The Bank of New York Mellon Corporation $BK Shares Sold by Empowered Funds LLC

Key Points

• Empowered Funds LLC has reduced its holding in The Bank of New York Mellon Corporation by 6.4%, owning now 108,625 shares worth approximately $9.11 million after selling 7,460 shares in the first quarter.
• The bank recently announced a quarterly dividend increase from $0.47 to $0.53, representing a 2.0% yield on an annualized basis.
• Bank of New York Mellon reported $1.94 EPS for the last quarter, beating analyst estimates, with a revenue increase of 9.4% compared to the same quarter last year.

Empowered Funds LLC lessened its position in The Bank of New York Mellon Corporation (NYSE:BK - Free Report) by 6.4% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 108,625 shares of the bank's stock after selling 7,460 shares during the quarter. Empowered Funds LLC's holdings in Bank of New York Mellon were worth $9,110,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of BK. Revolve Wealth Partners LLC purchased a new stake in shares of Bank of New York Mellon in the 4th quarter valued at $220,000. Focus Partners Wealth increased its holdings in Bank of New York Mellon by 38.3% during the 4th quarter. Focus Partners Wealth now owns 33,349 shares of the bank's stock worth $2,600,000 after purchasing an additional 9,231 shares during the period. Gotham Asset Management LLC increased its holdings in Bank of New York Mellon by 1.3% during the 4th quarter. Gotham Asset Management LLC now owns 28,702 shares of the bank's stock worth $2,205,000 after purchasing an additional 369 shares during the period. Janus Henderson Group PLC increased its holdings in Bank of New York Mellon by 21.7% during the 4th quarter. Janus Henderson Group PLC now owns 124,273 shares of the bank's stock worth $9,552,000 after purchasing an additional 22,179 shares during the period. Finally, Logan Capital Management Inc. increased its holdings in Bank of New York Mellon by 4.4% during the 4th quarter. Logan Capital Management Inc. now owns 27,882 shares of the bank's stock worth $2,142,000 after purchasing an additional 1,176 shares during the period. Hedge funds and other institutional investors own 85.31% of the company's stock.

Analyst Ratings Changes

Several equities research analysts have weighed in on the company. Truist Financial upped their price target on Bank of New York Mellon from $100.00 to $109.00 and gave the stock a "hold" rating in a report on Thursday, August 14th. Morgan Stanley upped their price target 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 upped their price target on Bank of New York Mellon from $105.00 to $113.00 and gave the stock an "outperform" rating in a report on Wednesday, July 16th. Wells Fargo & Company upped their price target 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. Finally, Citigroup upped their price target on Bank of New York Mellon from $92.00 to $105.00 and gave the stock a "neutral" rating in a report on Friday, September 5th. Eight research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company's stock. According to data from MarketBeat, Bank of New York Mellon has an average rating of "Moderate Buy" and a consensus price target of $96.62.

Bank of New York Mellon Stock Performance

Bank of New York Mellon stock traded up $0.86 during mid-day trading on Friday, reaching $106.46. 2,609,349 shares of the company were exchanged, compared to its average volume of 2,833,322. The Bank of New York Mellon Corporation has a twelve month low of $68.51 and a twelve month high of $106.57. The firm's 50-day simple moving average is $101.15 and its two-hundred day simple moving average is $90.49. The company has a debt-to-equity ratio of 0.86, a quick ratio of 0.72 and a current ratio of 0.72. The firm has a market cap of $75.08 billion, a PE ratio of 16.25, a price-to-earnings-growth ratio of 1.00 and a beta of 1.14.

Bank of New York Mellon (NYSE:BK - Get Free Report) last posted its quarterly earnings data 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 last year, the firm earned $1.51 EPS. The firm's revenue for the quarter was up 9.4% on a year-over-year basis. Equities analysts predict 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 company also recently disclosed a quarterly dividend, which was paid on Thursday, August 7th. Investors of record on Friday, July 25th were paid a $0.53 dividend. This represents a $2.12 annualized dividend and a yield of 2.0%. The ex-dividend date of this dividend was Friday, July 25th. This is an increase from Bank of New York Mellon's previous quarterly dividend of $0.47. Bank of New York Mellon's dividend payout ratio (DPR) is 32.37%.

Insiders Place Their Bets

In related 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 completion of the transaction, the executive vice president directly owned 35,115 shares of the company's stock, valued at $3,457,071.75. This trade represents a 36.29% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 0.14% of the stock is owned by insiders.

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.