Generali Asset Management SPA SGR Sells 22,912 Shares of The Bank of New York Mellon Corporation $BK

Key Points

• Generali Asset Management SPA SGR has reduced its holdings in The Bank of New York Mellon Corporation by 31.0%, now owning 50,995 shares valued at approximately $4.65 million.
• Numerous large investors, including Ameriprise Financial and Goldman Sachs Group, have recently adjusted their stakes in Bank of New York Mellon, reflecting a significant interest from institutional investors who own over 85% of the company's stock.
• Wall Street analysts maintain a consensus rating of "Moderate Buy" for Bank of New York Mellon, with several brokerages raising their target price, the highest being $118.00 from Truist Financial.

Generali Asset Management SPA SGR decreased its position in The Bank of New York Mellon Corporation (NYSE:BK - Free Report) by 31.0% during the 2nd quarter, according to its most recent disclosure with the SEC. The fund owned 50,995 shares of the bank's stock after selling 22,912 shares during the period. Generali Asset Management SPA SGR's holdings in Bank of New York Mellon were worth $4,646,000 as of its most recent SEC filing.

Several other large investors have also added to or reduced their stakes in the stock. Ameriprise Financial Inc. boosted its holdings in Bank of New York Mellon by 1.9% in the first quarter. Ameriprise Financial Inc. now owns 12,043,601 shares of the bank's stock valued at $1,010,093,000 after acquiring an additional 221,613 shares in the last quarter. Nuveen LLC bought a new stake in Bank of New York Mellon in the first quarter valued at $773,627,000. Invesco Ltd. boosted its holdings in shares of Bank of New York Mellon by 8.8% during the 1st quarter. Invesco Ltd. now owns 8,264,176 shares of the bank's stock valued at $693,116,000 after buying an additional 667,966 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its holdings in shares of Bank of New York Mellon by 5.7% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 8,125,577 shares of the bank's stock valued at $681,492,000 after buying an additional 436,100 shares in the last quarter. Finally, Goldman Sachs Group Inc. boosted its holdings in shares of Bank of New York Mellon by 26.3% during the 1st quarter. Goldman Sachs Group Inc. now owns 5,053,744 shares of the bank's stock valued at $423,858,000 after buying an additional 1,052,145 shares in the last quarter. Institutional investors own 85.31% of the company's stock.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on BK. Keefe, Bruyette & Woods boosted their target price on shares of Bank of New York Mellon from $105.00 to $113.00 and gave the company an "outperform" rating in a report on Wednesday, July 16th. Truist Financial boosted their target price on shares of Bank of New York Mellon from $109.00 to $118.00 and gave the company a "hold" rating in a report on Thursday, October 2nd. Citigroup boosted their target price on shares of Bank of New York Mellon from $92.00 to $105.00 and gave the company a "neutral" rating in a report on Friday, September 5th. Morgan Stanley lifted their price target on Bank of New York Mellon from $101.00 to $116.00 and gave the stock an "overweight" rating in a research report on Monday, September 29th. Finally, TD Cowen initiated coverage on Bank of New York Mellon in a research report on Thursday, September 25th. They issued a "buy" rating for the company. Ten analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $106.77.

Bank of New York Mellon Price Performance

NYSE BK opened at $108.94 on Thursday. The Bank of New York Mellon Corporation has a 52 week low of $70.46 and a 52 week high of $110.87. The firm has a market capitalization of $76.83 billion, a P/E ratio of 16.63, a PEG ratio of 1.00 and a beta of 1.13. The company has a quick ratio of 0.72, a current ratio of 0.72 and a debt-to-equity ratio of 0.86. The company has a 50-day moving average price of $105.45 and a 200-day moving average price of $94.16.

Bank of New York Mellon (NYSE:BK - Get Free Report) last released its quarterly earnings results on Tuesday, March 26th. The bank reported $1.30 EPS for the quarter. Bank of New York Mellon had a net margin of 12.27% and a return on equity of 13.46%. The firm had revenue of $4.38 billion during the quarter. Equities research analysts anticipate that The Bank of New York Mellon Corporation will post 6.96 earnings per share for the current year.

Insider Activity at Bank of New York Mellon

In other news, EVP J Kevin Mccarthy sold 20,000 shares of the company's stock in a transaction dated Tuesday, July 22nd. The shares were 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 of the company's stock, valued at $3,457,071.75. This represents a 36.29% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 0.14% of the stock is owned by insiders.

About Bank of New York Mellon

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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