The Bank of New York Mellon Corporation $BK Stock Position Reduced by Dimensional Fund Advisors LP

Key Points

• Dimensional Fund Advisors LP reduced its stake in The Bank of New York Mellon Corporation by 17.2%, selling 1,252,714 shares, and now holds approximately 0.84% of the company valued at $504 million.
• Several large investors have made significant changes to their positions, including Nuveen LLC which bought shares worth about $773 million and GAMMA Investing LLC which increased its stake by nearly 9,539%.
• The Bank of New York Mellon recently increased its quarterly dividend from $0.47 to $0.53 per share, reflecting a positive change in its financial performance.

Dimensional Fund Advisors LP reduced its stake in The Bank of New York Mellon Corporation (NYSE:BK - Free Report) by 17.2% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 6,016,053 shares of the bank's stock after selling 1,252,714 shares during the quarter. Dimensional Fund Advisors LP owned 0.84% of Bank of New York Mellon worth $504,473,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently modified their holdings of the stock. Ameriprise Financial Inc. boosted its stake in shares of Bank of New York Mellon by 0.3% in the fourth quarter. Ameriprise Financial Inc. now owns 11,821,988 shares of the bank's stock valued at $908,281,000 after buying an additional 35,413 shares in the last quarter. Northern Trust Corp boosted its stake in shares of Bank of New York Mellon by 19.1% in the fourth quarter. Northern Trust Corp now owns 9,533,615 shares of the bank's stock valued at $732,468,000 after buying an additional 1,526,686 shares in the last quarter. Nuveen LLC purchased a new stake in shares of Bank of New York Mellon in the first quarter valued at approximately $773,627,000. Invesco Ltd. boosted its stake in shares of Bank of New York Mellon by 8.8% in the first quarter. Invesco Ltd. now owns 8,264,176 shares of the bank's stock valued at $693,116,000 after buying an additional 667,966 shares in the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its stake in shares of Bank of New York Mellon by 15.9% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 7,689,477 shares of the bank's stock valued at $590,783,000 after buying an additional 1,055,389 shares in the last quarter. 85.31% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, EVP J Kevin Mccarthy sold 20,000 shares of the company's stock in a transaction 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 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 ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Insiders own 0.14% of the company's stock.

Bank of New York Mellon Price Performance

BK stock traded up $0.4310 during midday trading on Wednesday, hitting $101.5110. 1,522,680 shares of the stock were exchanged, compared to its average volume of 4,209,232. The Bank of New York Mellon Corporation has a fifty-two week low of $65.01 and a fifty-two week high of $104.47. The stock has a market cap of $71.59 billion, a price-to-earnings ratio of 15.51, a PEG ratio of 0.98 and a beta of 1.12. The stock's 50-day moving average price is $96.22 and its 200-day moving average price is $88.30. The company has a debt-to-equity ratio of 0.86, a quick ratio of 0.72 and a current ratio of 0.72.

Bank of New York Mellon (NYSE:BK - Get Free Report) last released its quarterly earnings results on Tuesday, July 15th. The bank reported $1.94 earnings per share 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 company had revenue of $4.77 billion during the quarter, compared to analysts' expectations of $4.80 billion. During the same period in the previous year, the firm posted $1.51 earnings per share. The business's revenue for the quarter was up 9.4% compared to the same quarter last year. Research analysts predict that The Bank of New York Mellon Corporation will post 6.96 earnings per share for the current year.

Bank of New York Mellon Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, August 7th. Investors of record on Friday, July 25th were paid a $0.53 dividend. The ex-dividend date was Friday, July 25th. This is an increase from Bank of New York Mellon's previous quarterly dividend of $0.47. This represents a $2.12 annualized dividend and a yield of 2.1%. Bank of New York Mellon's payout ratio is currently 32.37%.

Wall Street Analyst Weigh In

A number of analysts recently weighed in on BK shares. Truist Financial lifted 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. Keefe, Bruyette & Woods lifted 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. Evercore ISI lifted their price target on Bank of New York Mellon from $88.00 to $90.00 and gave the company an "in-line" rating in a research note on Wednesday, July 2nd. Morgan Stanley lifted their price target on 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. Finally, Wells Fargo & Company lifted their price objective on Bank of New York Mellon from $96.00 to $100.00 and gave the stock an "equal weight" rating in a report on Wednesday, July 16th. Eight analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the stock. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $95.08.

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.