Evelyn Partners Investment Management LLP Sells 33,500 Shares of Bank of New York Mellon Corporation $BNY

Key Points

• Evelyn Partners Investment Management LLP sharply cut its Bank of New York Mellon position by 97.3% in Q4, selling 33,500 shares and ending with just 915 shares worth about $106,000.
• Analysts remain broadly positive on BNY, with several firms raising price targets; the stock now carries a consensus Moderate Buy rating and an average target price of $138.08.
• Bank of New York Mellon posted strong recent results, beating quarterly earnings and revenue estimates, while also paying a $0.53 quarterly dividend that annualizes to a 1.5% yield.

Evelyn Partners Investment Management LLP lowered its stake in shares of Bank of New York Mellon Corporation (NYSE:BNY - Free Report) by 97.3% in the 4th quarter, according to the company in its most recent disclosure with the SEC. The firm owned 915 shares of the bank's stock after selling 33,500 shares during the quarter. Evelyn Partners Investment Management LLP's holdings in Bank of New York Mellon were worth $106,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Brown Advisory Inc. boosted its position in Bank of New York Mellon by 1.9% during the fourth quarter. Brown Advisory Inc. now owns 170,479 shares of the bank's stock worth $19,791,000 after purchasing an additional 3,154 shares during the period. 17 Capital Partners LLC bought a new position in Bank of New York Mellon during the fourth quarter worth about $210,000. Aigen Investment Management LP boosted its position in Bank of New York Mellon by 722.9% during the fourth quarter. Aigen Investment Management LP now owns 29,436 shares of the bank's stock worth $3,417,000 after purchasing an additional 25,859 shares during the period. Atlas Capital Advisors Inc. bought a new position in Bank of New York Mellon during the fourth quarter worth about $44,000. Finally, Aptus Capital Advisors LLC boosted its position in Bank of New York Mellon by 4.4% during the fourth quarter. Aptus Capital Advisors LLC now owns 11,998 shares of the bank's stock worth $1,393,000 after purchasing an additional 506 shares during the period. Institutional investors own 85.31% of the company's stock.

Analysts Set New Price Targets

BNY has been the subject of a number of research reports. JPMorgan Chase & Co. increased their target price on shares of Bank of New York Mellon from $130.50 to $140.00 and gave the stock an "overweight" rating in a research report on Monday, May 11th. Keefe, Bruyette & Woods increased their target price on shares of Bank of New York Mellon from $143.00 to $150.00 and gave the stock an "outperform" rating in a research report on Friday, April 17th. Wall Street Zen upgraded shares of Bank of New York Mellon to a "hold" rating in a research report on Saturday, May 23rd. Truist Financial increased their target price on shares of Bank of New York Mellon from $140.00 to $148.00 and gave the stock a "buy" rating in a research report on Friday, April 17th. Finally, Morgan Stanley increased their target price on shares of Bank of New York Mellon from $135.00 to $139.00 and gave the stock an "equal weight" rating in a research report on Friday, April 17th. One analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and five have given a Hold rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $138.08.

Insider Activity at Bank of New York Mellon

In related news, EVP J Kevin Mccarthy sold 30,000 shares of the firm's stock in a transaction that occurred on Friday, April 17th. The shares were sold at an average price of $136.50, for a total value of $4,095,000.00. Following the sale, the executive vice president directly owned 50,238 shares of the company's stock, valued at $6,857,487. This trade represents a 37.39% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Kurtis R. Kurimsky sold 5,290 shares of the firm's stock in a transaction that occurred on Friday, April 17th. The shares were sold at an average price of $136.02, for a total transaction of $719,545.80. Following the completion of the sale, the insider directly owned 17,259 shares in the company, valued at $2,347,569.18. This represents a 23.46% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last three months, insiders sold 48,091 shares of company stock valued at $6,568,423. Company insiders own 0.17% of the company's stock.

Bank of New York Mellon Trading Down 0.2%

Shares of BNY opened at $143.74 on Monday. The firm's 50 day simple moving average is $135.19 and its 200 day simple moving average is $123.91. The company has a market capitalization of $98.66 billion, a P/E ratio of 17.81, a P/E/G ratio of 1.05 and a beta of 1.07. The company has a debt-to-equity ratio of 0.82, a current ratio of 0.75 and a quick ratio of 0.75. Bank of New York Mellon Corporation has a 1-year low of $87.41 and a 1-year high of $145.02.

Bank of New York Mellon (NYSE:BNY - Get Free Report) last announced its earnings results on Thursday, April 16th. The bank reported $2.25 earnings per share for the quarter, beating analysts' consensus estimates of $1.94 by $0.31. The business had revenue of $5.41 billion for the quarter, compared to the consensus estimate of $5.14 billion. Bank of New York Mellon had a net margin of 14.60% and a return on equity of 15.29%. Bank of New York Mellon's quarterly revenue was up 12.9% on a year-over-year basis. During the same period last year, the firm posted $1.58 earnings per share. Sell-side analysts forecast that Bank of New York Mellon Corporation will post 8.78 earnings per share for the current fiscal year.

Bank of New York Mellon Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, May 8th. Investors of record on Monday, April 27th were paid a $0.53 dividend. This represents a $2.12 dividend on an annualized basis and a yield of 1.5%. The ex-dividend date of this dividend was Monday, April 27th. Bank of New York Mellon's dividend payout ratio (DPR) is currently 26.27%.

Bank of New York Mellon Company Profile

BNY, formerly known as BNY Mellon, is a global financial services company headquartered in New York City. Formed in 2007 through the merger of the Bank of New York and Mellon Financial Corporation, BNY traces its roots back to 1784, making it one of the oldest banking institutions in the United States. It was also the first company listed on the New York Stock Exchange.

BNY operates at the center of the world's capital markets, partnering with clients to help them operate more efficiently and accelerate growth.

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