Logan Capital Management Inc. Sells 4,661 Shares of The Bank of New York Mellon Corporation $BK

Key Points

• Logan Capital Management Inc. has cut its stake in The Bank of New York Mellon by 16.7%, retaining a holding worth approximately $1.95 million after selling 4,661 shares.
• The Bank of New York Mellon recently reported $1.94 earnings per share for the last quarter, surpassing analyst expectations of $1.73, with quarterly revenue increasing by 9.4% year-over-year.
• An increase in the quarterly dividend has been announced, raising it from $0.47 to $0.53, which reflects a 2.0% dividend yield based on the company's annualized rates.

Logan Capital Management Inc. lowered its holdings in shares of The Bank of New York Mellon Corporation (NYSE:BK - Free Report) by 16.7% in the 1st quarter, according to its most recent disclosure with the SEC. The fund owned 23,221 shares of the bank's stock after selling 4,661 shares during the period. Logan Capital Management Inc.'s holdings in Bank of New York Mellon were worth $1,948,000 as of its most recent SEC filing.

A number of other hedge funds have also bought and sold shares of the company. Nuveen LLC acquired a new stake in Bank of New York Mellon in the first quarter worth $773,627,000. GAMMA Investing LLC grew its holdings in Bank of New York Mellon by 9,538.9% in the first quarter. GAMMA Investing LLC now owns 1,399,958 shares of the bank's stock worth $117,414,000 after purchasing an additional 1,385,434 shares during the period. AustralianSuper Pty Ltd acquired a new stake in Bank of New York Mellon in the first quarter worth $92,502,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its holdings in Bank of New York Mellon by 15.9% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 7,689,477 shares of the bank's stock worth $590,783,000 after purchasing an additional 1,055,389 shares during the period. Finally, Goldman Sachs Group Inc. grew its holdings in Bank of New York Mellon by 26.3% in the first quarter. Goldman Sachs Group Inc. now owns 5,053,744 shares of the bank's stock worth $423,858,000 after purchasing an additional 1,052,145 shares during the period. Institutional investors own 85.31% of the company's stock.

Insider Buying and Selling

In other Bank of New York Mellon news, EVP J Kevin Mccarthy sold 20,000 shares of Bank of New York Mellon 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 sale, the executive vice president owned 35,115 shares of the company's stock, 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 legal filing with the SEC, which is accessible through this link. Corporate insiders own 0.14% of the company's stock.

Bank of New York Mellon Stock Up 0.8%

Bank of New York Mellon stock traded up $0.86 during midday trading on Friday, hitting $106.46. 2,609,349 shares of the stock were exchanged, compared to its average volume of 2,833,322. The Bank of New York Mellon Corporation has a 52-week low of $68.51 and a 52-week high of $106.57. The stock has a market capitalization of $75.08 billion, a price-to-earnings ratio of 16.25, a price-to-earnings-growth ratio of 1.00 and a beta of 1.14. The business's 50-day moving average price is $101.15 and its 200-day moving average price is $90.49. The company has a quick ratio of 0.72, a current ratio of 0.72 and a debt-to-equity ratio of 0.86.

Bank of New York Mellon (NYSE:BK - Get Free Report) last announced its quarterly earnings data on Tuesday, July 15th. The bank reported $1.94 EPS for the quarter, topping the consensus estimate of $1.73 by $0.21. The business had revenue of $4.77 billion for the quarter, compared to analyst estimates 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 company's revenue for the quarter was up 9.4% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.51 earnings per share. On average, research analysts expect that The Bank of New York Mellon Corporation will post 6.96 EPS for the current fiscal year.

Bank of New York Mellon Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, August 7th. Shareholders of record on Friday, July 25th were given a $0.53 dividend. This is a positive change from Bank of New York Mellon's previous quarterly dividend of $0.47. This represents a $2.12 annualized dividend and a yield of 2.0%. The ex-dividend date of this dividend was Friday, July 25th. Bank of New York Mellon's payout ratio is presently 32.37%.

Wall Street Analyst Weigh In

A number of research analysts have recently issued reports on BK shares. Morgan Stanley lifted 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. Citigroup lifted their price objective on shares of Bank of New York Mellon from $92.00 to $105.00 and gave the company a "neutral" rating in a report on Friday, September 5th. Wells Fargo & Company lifted 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. Evercore ISI lifted their price objective on shares of 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. Finally, Keefe, Bruyette & Woods lifted their price objective on shares of 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. Eight equities research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $96.62.

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.