Jupiter Asset Management Ltd. Cuts Holdings in The Bank of New York Mellon Corporation (NYSE:BK)

Key Points

• Jupiter Asset Management Ltd. significantly reduced its holdings in The Bank of New York Mellon Corporation by 54.5%, owning 384,086 shares after selling 459,822 shares in the first quarter.
• Bank of New York Mellon reported a 9.4% year-over-year increase in quarterly revenue, reaching $4.77 billion, and posted earnings of $1.94 per share, exceeding analysts' expectations.
• The bank announced an increase in its quarterly dividend to $0.53 per share, up from $0.47, reflecting a payout ratio of 32.37%.

Jupiter Asset Management Ltd. trimmed its holdings in shares of The Bank of New York Mellon Corporation (NYSE:BK - Free Report) by 54.5% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 384,086 shares of the bank's stock after selling 459,822 shares during the quarter. Jupiter Asset Management Ltd. owned approximately 0.05% of Bank of New York Mellon worth $32,213,000 as of its most recent SEC filing.

Other institutional investors also recently bought and sold shares of the company. Parvin Asset Management LLC purchased a new position in Bank of New York Mellon in the fourth quarter worth $25,000. Opal Wealth Advisors LLC purchased a new position in Bank of New York Mellon in the first quarter worth $25,000. Alpine Bank Wealth Management purchased a new position in Bank of New York Mellon in the first quarter worth $25,000. Bellwether Advisors LLC purchased a new position in Bank of New York Mellon in the fourth quarter worth $28,000. Finally, REAP Financial Group LLC grew its holdings in Bank of New York Mellon by 123.2% in the fourth quarter. REAP Financial Group LLC now owns 395 shares of the bank's stock worth $30,000 after purchasing an additional 218 shares during the last quarter. 85.31% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on BK. Evercore ISI lifted their price target on shares of 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 lifted their price target on shares of 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. Truist Financial lifted their price target on shares of 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. Morgan Stanley boosted their price objective on shares of Bank of New York Mellon from $95.00 to $101.00 and gave the company an "overweight" rating in a report on Wednesday, July 16th. Finally, Wells Fargo & Company boosted 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 report on Wednesday, July 16th. Seven research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company's stock. According to data from MarketBeat.com, Bank of New York Mellon presently has a consensus rating of "Moderate Buy" and a consensus target price of $94.38.

Insider Transactions at Bank of New York Mellon

In other Bank of New York Mellon news, EVP J Kevin Mccarthy sold 20,000 shares of the company'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 transaction, the executive vice president owned 35,115 shares in the company, valued at approximately $3,457,071.75. This represents a 36.29% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. 0.14% of the stock is owned by corporate insiders.

Bank of New York Mellon Trading Down 1.6%

NYSE BK opened at $99.78 on Friday. The company has a market capitalization of $71.39 billion, a PE ratio of 15.23, a P/E/G ratio of 0.99 and a beta of 1.12. The company has a fifty day moving average of $93.13 and a 200 day moving average of $86.84. The Bank of New York Mellon Corporation has a 1 year low of $60.93 and a 1 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.

Bank of New York Mellon (NYSE:BK - Get Free Report) last posted its earnings results on Tuesday, July 15th. The bank reported $1.94 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.73 by $0.21. The company had revenue of $4.77 billion during the quarter, compared to the consensus estimate of $4.80 billion. Bank of New York Mellon had a net margin of 12.27% and a return on equity of 13.46%. The firm's quarterly revenue was up 9.4% on a year-over-year basis. During the same period in the previous year, the firm posted $1.51 earnings per share. Research analysts forecast that The Bank of New York Mellon Corporation will post 6.96 earnings per share for the current year.

Bank of New York Mellon Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, August 7th. Investors of record on Friday, July 25th will be given a dividend of $0.53 per share. This is a boost from Bank of New York Mellon's previous quarterly dividend of $0.47. This represents a $2.12 dividend on an annualized basis and a yield of 2.1%. The ex-dividend date is Friday, July 25th. Bank of New York Mellon's payout ratio is presently 32.37%.

About Bank of New York Mellon

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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