Fayez Sarofim & Co Lowers Stake in The Bank of New York Mellon Corporation (NYSE:BK)

Key Points

• Fayez Sarofim & Co has reduced its stake in The Bank of New York Mellon Corporation by 14.4%, leaving it with approximately 2.42 million shares valued at $202.9 million.
• The Bank of New York Mellon reported a beat on earnings with $1.94 earnings per share for the quarter, surpassing estimates by $0.21, despite revenue falling slightly short of expectations.
• The bank increased its quarterly dividend to $0.53 per share, which reflects a 2.1% yield and marks an increase from its previous dividend of $0.47.

Fayez Sarofim & Co trimmed its position in shares of The Bank of New York Mellon Corporation (NYSE:BK - Free Report) by 14.4% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 2,419,490 shares of the bank's stock after selling 405,800 shares during the period. Fayez Sarofim & Co owned about 0.34% of Bank of New York Mellon worth $202,923,000 as of its most recent SEC filing.

A number of other large investors also recently added to or reduced their stakes in BK. Alpine Bank Wealth Management bought a new position in Bank of New York Mellon during the 1st quarter worth approximately $25,000. Opal Wealth Advisors LLC bought a new position in shares of Bank of New York Mellon in the first quarter worth approximately $25,000. Parvin Asset Management LLC purchased a new position in shares of Bank of New York Mellon in the fourth quarter worth $25,000. Bellwether Advisors LLC bought a new stake in Bank of New York Mellon during the 4th quarter valued at $28,000. Finally, Cornerstone Planning Group LLC boosted its position in Bank of New York Mellon by 100.0% during the 1st quarter. Cornerstone Planning Group LLC now owns 392 shares of the bank's stock valued at $30,000 after buying an additional 196 shares during the period. Hedge funds and other institutional investors own 85.31% of the company's stock.

Bank of New York Mellon Trading Up 1.6%

Shares of Bank of New York Mellon stock opened at $102.30 on Thursday. The Bank of New York Mellon Corporation has a 1-year low of $61.55 and a 1-year high of $103.16. The company's fifty day simple moving average is $93.86 and its 200-day simple moving average is $87.23. The company has a debt-to-equity ratio of 0.86, a current ratio of 0.72 and a quick ratio of 0.69. The stock has a market capitalization of $72.15 billion, a PE ratio of 15.62, a P/E/G ratio of 0.97 and a beta of 1.12.

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 company 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%. Bank of New York Mellon's quarterly revenue was up 9.4% compared to the same quarter last year. During the same period in the previous year, the business earned $1.51 earnings per share. As a group, equities analysts anticipate 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 company also recently announced a quarterly dividend, which will be paid on Thursday, August 7th. Shareholders of record on Friday, July 25th will be paid a dividend of $0.53 per share. This represents a $2.12 dividend on an annualized basis and a yield of 2.1%. The ex-dividend date is 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 dividend payout ratio (DPR) is 32.37%.

Insider Buying and Selling

In other Bank of New York Mellon news, EVP J Kevin Mccarthy sold 20,000 shares of the company's stock in a transaction that occurred on Tuesday, July 22nd. The shares were 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 $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 is available through this hyperlink. Insiders own 0.14% of the company's stock.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on the stock. Truist Financial increased their target price on shares of Bank of New York Mellon from $97.00 to $100.00 and gave the stock a "hold" rating in a report on Wednesday, July 16th. Wells Fargo & Company raised their price objective on shares of 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. Morgan Stanley upped their target price 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. Evercore ISI raised their target price 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. Finally, 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 research note on Wednesday, July 16th. Seven investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company's stock. According to MarketBeat.com, Bank of New York Mellon has an average rating of "Moderate Buy" and a consensus target price of $94.38.

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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