Hsbc Holdings PLC Sells 280,944 Shares of Bank of New York Mellon Corporation $BNY

Key Points

• HSBC Holdings PLC cut its stake in Bank of New York Mellon by 10.6% in the fourth quarter, selling 280,944 shares and leaving it with 2,363,580 shares valued at about $274.7 million.
• Wall Street sentiment on BNY remains constructive, with an average “Moderate Buy” rating and a consensus price target of $138.08 after several analysts raised their targets.
• BNY reported strong first-quarter results, beating EPS and revenue estimates, and it also paid a quarterly dividend of $0.53, implying a 1.5% annual yield.

Hsbc Holdings PLC decreased its position in shares of Bank of New York Mellon Corporation (NYSE:BNY - Free Report) by 10.6% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 2,363,580 shares of the bank's stock after selling 280,944 shares during the period. Hsbc Holdings PLC owned 0.34% of Bank of New York Mellon worth $274,705,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors also recently bought and sold shares of BNY. Abound Financial LLC purchased a new position in Bank of New York Mellon in the fourth quarter worth $25,000. Thurston Springer Miller Herd & Titak Inc. purchased a new stake in shares of Bank of New York Mellon during the 4th quarter valued at $27,000. MCF Advisors LLC lifted its holdings in shares of Bank of New York Mellon by 74.8% during the 4th quarter. MCF Advisors LLC now owns 236 shares of the bank's stock valued at $27,000 after purchasing an additional 101 shares during the last quarter. Marquette Asset Management LLC boosted its position in shares of Bank of New York Mellon by 174.7% in the 4th quarter. Marquette Asset Management LLC now owns 261 shares of the bank's stock worth $30,000 after purchasing an additional 166 shares in the last quarter. Finally, Heritage Wealth Advisors acquired a new stake in shares of Bank of New York Mellon in the 4th quarter worth $31,000. 85.31% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several research analysts recently issued reports on the company. Royal Bank Of Canada upped their target price on 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. Barclays raised their price target on 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. Keefe, Bruyette & Woods boosted their price target on Bank of New York Mellon from $143.00 to $150.00 and gave the stock an "outperform" rating in a research note on Friday, April 17th. Truist Financial upped their price objective on shares of Bank of New York Mellon from $140.00 to $148.00 and gave the company a "buy" rating in a report on Friday, April 17th. Finally, Weiss Ratings raised shares of Bank of New York Mellon from a "buy (a-)" rating to a "buy (a)" rating in a research report on Monday, May 4th. One equities research analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and five have issued a Hold rating to the stock. According to MarketBeat, Bank of New York Mellon presently has an average rating of "Moderate Buy" and an average target price of $138.08.

Insider Transactions at Bank of New York Mellon

In related news, EVP Alejandro Perez sold 12,504 shares of the company's stock in a transaction that occurred on Friday, April 17th. The stock was sold at an average price of $137.01, for a total value of $1,713,173.04. Following the sale, the executive vice president owned 62,613 shares in the company, valued at $8,578,607.13. This represents a 16.65% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP J Kevin Mccarthy sold 30,000 shares of the stock in a transaction that occurred on Friday, April 17th. The stock was sold at an average price of $136.50, for a total transaction of $4,095,000.00. Following the completion of the transaction, the executive vice president owned 50,238 shares in the company, valued at approximately $6,857,487. This trade represents a 37.39% decrease in their position. The SEC filing for this sale provides additional information. In the last ninety days, insiders have sold 48,091 shares of company stock valued at $6,568,423. 0.17% of the stock is owned by company insiders.

Bank of New York Mellon Price Performance

Shares of BNY opened at $143.64 on Friday. The company has a debt-to-equity ratio of 0.82, a current ratio of 0.75 and a quick ratio of 0.75. The company's fifty day moving average price is $137.17 and its 200-day moving average price is $124.97. Bank of New York Mellon Corporation has a 1-year low of $87.41 and a 1-year high of $148.13. The firm has a market capitalization of $98.59 billion, a PE ratio of 17.80, a price-to-earnings-growth ratio of 1.05 and a beta of 1.07.

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

Bank of New York Mellon Announces Dividend

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

Bank of New York Mellon Company 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.