Investment Management Corp of Ontario Reduces Stake in Bank of New York Mellon Corporation $BNY

Key Points

• Investment Management Corp of Ontario cut its stake in Bank of New York Mellon by 25.8% in the fourth quarter, selling 44,073 shares and ending with 126,829 shares worth about $14.7 million.
• Analysts remain broadly positive on BNY, with the stock carrying a Moderate Buy consensus and an average price target of $138.08 after several recent rating and target updates.
• BNY posted strong quarterly results, including EPS of $2.25 versus expectations of $1.94 and revenue of $5.41 billion versus $5.14 billion expected, while also paying a quarterly dividend of $0.53.

Investment Management Corp of Ontario decreased its holdings in shares of Bank of New York Mellon Corporation (NYSE:BNY - Free Report) by 25.8% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 126,829 shares of the bank's stock after selling 44,073 shares during the quarter. Investment Management Corp of Ontario's holdings in Bank of New York Mellon were worth $14,724,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Janus Henderson Group PLC grew its position in shares of Bank of New York Mellon by 54.4% in the 4th quarter. Janus Henderson Group PLC now owns 1,045,075 shares of the bank's stock valued at $121,324,000 after buying an additional 368,143 shares during the last quarter. Evolve Private Wealth LLC purchased a new stake in Bank of New York Mellon in the fourth quarter valued at $469,000. Engineers Gate Manager LP lifted its position in Bank of New York Mellon by 813.9% in the fourth quarter. Engineers Gate Manager LP now owns 62,253 shares of the bank's stock valued at $7,227,000 after acquiring an additional 55,441 shares during the last quarter. Cinctive Capital Management LP acquired a new position in Bank of New York Mellon in the fourth quarter valued at $2,506,000. Finally, Balyasny Asset Management L.P. acquired a new position in Bank of New York Mellon in the fourth quarter valued at $1,635,000. 85.31% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of research firms have recently commented on BNY. Citigroup started coverage on Bank of New York Mellon in a research report on Monday, February 23rd. They set a "neutral" rating on the stock. Barclays boosted their price objective on Bank of New York Mellon from $143.00 to $149.00 and gave the company an "overweight" rating in a research note on Friday, April 17th. Truist Financial lifted their target price 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. Weiss Ratings upgraded shares of Bank of New York Mellon from a "buy (a-)" rating to a "buy (a)" rating in a research note on Monday, May 4th. Finally, Wall Street Zen upgraded shares of Bank of New York Mellon to a "hold" rating in a research note on Saturday, May 23rd. One analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and five have assigned a Hold rating to the stock. Based on data from MarketBeat.com, Bank of New York Mellon currently has an average rating of "Moderate Buy" and a consensus price target of $138.08.

Insider Transactions at Bank of New York Mellon

In other Bank of New York Mellon news, EVP J Kevin Mccarthy sold 30,000 shares of the company's stock in a transaction on Friday, April 17th. The stock was sold at an average price of $136.50, for a total value of $4,095,000.00. Following the sale, the executive vice president owned 50,238 shares of the company's stock, valued at approximately $6,857,487. This represents a 37.39% 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. Also, insider Kurtis R. Kurimsky sold 5,290 shares of the firm's stock in a transaction on Friday, April 17th. The shares were sold at an average price of $136.02, for a total value of $719,545.80. Following the completion of the transaction, the insider owned 17,259 shares of the company's stock, valued at approximately $2,347,569.18. This represents a 23.46% decrease in their position. The SEC filing for this sale provides additional information. In the last ninety days, insiders sold 48,091 shares of company stock valued at $6,568,423. Company insiders own 0.17% of the company's stock.

Bank of New York Mellon Stock Up 1.0%

Shares of NYSE BNY opened at $145.84 on Thursday. The stock has a market capitalization of $100.10 billion, a price-to-earnings ratio of 18.07, a price-to-earnings-growth ratio of 1.05 and a beta of 1.07. Bank of New York Mellon Corporation has a 52 week low of $87.41 and a 52 week high of $146.74. The firm has a 50-day moving average price of $136.48 and a 200 day moving average price of $124.62. The company has a quick ratio of 0.75, a current ratio of 0.75 and a debt-to-equity ratio of 0.82.

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, beating analysts' consensus estimates of $1.94 by $0.31. The company 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 firm's quarterly revenue was up 12.9% compared to the same quarter last year. During the same period last year, the company posted $1.58 earnings per share. Equities research analysts anticipate that Bank of New York Mellon Corporation will post 8.78 EPS for the current fiscal year.

Bank of New York Mellon Dividend Announcement

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

Want to see what other hedge funds are holding BNY? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Bank of New York Mellon Corporation (NYSE:BNY - Free Report).

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.