Fjarde AP Fonden Fourth Swedish National Pension Fund Sells 75,500 Shares of The Bank of New York Mellon Corporation $BK

Key Points

• Fjarde AP Fonden Fourth Swedish National Pension Fund sold 75,500 shares of The Bank of New York Mellon, reducing its stake by 48.5% in the first quarter, leaving it with 80,027 shares valued at approximately $6.71 million.
• Bank of New York Mellon's quarterly earnings beat expectations with an EPS of $1.94, exceeding the consensus estimate by $0.21, while revenue reached $4.77 billion despite slightly falling short of estimates.
• The company announced a quarterly dividend increase to $0.53, reflecting a positive change from its previous dividend, with a yield of 2.1%.

Fjarde AP Fonden Fourth Swedish National Pension Fund trimmed its holdings in shares of The Bank of New York Mellon Corporation (NYSE:BK - Free Report) by 48.5% during the first quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 80,027 shares of the bank's stock after selling 75,500 shares during the period. Fjarde AP Fonden Fourth Swedish National Pension Fund's holdings in Bank of New York Mellon were worth $6,712,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Alpine Bank Wealth Management bought a new position in shares of 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 during the 1st quarter worth approximately $25,000. Parvin Asset Management LLC bought a new position in shares of Bank of New York Mellon in the 4th quarter worth $25,000. Bellwether Advisors LLC bought a new position in shares of Bank of New York Mellon in the 4th quarter worth $28,000. Finally, Cornerstone Planning Group LLC lifted its holdings in shares of Bank of New York Mellon by 100.0% in the 1st quarter. Cornerstone Planning Group LLC now owns 392 shares of the bank's stock worth $30,000 after purchasing an additional 196 shares in the last quarter. 85.31% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of equities analysts recently issued reports on the company. Truist Financial increased their target price 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. Keefe, Bruyette & Woods increased 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 report on Wednesday, July 16th. Wells Fargo & Company raised their target price on Bank of New York Mellon from $96.00 to $100.00 and gave the company an "equal weight" rating in a research 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 report on Wednesday, July 2nd. Finally, Morgan Stanley lifted their price objective 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. Eight 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, the stock presently has an average rating of "Moderate Buy" and an average target price of $95.08.

Insiders Place Their Bets

In related 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 value of $1,969,000.00. Following the completion of the sale, the executive vice president owned 35,115 shares in the company, valued at $3,457,071.75. The trade was a 36.29% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. 0.14% of the stock is owned by insiders.

Bank of New York Mellon Price Performance

Shares of BK traded up $0.1410 during trading hours on Thursday, reaching $101.3910. 859,099 shares of the company's stock traded hands, compared to its average volume of 4,194,467. The stock has a market cap of $71.50 billion, a PE ratio of 15.49, a price-to-earnings-growth ratio of 0.95 and a beta of 1.12. The company has a current ratio of 0.72, a quick ratio of 0.72 and a debt-to-equity ratio of 0.86. The firm's 50 day simple moving average is $96.45 and its 200-day simple moving average is $88.39. The Bank of New York Mellon Corporation has a 12 month low of $65.24 and a 12 month high of $104.47.

Bank of New York Mellon (NYSE:BK - Get Free Report) last issued its quarterly earnings results on Tuesday, July 15th. The bank reported $1.94 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.73 by $0.21. The firm had revenue of $4.77 billion during 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% on a year-over-year basis. During the same quarter last year, the company posted $1.51 EPS. Equities analysts expect that The Bank of New York Mellon Corporation will post 6.96 EPS for the current year.

Bank of New York Mellon Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, August 7th. Investors of record on Friday, July 25th were given a $0.53 dividend. This represents a $2.12 dividend on an annualized basis and a yield of 2.1%. The ex-dividend date was 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 is presently 32.37%.

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.