Knights of Columbus Asset Advisors LLC Buys 25,642 Shares of Bank of New York Mellon Corporation $BNY

Key Points

• Knights of Columbus Asset Advisors increased its stake in Bank of New York Mellon by 26.1% in the fourth quarter, buying 25,642 additional shares. The firm now holds 124,015 shares, valued at about $14.4 million.
• Institutional ownership remains high in BNY, with several large investors also adding to their positions and institutions owning 85.31% of the stock overall. Notable buyers included Northwestern Mutual Wealth Management and UBS AM, which made very large increases in their holdings.
• BNY reported strong quarterly results, beating analyst expectations with EPS of $2.25 versus $1.94 expected and revenue of $5.41 billion versus $5.14 billion expected. The stock also recently traded near its 52-week high, while analysts maintain a Moderate Buy consensus with an average price target of $138.08.

Knights of Columbus Asset Advisors LLC increased its stake in shares of Bank of New York Mellon Corporation (NYSE:BNY - Free Report) by 26.1% in the 4th quarter, according to its most recent 13F filing with the SEC. The firm owned 124,015 shares of the bank's stock after buying an additional 25,642 shares during the period. Bank of New York Mellon accounts for about 0.8% of Knights of Columbus Asset Advisors LLC's portfolio, making the stock its 21st largest holding. Knights of Columbus Asset Advisors LLC's holdings in Bank of New York Mellon were worth $14,397,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also modified their holdings of the company. Northwestern Mutual Wealth Management Co. boosted its holdings in Bank of New York Mellon by 18,044.4% in the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 19,670,202 shares of the bank's stock valued at $2,283,514,000 after purchasing an additional 19,561,793 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its holdings in Bank of New York Mellon by 639.5% in the 3rd quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 7,076,729 shares of the bank's stock valued at $771,080,000 after purchasing an additional 6,119,749 shares during the period. Ameriprise Financial Inc. boosted its holdings in Bank of New York Mellon by 18.0% in the 3rd quarter. Ameriprise Financial Inc. now owns 13,345,266 shares of the bank's stock valued at $1,454,116,000 after purchasing an additional 2,034,781 shares during the period. AQR Capital Management LLC boosted its holdings in Bank of New York Mellon by 29.1% in the 3rd quarter. AQR Capital Management LLC now owns 4,023,663 shares of the bank's stock valued at $438,418,000 after purchasing an additional 906,218 shares during the period. Finally, PFA Pension Forsikringsaktieselskab bought a new stake in Bank of New York Mellon in the 4th quarter valued at about $95,002,000. Institutional investors own 85.31% of the company's stock.

Wall Street Analyst Weigh In

A number of research firms have issued reports on BNY. Royal Bank Of Canada boosted their price objective on shares of Bank of New York Mellon from $130.00 to $142.00 and gave the company a "sector perform" rating in a report on Friday, April 17th. Barclays boosted their price objective on shares of Bank of New York Mellon from $143.00 to $149.00 and gave the company an "overweight" rating in a report on Friday, April 17th. Evercore set a $136.00 price objective on shares of Bank of New York Mellon in a report on Friday, April 17th. Morgan Stanley boosted their price objective on shares of Bank of New York Mellon from $135.00 to $139.00 and gave the company an "equal weight" rating in a report on Friday, April 17th. Finally, Truist Financial boosted their price objective 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. One equities research analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and five have issued a Hold rating to the stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $138.08.

Insider Activity

In other news, EVP J Kevin Mccarthy sold 30,000 shares of the company's stock in a transaction that occurred on Friday, April 17th. The shares were sold at an average price of $136.50, for a total transaction of $4,095,000.00. Following the completion of 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 position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, EVP Alejandro Perez sold 12,504 shares of the company's stock in a transaction that occurred on Friday, April 17th. The stock was sold at an average price of $137.01, for a total transaction of $1,713,173.04. Following the sale, the executive vice president directly owned 62,613 shares of the company's stock, valued at approximately $8,578,607.13. This trade represents a 16.65% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders sold 48,091 shares of company stock worth $6,568,423. Insiders own 0.17% of the company's stock.

Bank of New York Mellon Stock Performance

Shares of Bank of New York Mellon stock opened at $141.38 on Wednesday. The company has a 50 day moving average of $128.60 and a 200-day moving average of $120.91. Bank of New York Mellon Corporation has a 1-year low of $87.41 and a 1-year high of $141.65. The company has a current ratio of 0.75, a quick ratio of 0.75 and a debt-to-equity ratio of 0.82. The company has a market cap of $97.30 billion, a PE ratio of 17.52, a price-to-earnings-growth ratio of 1.02 and a beta of 1.08.

Bank of New York Mellon (NYSE:BNY - Get Free Report) last issued its quarterly earnings results on Thursday, April 16th. The bank reported $2.25 earnings per share for the quarter, topping analysts' consensus estimates of $1.94 by $0.31. Bank of New York Mellon had a net margin of 14.60% and a return on equity of 15.29%. The company had revenue of $5.41 billion during the quarter, compared to the consensus estimate of $5.14 billion. During the same quarter in the prior year, the firm posted $1.58 EPS. The firm's quarterly revenue was up 12.9% on a year-over-year basis. As a group, equities research 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 declared a quarterly dividend, which was paid on Friday, May 8th. Stockholders of record on Monday, April 27th were issued a dividend of $0.53 per share. This represents a $2.12 dividend on an annualized basis and a dividend yield of 1.5%. The ex-dividend date of this dividend was Monday, April 27th. Bank of New York Mellon's dividend payout ratio is 26.27%.

Bank of New York Mellon 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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