Legal & General Group Plc Purchases 27,843 Shares of Bank of New York Mellon Corporation $BNY

Key Points

• Legal & General Group Plc increased its stake in Bank of New York Mellon by 0.5% in the fourth quarter, buying 27,843 additional shares. The fund now owns 5,755,058 shares valued at about $668.1 million.
• BNY reported strong quarterly results, with earnings per share of $2.25 versus estimates of $1.94 and revenue of $5.41 billion, also ahead of expectations. Revenue rose 12.9% year over year.
• Wall Street remains upbeat overall, with several firms raising price targets and the stock carrying a Moderate Buy consensus rating. Analysts’ average target price is $138.08, close to the stock’s recent trading level.

Legal & General Group Plc boosted its position in Bank of New York Mellon Corporation (NYSE:BNY - Free Report) by 0.5% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 5,755,058 shares of the bank's stock after acquiring an additional 27,843 shares during the quarter. Legal & General Group Plc owned 0.83% of Bank of New York Mellon worth $668,105,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors have also added to or reduced their stakes in the company. Ransom Advisory Ltd increased its stake in Bank of New York Mellon by 1.3% in the fourth quarter. Ransom Advisory Ltd now owns 6,777 shares of the bank's stock valued at $787,000 after acquiring an additional 85 shares during the last quarter. Mather Group LLC. increased its stake in Bank of New York Mellon by 0.9% in the fourth quarter. Mather Group LLC. now owns 9,232 shares of the bank's stock valued at $1,072,000 after acquiring an additional 86 shares during the last quarter. Valeo Financial Advisors LLC increased its stake in Bank of New York Mellon by 1.3% in the third quarter. Valeo Financial Advisors LLC now owns 7,539 shares of the bank's stock valued at $821,000 after acquiring an additional 94 shares during the last quarter. Vectors Research Management LLC increased its stake in Bank of New York Mellon by 0.7% in the fourth quarter. Vectors Research Management LLC now owns 12,981 shares of the bank's stock valued at $1,507,000 after acquiring an additional 94 shares during the last quarter. Finally, Angeles Wealth Management LLC increased its stake in Bank of New York Mellon by 2.6% in the third quarter. Angeles Wealth Management LLC now owns 3,798 shares of the bank's stock valued at $414,000 after acquiring an additional 98 shares during the last quarter. Institutional investors own 85.31% of the company's stock.

Bank of New York Mellon Price Performance

NYSE BNY opened at $139.15 on Tuesday. The company has a debt-to-equity ratio of 0.82, a current ratio of 0.75 and a quick ratio of 0.75. The stock has a market capitalization of $95.77 billion, a PE ratio of 17.24, a PEG ratio of 1.02 and a beta of 1.08. Bank of New York Mellon Corporation has a 1 year low of $87.41 and a 1 year high of $139.15. The business's 50-day moving average is $128.10 and its 200 day moving average is $120.68.

Bank of New York Mellon (NYSE:BNY - Get Free Report) last posted its earnings results on Thursday, April 16th. The bank reported $2.25 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.94 by $0.31. The company had revenue of $5.41 billion for the quarter, compared to analysts' expectations of $5.14 billion. Bank of New York Mellon had a return on equity of 15.29% and a net margin of 14.60%.Bank of New York Mellon's quarterly revenue was up 12.9% on a year-over-year basis. During the same period last year, the firm earned $1.58 earnings per share. Sell-side analysts forecast that Bank of New York Mellon Corporation will post 8.78 earnings per share for the current year.

Bank of New York Mellon Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, May 8th. Investors of record on Monday, April 27th were paid a $0.53 dividend. The ex-dividend date of this dividend was Monday, April 27th. This represents a $2.12 annualized dividend and a dividend yield of 1.5%. Bank of New York Mellon's dividend payout ratio (DPR) is presently 26.27%.

Insiders Place Their Bets

In related news, EVP Alejandro Perez sold 12,504 shares of the firm's stock in a transaction dated Friday, April 17th. The stock was sold at an average price of $137.01, for a total value of $1,713,173.04. Following the sale, the executive vice president directly owned 62,613 shares of the company's stock, valued at $8,578,607.13. This trade represents a 16.65% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, VP Shannon Marie Hobbs sold 297 shares of the firm's stock in a transaction dated Friday, April 17th. The stock was sold at an average price of $137.05, for a total value of $40,703.85. Following the completion of the sale, the vice president directly owned 15,206 shares in the company, valued at $2,083,982.30. The trade was a 1.92% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 48,091 shares of company stock valued at $6,568,423 over the last three months. Company insiders own 0.17% of the company's stock.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on BNY. Morgan Stanley raised their price objective on Bank of New York Mellon from $135.00 to $139.00 and gave the company an "equal weight" rating in a research note on Friday, April 17th. JPMorgan Chase & Co. raised their price objective on Bank of New York Mellon from $130.50 to $140.00 and gave the company an "overweight" rating in a research note on Monday, May 11th. Citigroup began coverage on Bank of New York Mellon in a research note on Monday, February 23rd. They set a "neutral" rating on the stock. Barclays raised their price objective on Bank of New York Mellon from $143.00 to $149.00 and gave the company an "overweight" rating in a research note on Friday, April 17th. Finally, Truist Financial raised their price objective on Bank of New York Mellon from $140.00 to $148.00 and gave the company a "buy" rating in a research note on Friday, April 17th. One research analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and five have given a Hold rating to the company. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $138.08.

Bank of New York Mellon Company 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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