Geode Capital Management LLC Sells 368,424 Shares of Bank of New York Mellon Corporation $BNY

Key Points

• Geode Capital Management reduced its Bank of New York Mellon stake by 2.0% in the fourth quarter, selling 368,424 shares and ending with 18.47 million shares worth about $2.14 billion.
• BNY reported strong quarterly earnings, posting EPS of $2.25 versus estimates of $1.94 and revenue of $5.41 billion, both ahead of analyst expectations. Revenue also rose 12.9% year over year.
• The company continues to return cash to shareholders, with a recent quarterly dividend of $0.53 per share and an annualized yield of about 1.5%. Meanwhile, analysts remain generally positive, with an average rating of Moderate Buy and an average price target of $138.08.

Geode Capital Management LLC lowered its position in Bank of New York Mellon Corporation (NYSE:BNY - Free Report) by 2.0% during the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 18,466,278 shares of the bank's stock after selling 368,424 shares during the quarter. Geode Capital Management LLC owned about 2.65% of Bank of New York Mellon worth $2,136,749,000 at the end of the most recent quarter.

Other institutional investors have also recently made changes to their positions in the company. Thurston Springer Miller Herd & Titak Inc. bought a new position in shares of Bank of New York Mellon in the fourth quarter worth $27,000. Marquette Asset Management LLC increased its holdings in shares of Bank of New York Mellon by 174.7% in the fourth quarter. Marquette Asset Management LLC now owns 261 shares of the bank's stock worth $30,000 after purchasing an additional 166 shares during the period. Valley Wealth Managers Inc. bought a new position in shares of Bank of New York Mellon in the third quarter worth $33,000. Westside Investment Management Inc. increased its holdings in shares of Bank of New York Mellon by 44.1% in the third quarter. Westside Investment Management Inc. now owns 415 shares of the bank's stock worth $45,000 after purchasing an additional 127 shares during the period. Finally, Kohmann Bosshard Financial Services LLC bought a new position in shares of Bank of New York Mellon in the fourth quarter worth $46,000. Institutional investors own 85.31% of the company's stock.

Bank of New York Mellon Stock Performance

NYSE BNY opened at $140.60 on Friday. The company has a 50-day simple moving average of $129.58 and a two-hundred day simple moving average of $121.35. The company has a quick ratio of 0.75, a current ratio of 0.75 and a debt-to-equity ratio of 0.82. Bank of New York Mellon Corporation has a 12-month low of $87.41 and a 12-month high of $141.65. The firm has a market cap of $96.51 billion, a price-to-earnings ratio of 17.42, a PEG ratio of 1.02 and a beta of 1.08.

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

Bank of New York Mellon Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, May 8th. Shareholders of record on Monday, April 27th were given a dividend of $0.53 per share. This represents a $2.12 annualized dividend and a yield of 1.5%. The ex-dividend date was Monday, April 27th. Bank of New York Mellon's dividend payout ratio is presently 26.27%.

Insider Buying and Selling at Bank of New York Mellon

In other Bank of New York Mellon news, VP Shannon Marie Hobbs sold 297 shares of the company's stock in a transaction dated Friday, April 17th. The shares were sold at an average price of $137.05, for a total transaction of $40,703.85. Following the completion of the sale, the vice president directly owned 15,206 shares in the company, valued at $2,083,982.30. This represents a 1.92% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, EVP J Kevin Mccarthy sold 30,000 shares of the company's stock in a transaction dated Friday, April 17th. The shares were sold at an average price of $136.50, for a total transaction of $4,095,000.00. Following the sale, the executive vice president owned 50,238 shares of the company's stock, valued at approximately $6,857,487. The trade was a 37.39% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders have sold 48,091 shares of company stock valued at $6,568,423. Corporate insiders own 0.17% of the company's stock.

Analysts Set New Price Targets

Several research analysts have recently weighed in on BNY shares. Barclays upped their price target on shares of Bank of New York Mellon from $143.00 to $149.00 and gave the stock an "overweight" rating in a report on Friday, April 17th. Morgan Stanley upped their price target on shares of Bank of New York Mellon from $135.00 to $139.00 and gave the stock an "equal weight" rating in a report on Friday, April 17th. JPMorgan Chase & Co. upped their price target on shares of Bank of New York Mellon from $130.50 to $140.00 and gave the stock an "overweight" rating in a report on Monday, May 11th. Citigroup started coverage on shares of Bank of New York Mellon in a report on Monday, February 23rd. They issued a "neutral" rating on the stock. Finally, Truist Financial upped their price target on shares of Bank of New York Mellon from $140.00 to $148.00 and gave the stock a "buy" rating in a report on Friday, April 17th. One investment analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and five have assigned a Hold rating to the company's stock. According to MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $138.08.

About Bank of New York Mellon

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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