Goldman Sachs Group Inc. Cuts Stock Holdings in Bank of New York Mellon Corporation $BNY

Key Points

• Goldman Sachs reduced its stake in BNY by 6.2% in the fourth quarter, selling 420,572 shares and leaving it with 6.37 million shares valued at about $740 million.
• Bank of New York Mellon posted stronger-than-expected results, reporting quarterly EPS of $2.25 versus the $1.94 consensus and revenue of $5.41 billion, up 12.9% year over year.
• Analysts remain moderately bullish on BNY, with an average price target of $138.08 and a consensus rating of “Moderate Buy,” while the company also paid a quarterly dividend of $0.53 per share.

Goldman Sachs Group Inc. trimmed its position in shares of Bank of New York Mellon Corporation (NYSE:BNY - Free Report) by 6.2% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 6,374,546 shares of the bank's stock after selling 420,572 shares during the quarter. Goldman Sachs Group Inc. owned approximately 0.91% of Bank of New York Mellon worth $740,021,000 as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in BNY. Revolve Wealth Partners LLC purchased a new position in shares of Bank of New York Mellon during the 4th quarter valued at approximately $220,000. Sivia Capital Partners LLC increased its holdings in shares of Bank of New York Mellon by 36.6% during the 2nd quarter. Sivia Capital Partners LLC now owns 3,394 shares of the bank's stock valued at $309,000 after purchasing an additional 909 shares in the last quarter. Jump Financial LLC purchased a new position in shares of Bank of New York Mellon during the 2nd quarter valued at approximately $2,482,000. Treasurer of the State of North Carolina increased its holdings in shares of Bank of New York Mellon by 1.7% during the 2nd quarter. Treasurer of the State of North Carolina now owns 334,388 shares of the bank's stock valued at $30,466,000 after purchasing an additional 5,445 shares in the last quarter. Finally, Osterweis Capital Management Inc. increased its holdings in shares of Bank of New York Mellon by 11,890.0% during the 2nd quarter. Osterweis Capital Management Inc. now owns 1,199 shares of the bank's stock valued at $109,000 after purchasing an additional 1,189 shares in the last quarter. 85.31% of the stock is owned by hedge funds and other institutional investors.

Bank of New York Mellon Stock Down 0.3%

BNY stock opened at $140.80 on Thursday. The company has a market cap of $96.64 billion, a price-to-earnings ratio of 17.45, a PEG ratio of 1.03 and a beta of 1.07. The company has a current ratio of 0.75, a quick 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 $143.95. The firm has a 50-day moving average of $131.67 and a two-hundred day moving average of $122.19.

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

Bank of New York Mellon Dividend Announcement

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

Analysts Set New Price Targets

A number of research firms recently issued reports on BNY. Wall Street Zen raised shares of Bank of New York Mellon to a "hold" rating in a research note on Saturday, May 23rd. Royal Bank Of Canada lifted their target price on shares of Bank of New York Mellon from $130.00 to $142.00 and gave the company a "sector perform" rating in a research report on Friday, April 17th. JPMorgan Chase & Co. boosted their target price on shares of Bank of New York Mellon from $130.50 to $140.00 and gave the stock an "overweight" rating in a research note on Monday, May 11th. Evercore set a $136.00 price target on shares of Bank of New York Mellon in a research report on Friday, April 17th. Finally, Citigroup assumed coverage on shares of Bank of New York Mellon in a research note on Monday, February 23rd. They issued a "neutral" rating on the stock. One equities research analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and five have assigned a Hold rating to the company's stock. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $138.08.

Insider Buying and Selling at Bank of New York Mellon

In other news, insider Kurtis R. Kurimsky sold 5,290 shares of the business's stock in a transaction dated Friday, April 17th. The shares were sold at an average price of $136.02, for a total transaction of $719,545.80. Following the transaction, the insider owned 17,259 shares of the company's stock, valued at approximately $2,347,569.18. The trade was a 23.46% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, VP Shannon Marie Hobbs sold 297 shares of the business'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 transaction, the vice president directly owned 15,206 shares in the company, valued at approximately $2,083,982.30. The trade was a 1.92% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 48,091 shares of company stock worth $6,568,423 in the last quarter. Insiders own 0.17% of the company's stock.

Bank of New York Mellon Profile

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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