target price on shares of Bank of New York Mellon from $96.00 to $100.00 and gave the company an "equal weight" rating in a research note on Wednesday, July 16th. Keefe, Bruyette & Woods upped their price target on shares of Bank of New York Mellon from $105.00 to $113.00 and gave the company an "outperform" rating in a research report on Wednesday, July 16th. Morgan Stanley upped their price target on shares of Bank of New York Mellon from $95.00 to $101.00 and gave the company an "overweight" rating in a research report on Wednesday, July 16th. Truist Financial upped their price target on shares of Bank of New York Mellon from $97.00 to $100.00 and gave the company a "hold" rating in a research report on Wednesday, July 16th. Finally, Evercore ISI upped their price target on shares of Bank of New York Mellon from $88.00 to $90.00 and gave the company an "in-line" rating in a research report on Wednesday, July 2nd. Seven equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $94.38.

Bank of New York Mellon Stock Up 1.0%

BK stock traded up $1.01 during midday trading on Friday, reaching $103.22. The company had a trading volume of 3,083,288 shares, compared to its average volume of 4,312,141. The Bank of New York Mellon Corporation has a 1 year low of $62.83 and a 1 year high of $103.98. The company has a current ratio of 0.72, a quick ratio of 0.69 and a debt-to-equity ratio of 0.86. The company has a market capitalization of $72.79 billion, a P/E ratio of 15.76, a PEG ratio of 0.99 and a beta of 1.12. The company has a 50 day moving average of $94.41 and a two-hundred day moving average of $87.51.

Bank of New York Mellon (NYSE:BK - Get Free Report) last released 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 net margin of 12.27% and a return on equity of 13.46%. The company had revenue of $4.77 billion during the quarter, compared to the consensus estimate of $4.80 billion. During the same quarter in the prior year, the firm earned $1.51 EPS. The company's revenue was up 9.4% compared to the same quarter last year. On average, equities research analysts expect 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 given a $0.53 dividend. This represents a $2.12 dividend on an annualized basis and a yield of 2.1%. The ex-dividend date was Friday, July 25th. This is a positive change from Bank of New York Mellon's previous quarterly dividend of $0.47. Bank of New York Mellon's payout ratio is currently 32.37%.

About Bank of New York Mellon

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.