Martingale Asset Management L P Sells 15,835 Shares of The Bank of New York Mellon Corporation $BK

Key Points

• Martingale Asset Management L P has decreased its position in The Bank of New York Mellon Corporation (NYSE: BK) by 5.0%, now holding 300,687 shares valued at approximately $25.2 million.
• The bank recently increased its quarterly dividend from $0.47 to $0.53 per share, reflecting a positive change in shareholder returns with a yield of 2.1%.
• The company's earnings per share for the most recent quarter surpassed expectations, reporting $1.94 compared to the consensus estimate of $1.73, alongside a 9.4% increase in quarterly revenue year-over-year.

Martingale Asset Management L P cut 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 Form 13F filing with the Securities & Exchange Commission. The fund owned 300,687 shares of the bank's stock after selling 15,835 shares during the quarter. Martingale Asset Management L P's holdings in Bank of New York Mellon were worth $25,219,000 as of its most recent SEC filing.

A number of other large investors also recently modified their holdings of BK. Ameriprise Financial Inc. raised its stake in shares of Bank of New York Mellon by 0.3% in the fourth quarter. Ameriprise Financial Inc. now owns 11,821,988 shares of the bank's stock valued at $908,281,000 after purchasing an additional 35,413 shares in the last quarter. Northern Trust Corp raised its stake in shares of Bank of New York Mellon by 19.1% in the fourth quarter. Northern Trust Corp now owns 9,533,615 shares of the bank's stock valued at $732,468,000 after purchasing an additional 1,526,686 shares in the last quarter. Nuveen LLC acquired a new position in shares of Bank of New York Mellon in the first quarter valued at $773,627,000. Invesco Ltd. raised its stake in shares of Bank of New York Mellon by 8.8% in the first quarter. Invesco Ltd. now owns 8,264,176 shares of the bank's stock valued at $693,116,000 after purchasing an additional 667,966 shares in the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its stake in shares of 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 valued at $590,783,000 after purchasing an additional 1,055,389 shares in the last quarter. 85.31% of the stock is currently owned by institutional investors and hedge funds.

Bank of New York Mellon Price Performance

Bank of New York Mellon stock traded up $0.7660 during mid-day trading on Friday, hitting $102.5460. 3,471,633 shares of the company were exchanged, compared to its average volume of 3,302,293. The company has a quick ratio of 0.72, a current ratio of 0.72 and a debt-to-equity ratio of 0.86. The business has a fifty day moving average of $96.97 and a 200 day moving average of $88.64. 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 market capitalization of $72.32 billion, a PE ratio of 15.66, a price-to-earnings-growth ratio of 0.97 and a beta of 1.12.

Bank of New York Mellon (NYSE:BK - Get Free Report) last announced its earnings results on Tuesday, July 15th. The bank reported $1.94 EPS for the quarter, topping the consensus estimate of $1.73 by $0.21. The company had revenue of $4.77 billion for 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%.The business's revenue for the quarter was up 9.4% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.51 earnings per share. As a group, sell-side analysts expect that The Bank of New York Mellon Corporation will post 6.96 earnings per share for the current year.

Bank of New York Mellon Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, August 7th. Stockholders of record on Friday, July 25th were issued a dividend of $0.53 per share. The ex-dividend date was Friday, July 25th. This is a boost from Bank of New York Mellon's previous quarterly dividend of $0.47. This represents a $2.12 annualized dividend and a dividend yield of 2.1%. Bank of New York Mellon's dividend payout ratio (DPR) is currently 32.37%.

Analyst Ratings Changes

A number of research analysts recently commented on the company. Morgan Stanley upped their target price 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. Evercore ISI upped their target price on Bank of New York Mellon from $88.00 to $90.00 and gave the company an "in-line" rating in a research note on Wednesday, July 2nd. Truist Financial upped their target price on Bank of New York Mellon from $100.00 to $109.00 and gave the company a "hold" rating in a research note on Thursday, August 14th. Wells Fargo & Company increased their price objective on Bank of New York Mellon from $96.00 to $100.00 and gave the stock an "equal weight" rating in a research note on Wednesday, July 16th. Finally, Keefe, Bruyette & Woods increased their price objective on Bank of New York Mellon from $105.00 to $113.00 and gave the stock an "outperform" rating in a research note on Wednesday, July 16th. Eight research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company's stock. According to data from MarketBeat.com, Bank of New York Mellon presently has an average rating of "Moderate Buy" and an average price target of $95.08.

Insider Activity at Bank of New York Mellon

In other news, EVP J Kevin Mccarthy sold 20,000 shares of the stock in a transaction 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 sale, the executive vice president owned 35,115 shares in the company, valued at approximately $3,457,071.75. This represents a 36.29% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders own 0.14% of the company's stock.

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.