Korea Investment CORP Reduces Holdings in The Bank of New York Mellon Corporation $BK

Key Points

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Korea Investment CORP lessened its position in shares of The Bank of New York Mellon Corporation (NYSE:BK - Free Report) by 6.0% during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 588,261 shares of the bank's stock after selling 37,799 shares during the quarter. Korea Investment CORP owned 0.08% of Bank of New York Mellon worth $49,337,000 at the end of the most recent reporting period.

Other large investors have also added to or reduced their stakes in the company. Parvin Asset Management LLC purchased a new stake in Bank of New York Mellon during the 4th quarter valued at about $25,000. Opal Wealth Advisors LLC purchased a new stake in Bank of New York Mellon during the 1st quarter valued at about $25,000. Alpine Bank Wealth Management purchased a new stake in Bank of New York Mellon during the 1st quarter valued at about $25,000. Bellwether Advisors LLC purchased a new stake in Bank of New York Mellon during the 4th quarter valued at about $28,000. Finally, REAP Financial Group LLC grew its stake in Bank of New York Mellon by 123.2% during the 4th quarter. REAP Financial Group LLC now owns 395 shares of the bank's stock valued at $30,000 after purchasing an additional 218 shares during the last quarter. Hedge funds and other institutional investors own 85.31% of the company's stock.

Bank of New York Mellon Price Performance

NYSE BK traded up $0.7660 during trading hours on Friday, reaching $102.5460. The company's stock had a trading volume of 3,471,633 shares, compared to its average volume of 3,302,293. The firm has a market capitalization of $72.32 billion, a price-to-earnings ratio of 15.66, a P/E/G ratio of 0.96 and a beta of 1.12. The Bank of New York Mellon Corporation has a 1-year low of $65.50 and a 1-year high of $104.47. The company has a debt-to-equity ratio of 0.86, a current ratio of 0.72 and a quick ratio of 0.72. The company's 50-day moving average is $96.97 and its two-hundred day moving average is $88.62.

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

Bank of New York Mellon Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, August 7th. Stockholders of record on Friday, July 25th were paid a $0.53 dividend. 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 dividend yield of 2.1%. The ex-dividend date of this dividend was Friday, July 25th. Bank of New York Mellon's dividend payout ratio is presently 32.37%.

Insider Activity at Bank of New York Mellon

In related news, EVP J Kevin Mccarthy sold 20,000 shares of the business's stock in a transaction that occurred on Tuesday, July 22nd. The stock was sold at an average price of $98.45, for a total transaction 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. The trade was a 36.29% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 0.14% of the company's stock.

Analyst Upgrades and Downgrades

BK has been the topic of several research analyst reports. Morgan Stanley boosted their price target on Bank of New York Mellon from $95.00 to $101.00 and gave the company an "overweight" rating in a research note on Wednesday, July 16th. Keefe, Bruyette & Woods boosted their price objective on Bank of New York Mellon from $105.00 to $113.00 and gave the company an "outperform" rating in a report on Wednesday, July 16th. Evercore ISI boosted their price objective on Bank of New York Mellon from $88.00 to $90.00 and gave the company an "in-line" rating in a report on Wednesday, July 2nd. Truist Financial boosted their price objective on Bank of New York Mellon from $100.00 to $109.00 and gave the company a "hold" rating in a report on Thursday, August 14th. Finally, Wells Fargo & Company boosted their price objective on 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. Eight investment analysts have rated the stock with a Buy rating and six have given a Hold rating to the company. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $95.08.

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.