Granite Group Advisors LLC Sells 8,361 Shares of The Bank of New York Mellon Corporation (NYSE:BK)

Granite Group Advisors LLC lowered its stake in shares of The Bank of New York Mellon Corporation (NYSE:BK - Free Report) by 21.5% in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 30,537 shares of the bank's stock after selling 8,361 shares during the period. Bank of New York Mellon comprises about 1.8% of Granite Group Advisors LLC's investment portfolio, making the stock its 7th biggest holding. Granite Group Advisors LLC's holdings in Bank of New York Mellon were worth $2,561,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors also recently modified their holdings of the stock. FMR LLC lifted its stake in shares of Bank of New York Mellon by 19.3% in the 4th quarter. FMR LLC now owns 23,071,584 shares of the bank's stock valued at $1,772,590,000 after purchasing an additional 3,732,862 shares during the last quarter. Norges Bank acquired a new stake in shares of Bank of New York Mellon in the 4th quarter valued at $1,150,462,000. Ameriprise Financial Inc. lifted its stake in shares of Bank of New York Mellon by 0.3% in the 4th quarter. Ameriprise Financial Inc. now owns 11,821,988 shares of the bank's stock valued at $908,281,000 after purchasing an additional 35,413 shares during the last quarter. Northern Trust Corp lifted its stake in shares of Bank of New York Mellon by 19.1% in the 4th quarter. Northern Trust Corp now owns 9,533,615 shares of the bank's stock valued at $732,468,000 after purchasing an additional 1,526,686 shares during the last quarter. Finally, Arrowstreet Capital Limited Partnership lifted its stake in shares of Bank of New York Mellon by 17.0% in the 4th quarter. Arrowstreet Capital Limited Partnership now owns 7,751,219 shares of the bank's stock valued at $595,526,000 after purchasing an additional 1,125,493 shares during the last quarter. Institutional investors and hedge funds own 85.31% of the company's stock.

Analysts Set New Price Targets

BK has been the subject of several analyst reports. Wells Fargo & Company lifted their price objective on shares of Bank of New York Mellon from $96.00 to $100.00 and gave the company an "equal weight" rating in a research note on Wednesday, July 16th. Morgan Stanley boosted their target price on shares of Bank of New York Mellon from $95.00 to $101.00 and gave the stock an "overweight" rating in a research report on Wednesday, July 16th. Truist Financial boosted their target price on shares of 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. Evercore ISI boosted their target price on shares of Bank of New York Mellon from $88.00 to $90.00 and gave the stock an "in-line" rating in a research report on Wednesday, July 2nd. Finally, Keefe, Bruyette & Woods boosted their target price on shares of Bank of New York Mellon from $105.00 to $113.00 and gave the stock an "outperform" rating in a research report on Wednesday, July 16th. Seven research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. According to data from MarketBeat, Bank of New York Mellon presently has an average rating of "Moderate Buy" and a consensus price target of $94.38.

Insiders Place Their Bets

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

Bank of New York Mellon Stock Performance

Shares of NYSE:BK traded up $0.99 on Friday, hitting $100.96. 4,123,316 shares of the company were exchanged, compared to its average volume of 4,583,163. The company's 50 day moving average price is $91.96 and its two-hundred day moving average price is $85.99. The Bank of New York Mellon Corporation has a one year low of $60.93 and a one year high of $101.16. The company has a debt-to-equity ratio of 0.86, a quick ratio of 0.69 and a current ratio of 0.72. The firm has a market capitalization of $72.23 billion, a price-to-earnings ratio of 15.41, a PEG ratio of 0.98 and a beta of 1.07.

Bank of New York Mellon (NYSE:BK - Get Free Report) last posted its quarterly earnings data on Tuesday, July 15th. The bank reported $1.94 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.73 by $0.21. The company had revenue of $4.77 billion for the quarter, compared to the consensus estimate of $4.80 billion. Bank of New York Mellon had a net margin of 12.27% and a return on equity of 13.46%. The business's revenue was up 9.4% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $1.51 EPS. Research analysts expect that The Bank of New York Mellon Corporation will post 6.96 earnings per share for the current year.

Bank of New York Mellon Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, August 7th. Investors of record on Friday, July 25th will be paid a $0.53 dividend. The ex-dividend date is Friday, July 25th. This represents a $2.12 dividend on an annualized basis and a yield of 2.10%. This is a boost from Bank of New York Mellon's previous quarterly dividend of $0.47. Bank of New York Mellon's payout ratio is presently 28.70%.

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.