Galvin Gaustad & Stein LLC Sells 20,929 Shares of The Bank of New York Mellon Corporation (NYSE:BK)

Key Points

• Galvin Gaustad & Stein LLC reduced its stock holdings in The Bank of New York Mellon Corporation by 9.5%, owning 199,387 shares after selling 20,929 shares.
• The Bank of New York Mellon recently increased its quarterly dividend from $0.47 to $0.53, yielding 2.10% annually.
• The bank reported earnings per share (EPS) of $1.94 for the last quarter, exceeding estimates and reflecting a 9.4% year-over-year revenue growth.

Galvin Gaustad & Stein LLC lessened its position in shares of The Bank of New York Mellon Corporation (NYSE:BK - Free Report) by 9.5% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 199,387 shares of the bank's stock after selling 20,929 shares during the quarter. Bank of New York Mellon comprises 1.5% of Galvin Gaustad & Stein LLC's portfolio, making the stock its 26th biggest holding. Galvin Gaustad & Stein LLC's holdings in Bank of New York Mellon were worth $16,723,000 at the end of the most recent reporting period.

Several other institutional investors have also modified their holdings of the stock. TrueMark Investments LLC purchased a new position in Bank of New York Mellon during the first quarter worth approximately $4,282,000. O Shaughnessy Asset Management LLC raised its holdings in shares of Bank of New York Mellon by 11.7% in the 4th quarter. O Shaughnessy Asset Management LLC now owns 786,496 shares of the bank's stock valued at $60,426,000 after buying an additional 82,671 shares during the period. Wealth Enhancement Advisory Services LLC raised its holdings in shares of Bank of New York Mellon by 29.1% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 223,438 shares of the bank's stock valued at $18,740,000 after buying an additional 50,368 shares during the period. Formidable Asset Management LLC acquired a new position in Bank of New York Mellon during the 1st quarter worth $247,000. Finally, Sumitomo Mitsui DS Asset Management Company Ltd increased its stake in shares of Bank of New York Mellon by 121.8% during the first quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 183,602 shares of the bank's stock worth $15,399,000 after buying an additional 100,810 shares during the period. 85.31% of the stock is owned by institutional investors.

Bank of New York Mellon Stock Performance

BK stock traded down $0.41 on Thursday, reaching $101.90. The company's stock had a trading volume of 918,885 shares, compared to its average volume of 4,282,250. The firm has a fifty day moving average of $92.67 and a two-hundred day moving average of $86.50. 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 company has a market capitalization of $72.90 billion, a P/E ratio of 15.56, a price-to-earnings-growth ratio of 0.99 and a beta of 1.07. The Bank of New York Mellon Corporation has a 52 week low of $60.93 and a 52 week high of $103.16.

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 analyst estimates 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 firm's quarterly revenue was up 9.4% on a year-over-year basis. During the same period last year, the company posted $1.51 EPS. As a group, analysts predict that The Bank of New York Mellon Corporation will post 6.96 EPS for the current fiscal year.

Bank of New York Mellon Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, August 7th. Stockholders of record on Friday, July 25th will be given a dividend of $0.53 per share. This represents a $2.12 dividend on an annualized basis and a dividend yield of 2.08%. The ex-dividend date of this dividend is 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 is 32.37%.

Analysts Set New Price Targets

A number of brokerages recently issued reports on BK. Evercore ISI upped 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. Keefe, Bruyette & Woods lifted 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. Wells Fargo & Company lifted their price objective 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. Morgan Stanley boosted their price target on Bank of New York Mellon from $95.00 to $101.00 and gave the company an "overweight" rating in a research report on Wednesday, July 16th. Finally, Truist Financial upped their target price on Bank of New York Mellon from $97.00 to $100.00 and gave the stock a "hold" rating in a research report on Wednesday, July 16th. Seven equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, Bank of New York Mellon currently has an average rating of "Moderate Buy" and a consensus price target of $94.38.

Insider Activity at Bank of New York Mellon

In other news, EVP J Kevin Mccarthy sold 20,000 shares of the stock in a transaction 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 completion of the sale, the executive vice president owned 35,115 shares in the company, valued at approximately $3,457,071.75. This represents a 36.29% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 0.14% of the company's stock.

Bank of New York Mellon Company 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.