Gries Financial LLC Sells 3,331 Shares of The Bank of New York Mellon Corporation (NYSE:BK)

Gries Financial LLC lowered its holdings in The Bank of New York Mellon Corporation (NYSE:BK - Free Report) by 15.9% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 17,616 shares of the bank's stock after selling 3,331 shares during the quarter. Gries Financial LLC's holdings in Bank of New York Mellon were worth $1,477,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds also recently bought and sold shares of the business. Parvin Asset Management LLC bought a new stake in shares of Bank of New York Mellon during the fourth quarter worth $25,000. Opal Wealth Advisors LLC bought a new stake in Bank of New York Mellon in the first quarter valued at about $25,000. Alpine Bank Wealth Management bought a new stake in Bank of New York Mellon in the first quarter valued at about $25,000. Bellwether Advisors LLC bought a new stake in Bank of New York Mellon in the fourth quarter valued at about $28,000. Finally, REAP Financial Group LLC increased its holdings in Bank of New York Mellon by 123.2% in the fourth quarter. REAP Financial Group LLC now owns 395 shares of the bank's stock valued at $30,000 after purchasing an additional 218 shares during the last quarter. Institutional investors and hedge funds own 85.31% of the company's stock.

Insider Transactions at Bank of New York Mellon

In other news, EVP J Kevin Mccarthy sold 30,000 shares of the business's stock in a transaction that occurred on Tuesday, April 29th. The stock was sold at an average price of $79.03, for a total value of $2,370,900.00. Following the transaction, the executive vice president owned 55,115 shares in the company, valued at $4,355,738.45. The trade was a 35.25% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 0.14% of the company's stock.

Bank of New York Mellon Stock Up 0.4%

Shares of BK stock traded up $0.44 on Tuesday, hitting $99.04. 3,237,397 shares of the stock were exchanged, compared to its average volume of 4,126,692. The company has a current ratio of 0.72, a quick ratio of 0.69 and a debt-to-equity ratio of 0.86. The firm has a market capitalization of $70.85 billion, a P/E ratio of 15.12, a price-to-earnings-growth ratio of 0.97 and a beta of 1.07. The business has a 50-day moving average of $90.84 and a 200 day moving average of $85.34. The Bank of New York Mellon Corporation has a fifty-two week low of $60.93 and a fifty-two week high of $99.42.

Bank of New York Mellon (NYSE:BK - Get Free Report) last announced its earnings results on Tuesday, July 15th. The bank reported $1.94 earnings per share for the quarter, topping analysts' consensus estimates of $1.73 by $0.21. The company had revenue of $4.77 billion for 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% compared to the same quarter last year. During the same quarter last year, the company earned $1.51 earnings per share. Equities analysts anticipate that The Bank of New York Mellon Corporation will post 6.96 EPS for the current year.

Bank of New York Mellon Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, August 7th. Investors of record on Friday, July 25th will be given a $0.53 dividend. This represents a $2.12 dividend on an annualized basis and a yield of 2.14%. This is a positive change from Bank of New York Mellon's previous quarterly dividend of $0.47. The ex-dividend date is Friday, July 25th. Bank of New York Mellon's payout ratio is presently 32.37%.

Analyst Ratings Changes

BK has been the subject of a number of recent analyst reports. Morgan Stanley upped their price objective on Bank of New York Mellon from $95.00 to $101.00 and gave the company an "overweight" rating in a report on Wednesday, July 16th. Evercore ISI upped their price objective on Bank of New York Mellon from $88.00 to $90.00 and gave the company an "in-line" rating in a report on Wednesday, July 2nd. Wells Fargo & Company upped 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 report on Wednesday, July 16th. Citigroup increased their price target on Bank of New York Mellon from $82.00 to $85.00 and gave the stock a "neutral" rating in a report on Monday, March 24th. Finally, Truist Financial increased their price target on Bank of New York Mellon from $97.00 to $100.00 and gave the stock a "hold" rating in a report on Wednesday, July 16th. Seven analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $94.38.

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.