Erste Asset Management GmbH Sells 31,000 Shares of The Bank of New York Mellon Corporation $BK

Key Points

• Erste Asset Management GmbH reduced its stake in The Bank of New York Mellon Corporation by 28.4%, selling 31,000 shares and leaving it with 78,241 shares valued at approximately $6.48 million.
• Bank of New York Mellon recently announced a quarterly dividend increase to $0.53 per share, up from $0.47, reflecting a 2.1% dividend yield.
• Various research analysts have updated their price targets on the stock, with ratings ranging from "Hold" to "Outperform", and an average consensus target of $95.08.

Erste Asset Management GmbH cut its stake in shares of The Bank of New York Mellon Corporation (NYSE:BK - Free Report) by 28.4% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 78,241 shares of the bank's stock after selling 31,000 shares during the quarter. Erste Asset Management GmbH's holdings in Bank of New York Mellon were worth $6,477,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in BK. Revolve Wealth Partners LLC purchased a new position in Bank of New York Mellon in the 4th quarter worth approximately $220,000. Transce3nd LLC purchased a new position in Bank of New York Mellon in the 4th quarter worth approximately $33,000. TD Waterhouse Canada Inc. lifted its holdings in Bank of New York Mellon by 5.6% in the 4th quarter. TD Waterhouse Canada Inc. now owns 68,024 shares of the bank's stock worth $5,229,000 after purchasing an additional 3,635 shares in the last quarter. OneDigital Investment Advisors LLC lifted its holdings in Bank of New York Mellon by 1.7% in the 4th quarter. OneDigital Investment Advisors LLC now owns 25,376 shares of the bank's stock worth $1,950,000 after purchasing an additional 435 shares in the last quarter. Finally, Quantessence Capital LLC purchased a new position in Bank of New York Mellon in the 4th quarter worth approximately $496,000. 85.31% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of research analysts recently commented on the company. Evercore ISI boosted their price target on Bank of New York Mellon from $88.00 to $90.00 and gave the stock an "in-line" rating in a report on Wednesday, July 2nd. Wells Fargo & Company boosted 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. Truist Financial boosted 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 boosted 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. Finally, Keefe, Bruyette & Woods upped their price objective 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. Eight investment analysts have rated the stock with a Buy rating and six have given a Hold rating to the company. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $95.08.

Bank of New York Mellon Stock Performance

NYSE BK opened at $101.20 on Thursday. The company has a market cap of $71.37 billion, a P/E ratio of 15.45, a P/E/G ratio of 0.95 and a beta of 1.12. 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 business's 50 day moving average price is $96.45 and its 200-day moving average price is $88.39. 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.

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 for the quarter, beating the consensus estimate of $1.73 by $0.21. The firm had revenue of $4.77 billion for the quarter, compared to the consensus estimate of $4.80 billion. Bank of New York Mellon had a return on equity of 13.46% and a net margin of 12.27%.The company's revenue for the quarter was up 9.4% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.51 EPS. Sell-side 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 business also recently announced a quarterly dividend, which was paid on Thursday, August 7th. Stockholders of record on Friday, July 25th were given a dividend of $0.53 per share. The ex-dividend date of this dividend was Friday, July 25th. This represents a $2.12 annualized dividend and a dividend yield of 2.1%. 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 is presently 32.37%.

Insider Buying and Selling at Bank of New York Mellon

In other news, EVP J Kevin Mccarthy sold 20,000 shares of the business'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 transaction of $1,969,000.00. Following the transaction, the executive vice president owned 35,115 shares of the company's stock, valued at approximately $3,457,071.75. The trade was a 36.29% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Corporate insiders own 0.14% of the company's stock.

Bank of New York Mellon 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.

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