J. Safra Sarasin Holding AG Sells 23,324 Shares of The Bank of New York Mellon Corporation (NYSE:BK)

Key Points

• J. Safra Sarasin Holding AG sold 23,324 shares of The Bank of New York Mellon, reducing its holdings by 8.0%, with remaining shares valued at $22.4 million.
• Bank of New York Mellon announced a dividend increase from $0.47 to $0.53 per share, representing a 2.1% yield.
• Recent analyst reports have raised price targets for Bank of New York Mellon, with estimates ranging from $90 to $113, indicating a generally favorable outlook.

J. Safra Sarasin Holding AG decreased its holdings in shares of The Bank of New York Mellon Corporation (NYSE:BK - Free Report) by 8.0% in the 1st quarter, according to its most recent 13F filing with the SEC. The fund owned 267,129 shares of the bank's stock after selling 23,324 shares during the period. J. Safra Sarasin Holding AG's holdings in Bank of New York Mellon were worth $22,404,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in the business. FMR LLC increased its position in shares of Bank of New York Mellon by 19.3% in the 4th quarter. FMR LLC now owns 23,071,584 shares of the bank's stock valued at $1,772,590,000 after buying an additional 3,732,862 shares in the last quarter. Northern Trust Corp increased its position in shares of Bank of New York Mellon by 19.1% in the 4th quarter. Northern Trust Corp now owns 9,533,615 shares of the bank's stock valued at $732,468,000 after buying an additional 1,526,686 shares in the last quarter. GAMMA Investing LLC increased its position in shares of Bank of New York Mellon by 9,538.9% in the 1st quarter. GAMMA Investing LLC now owns 1,399,958 shares of the bank's stock valued at $117,414,000 after buying an additional 1,385,434 shares in the last quarter. AustralianSuper Pty Ltd bought a new stake in shares of Bank of New York Mellon in the 1st quarter valued at $92,502,000. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its position in shares of Bank of New York Mellon by 15.9% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 7,689,477 shares of the bank's stock valued at $590,783,000 after buying an additional 1,055,389 shares in the last quarter. Institutional investors own 85.31% of the company's stock.

Bank of New York Mellon Trading Down 1.6%

Bank of New York Mellon stock opened at $99.78 on Friday. The firm has a 50-day moving average of $93.13 and a 200-day moving average of $86.84. The Bank of New York Mellon Corporation has a one year low of $60.93 and a one year high of $103.16. The company has a debt-to-equity ratio of 0.86, a current ratio of 0.72 and a quick ratio of 0.69. The company has a market cap of $71.39 billion, a price-to-earnings ratio of 15.23, a P/E/G ratio of 0.99 and a beta of 1.12.

Bank of New York Mellon (NYSE:BK - Get Free Report) last issued its earnings results on Tuesday, July 15th. The bank reported $1.94 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.73 by $0.21. Bank of New York Mellon had a net margin of 12.27% and a return on equity of 13.46%. The business had revenue of $4.77 billion during the quarter, compared to the consensus estimate of $4.80 billion. During the same period last year, the business posted $1.51 EPS. Bank of New York Mellon's revenue was up 9.4% on a year-over-year basis. On average, equities analysts expect that The Bank of New York Mellon Corporation will post 6.96 earnings per share for the current fiscal 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 paid a $0.53 dividend. This is an increase from Bank of New York Mellon's previous quarterly dividend of $0.47. The ex-dividend date is Friday, July 25th. This represents a $2.12 annualized dividend and a yield of 2.1%. Bank of New York Mellon's dividend payout ratio (DPR) is 32.37%.

Analysts Set New Price Targets

BK has been the subject of a number of recent analyst reports. Wells Fargo & Company upped their price objective on shares of Bank of New York Mellon from $96.00 to $100.00 and gave the company an "equal weight" rating in a research report on Wednesday, July 16th. Truist Financial increased their target price 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. Evercore ISI increased their target price on Bank of New York Mellon from $88.00 to $90.00 and gave the stock an "in-line" rating in a report on Wednesday, July 2nd. Keefe, Bruyette & Woods increased their target price on Bank of New York Mellon from $105.00 to $113.00 and gave the stock an "outperform" rating in a report on Wednesday, July 16th. Finally, Morgan Stanley increased their target price on Bank of New York Mellon from $95.00 to $101.00 and gave the stock an "overweight" rating in a report on Wednesday, July 16th. Seven equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company's stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $94.38.

Insider Transactions at Bank of New York Mellon

In related news, EVP J Kevin Mccarthy sold 20,000 shares of the firm's stock in a transaction dated Tuesday, July 22nd. The shares were sold at an average price of $98.45, for a total value of $1,969,000.00. Following the completion of the sale, the executive vice president directly owned 35,115 shares in the company, valued at approximately $3,457,071.75. This trade represents a 36.29% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Company insiders own 0.14% of the company's stock.

Bank of New York Mellon Company 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.

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