The Bank of New York Mellon Corporation (NYSE:BK) Shares Sold by Gulf International Bank UK Ltd

Key Points

• Gulf International Bank UK Ltd reduced its holdings in The Bank of New York Mellon by 29.6% during the first quarter, ending with 40,729 shares valued at approximately $3.4 million.
• Bank of New York Mellon declared an increased quarterly dividend of $0.53, up from $0.47, resulting in an annualized dividend yield of 2.1%.
• Several analysts have raised their price targets for Bank of New York Mellon, with recommendations ranging from "hold" to "outperform", indicating a consensus rating of "Moderate Buy".

Gulf International Bank UK Ltd lowered its position in The Bank of New York Mellon Corporation (NYSE:BK - Free Report) by 29.6% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 40,729 shares of the bank's stock after selling 17,113 shares during the quarter. Gulf International Bank UK Ltd's holdings in Bank of New York Mellon were worth $3,415,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Capital Analysts LLC lifted its stake in Bank of New York Mellon by 3.7% in the fourth quarter. Capital Analysts LLC now owns 3,317 shares of the bank's stock valued at $255,000 after buying an additional 119 shares during the last quarter. Hemington Wealth Management lifted its stake in Bank of New York Mellon by 8.0% in the first quarter. Hemington Wealth Management now owns 1,628 shares of the bank's stock valued at $136,000 after buying an additional 121 shares during the last quarter. Y.D. More Investments Ltd lifted its stake in Bank of New York Mellon by 13.8% in the first quarter. Y.D. More Investments Ltd now owns 1,030 shares of the bank's stock valued at $86,000 after buying an additional 125 shares during the last quarter. Syon Capital LLC lifted its stake in Bank of New York Mellon by 2.5% in the fourth quarter. Syon Capital LLC now owns 5,432 shares of the bank's stock valued at $417,000 after buying an additional 132 shares during the last quarter. Finally, Ontario Teachers Pension Plan Board lifted its stake in Bank of New York Mellon by 1.1% in the first quarter. Ontario Teachers Pension Plan Board now owns 12,504 shares of the bank's stock valued at $1,049,000 after buying an additional 138 shares during the last quarter. Hedge funds and other institutional investors own 85.31% of the company's stock.

Bank of New York Mellon Price Performance

NYSE:BK traded down $2.44 during trading hours on Friday, hitting $100.91. The company's stock had a trading volume of 3,736,893 shares, compared to its average volume of 3,571,795. The business's 50-day moving average is $95.77 and its two-hundred day moving average is $88.09. The company has a market capitalization of $71.17 billion, a PE ratio of 15.41, a PEG ratio of 0.97 and a beta of 1.12. The company has a debt-to-equity ratio of 0.86, a quick ratio of 0.72 and a current ratio of 0.72. The Bank of New York Mellon Corporation has a 52-week low of $65.01 and a 52-week high of $104.47.

Bank of New York Mellon (NYSE:BK - Get Free Report) last released 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 firm had revenue of $4.77 billion during the quarter, compared to analysts' expectations of $4.80 billion. Bank of New York Mellon had a return on equity of 13.46% and a net margin of 12.27%. Bank of New York Mellon's revenue was up 9.4% compared to the same quarter last year. During the same quarter in the prior year, the business posted $1.51 earnings per share. As a group, research analysts anticipate that The Bank of New York Mellon Corporation will post 6.96 EPS for the current fiscal year.

Bank of New York Mellon Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, August 7th. Shareholders of record on Friday, July 25th were issued a $0.53 dividend. This represents a $2.12 annualized dividend and a yield of 2.1%. This is a positive change from Bank of New York Mellon's previous quarterly dividend of $0.47. The ex-dividend date of this dividend was Friday, July 25th. Bank of New York Mellon's dividend payout ratio is currently 32.37%.

Analyst Ratings Changes

Several equities research analysts have recently commented on the company. Evercore ISI upped their price target on Bank of New York Mellon from $88.00 to $90.00 and gave the stock an "in-line" rating in a research note on Wednesday, July 2nd. Morgan Stanley upped their price target on Bank of New York Mellon from $95.00 to $101.00 and gave the stock an "overweight" rating in a research note on Wednesday, July 16th. Keefe, Bruyette & Woods upped their price target on Bank of New York Mellon from $105.00 to $113.00 and gave the stock an "outperform" rating in a research note on Wednesday, July 16th. Wells Fargo & Company upped their price target on Bank of New York Mellon from $96.00 to $100.00 and gave the stock an "equal weight" rating in a research note on Wednesday, July 16th. Finally, Truist Financial upped their price target on Bank of New York Mellon from $100.00 to $109.00 and gave the stock a "hold" rating in a research note on Thursday. Seven equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $95.08.

Insiders Place Their Bets

In other Bank of New York Mellon news, EVP J Kevin Mccarthy sold 20,000 shares of the company's stock in a transaction on Tuesday, July 22nd. The stock was 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 approximately $3,457,071.75. This represents a 36.29% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 0.14% of the company's stock.

Bank of New York Mellon Profile

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.