KBC Group NV lowered its holdings in shares of The Bank of New York Mellon Corporation (NYSE:BK - Free Report) by 5.0% in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 1,664,228 shares of the bank's stock after selling 87,841 shares during the quarter. KBC Group NV owned 0.23% of Bank of New York Mellon worth $139,578,000 as of its most recent SEC filing.
Other large investors also recently bought and sold shares of the company. TrueMark Investments LLC purchased a new stake in shares of Bank of New York Mellon in the 1st quarter worth $4,282,000. O Shaughnessy Asset Management LLC lifted its holdings in shares of Bank of New York Mellon by 11.7% in the 4th quarter. O Shaughnessy Asset Management LLC now owns 786,496 shares of the bank's stock worth $60,426,000 after buying an additional 82,671 shares during the period. Wealth Enhancement Advisory Services LLC lifted its holdings in shares of Bank of New York Mellon by 29.1% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 223,438 shares of the bank's stock worth $18,740,000 after buying an additional 50,368 shares during the period. Natixis Advisors LLC lifted its holdings in shares of Bank of New York Mellon by 6.5% in the 4th quarter. Natixis Advisors LLC now owns 285,965 shares of the bank's stock worth $21,971,000 after buying an additional 17,457 shares during the period. Finally, Benson Investment Management Company Inc. bought a new position in shares of Bank of New York Mellon in the 1st quarter worth $5,259,000. Hedge funds and other institutional investors own 85.31% of the company's stock.
Analysts Set New Price Targets
BK has been the subject of several recent research reports. Evercore ISI boosted their price target on Bank of New York Mellon from $83.00 to $87.00 and gave the stock an "in-line" rating in a research report on Tuesday, April 1st. Truist Financial lowered Bank of New York Mellon from a "buy" rating to a "hold" rating and upped their target price for the company from $87.00 to $97.00 in a research report on Wednesday, May 28th. Morgan Stanley upped their target price on Bank of New York Mellon from $94.00 to $95.00 and gave the company an "overweight" rating in a research report on Tuesday, June 3rd. Wells Fargo & Company upped their target price on Bank of New York Mellon from $86.00 to $96.00 and gave the company an "equal weight" rating in a research report on Monday, March 3rd. Finally, Citigroup boosted their price target on Bank of New York Mellon from $82.00 to $85.00 and gave the company a "neutral" rating in a research note on Monday, March 24th. Seven analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $91.85.
Check Out Our Latest Research Report on BK
Bank of New York Mellon Stock Performance
NYSE BK opened at $91.28 on Friday. The company has a market cap of $65.31 billion, a PE ratio of 14.87, a price-to-earnings-growth ratio of 1.02 and a beta of 1.08. The stock's 50 day simple moving average is $86.88 and its 200-day simple moving average is $83.61. The Bank of New York Mellon Corporation has a 1-year low of $59.19 and a 1-year high of $92.64. The company has a debt-to-equity ratio of 0.81, a current ratio of 0.69 and a quick ratio of 0.69.
Bank of New York Mellon (NYSE:BK - Get Free Report) last released its earnings results on Friday, April 11th. The bank reported $1.58 earnings per share for the quarter, beating the consensus estimate of $1.50 by $0.08. The business had revenue of $4.79 billion for the quarter, compared to the consensus estimate of $4.76 billion. Bank of New York Mellon had a return on equity of 12.96% and a net margin of 11.78%. The business's quarterly revenue was up 5.9% compared to the same quarter last year. During the same quarter last year, the business posted $1.29 earnings per share. As a group, equities research analysts anticipate that The Bank of New York Mellon Corporation will post 6.96 EPS for the current fiscal year.
Bank of New York Mellon Announces Dividend
The company also recently announced a quarterly dividend, which was paid on Friday, May 2nd. Stockholders of record on Monday, April 21st were given a $0.47 dividend. The ex-dividend date was Monday, April 21st. This represents a $1.88 annualized dividend and a dividend yield of 2.06%. Bank of New York Mellon's dividend payout ratio (DPR) is presently 30.62%.
Insider Activity at Bank of New York Mellon
In related news, VP Catherine Keating sold 65,473 shares of Bank of New York Mellon stock in a transaction on Monday, April 14th. The stock was sold at an average price of $77.31, for a total value of $5,061,717.63. Following the completion of the transaction, the vice president now directly owns 87,542 shares in the company, valued at approximately $6,767,872.02. This trade represents a 42.79% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Kurtis R. Kurimsky sold 5,641 shares of Bank of New York Mellon stock in a transaction on Monday, April 14th. The shares were sold at an average price of $77.50, for a total value of $437,177.50. Following the completion of the transaction, the insider now owns 21,679 shares of the company's stock, valued at approximately $1,680,122.50. This trade represents a 20.65% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 101,114 shares of company stock valued at $7,869,795. 0.14% of the stock is currently owned by insiders.
About Bank of New York Mellon
(
Free Report)
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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