Intech Investment Management LLC Decreases Stock Position in Bank of New York Mellon Corporation $BNY

Key Points

• Intech Investment Management cut its stake in Bank of New York Mellon by 37.2% in the fourth quarter, selling 81,353 shares and leaving it with 137,443 shares valued at about $16.0 million.
• BNY reported strong quarterly results, with EPS of $2.25 beating estimates and revenue of $5.41 billion also topping expectations. Revenue rose 12.9% year over year, and the company’s dividend was maintained at $0.53 per share, or $2.12 annually.
• Analyst sentiment remains constructive: several firms raised price targets, and the stock currently carries a Moderate Buy consensus with an average target price of $138.08. Shares recently traded near their 52-week high at $139.38.

Intech Investment Management LLC reduced its position in Bank of New York Mellon Corporation (NYSE:BNY - Free Report) by 37.2% in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 137,443 shares of the bank's stock after selling 81,353 shares during the period. Intech Investment Management LLC's holdings in Bank of New York Mellon were worth $15,956,000 at the end of the most recent reporting period.

A number of other hedge funds also recently added to or reduced their stakes in the company. Ashton Thomas Private Wealth LLC grew its position in Bank of New York Mellon by 133.2% in the 3rd quarter. Ashton Thomas Private Wealth LLC now owns 91,762 shares of the bank's stock worth $9,998,000 after purchasing an additional 52,412 shares during the period. Jones Financial Companies Lllp grew its position in Bank of New York Mellon by 35.1% in the 3rd quarter. Jones Financial Companies Lllp now owns 31,848 shares of the bank's stock worth $3,487,000 after purchasing an additional 8,277 shares during the period. National Pension Service grew its position in Bank of New York Mellon by 3.1% in the 3rd quarter. National Pension Service now owns 2,053,278 shares of the bank's stock worth $223,725,000 after purchasing an additional 61,718 shares during the period. First National Bank of Omaha bought a new stake in Bank of New York Mellon in the 3rd quarter worth approximately $3,044,000. Finally, Cullen Investment Group LTD. grew its position in Bank of New York Mellon by 1,691.4% in the 4th quarter. Cullen Investment Group LTD. now owns 38,730 shares of the bank's stock worth $4,610,000 after purchasing an additional 36,568 shares during the period. 85.31% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of equities research analysts have commented on BNY shares. JPMorgan Chase & Co. lifted 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 report on Monday, May 11th. Morgan Stanley lifted their target price on shares of Bank of New York Mellon from $135.00 to $139.00 and gave the stock an "equal weight" rating in a research report on Friday, April 17th. Keefe, Bruyette & Woods lifted their target price on shares of Bank of New York Mellon from $143.00 to $150.00 and gave the stock an "outperform" rating in a research report on Friday, April 17th. 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. Finally, Citigroup started coverage on shares of Bank of New York Mellon in a research report on Monday, February 23rd. They issued a "neutral" rating for the company. One investment 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 company's stock. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $138.08.

Bank of New York Mellon Stock Performance

BNY opened at $139.38 on Friday. The company has a 50 day simple moving average of $130.07 and a two-hundred day simple moving average of $121.47. 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 firm has a market cap of $95.67 billion, a P/E ratio of 17.27, a PEG ratio of 1.03 and a beta of 1.08. Bank of New York Mellon Corporation has a 1-year low of $87.41 and a 1-year high of $141.65.

Bank of New York Mellon (NYSE:BNY - Get Free Report) last announced its quarterly earnings data 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. The firm had revenue of $5.41 billion during the quarter, compared to analysts' expectations of $5.14 billion. Bank of New York Mellon had a net margin of 14.60% and a return on equity of 15.29%. The company's revenue for the quarter was up 12.9% compared to the same quarter last year. During the same period in the prior year, the company posted $1.58 earnings per share. Equities 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 company also recently announced a quarterly dividend, which was paid on Friday, May 8th. Investors 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 annualized dividend and a yield of 1.5%. Bank of New York Mellon's dividend payout ratio is currently 26.27%.

Insider Activity

In related news, EVP Alejandro Perez sold 12,504 shares of the company's stock in a transaction on Friday, April 17th. The shares were sold at an average price of $137.01, for a total value of $1,713,173.04. Following the completion of the transaction, the executive vice president owned 62,613 shares of the company's stock, valued at approximately $8,578,607.13. This represents a 16.65% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Kurtis R. Kurimsky sold 5,290 shares of the company's stock in a transaction on Friday, April 17th. The stock was sold at an average price of $136.02, for a total transaction of $719,545.80. Following the completion of the transaction, the insider directly owned 17,259 shares of the company's stock, valued at $2,347,569.18. This represents a 23.46% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders sold 48,091 shares of company stock worth $6,568,423. 0.17% of the stock is currently owned by corporate insiders.

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.

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