Maryland State Retirement & Pension System Sells 5,812 Shares of The Bank of New York Mellon Corporation (NYSE:BK)

Key Points

• The Maryland State Retirement & Pension System has reduced its holdings in The Bank of New York Mellon Corporation by 14.7%, selling 5,812 shares during the first quarter, leaving it with 33,650 shares valued at $2,822,000.
• Multiple hedge funds have increased their stakes in the bank, with Goldman Sachs Group Inc. raising its holdings by 26.3% in the first quarter, now owning over 5 million shares.
• The bank recently increased its quarterly dividend from $0.47 to $0.53, representing an annual yield of 2.1% and reflecting its strong financial performance with earnings surpassing analyst estimates.

Maryland State Retirement & Pension System lessened its position in The Bank of New York Mellon Corporation (NYSE:BK - Free Report) by 14.7% in the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 33,650 shares of the bank's stock after selling 5,812 shares during the period. Maryland State Retirement & Pension System's holdings in Bank of New York Mellon were worth $2,822,000 as of its most recent filing with the SEC.

Other large investors have also recently bought and sold shares of the company. Ameriprise Financial Inc. increased its position in shares of Bank of New York Mellon by 0.3% during the fourth quarter. Ameriprise Financial Inc. now owns 11,821,988 shares of the bank's stock worth $908,281,000 after acquiring an additional 35,413 shares in the last quarter. Northern Trust Corp increased its position in shares of Bank of New York Mellon by 19.1% during the fourth quarter. Northern Trust Corp now owns 9,533,615 shares of the bank's stock worth $732,468,000 after acquiring an additional 1,526,686 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its position in shares of Bank of New York Mellon by 15.9% during 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 acquiring an additional 1,055,389 shares in the last quarter. Goldman Sachs Group Inc. increased its position in shares of Bank of New York Mellon by 26.3% during the first quarter. Goldman Sachs Group Inc. now owns 5,053,744 shares of the bank's stock worth $423,858,000 after acquiring an additional 1,052,145 shares in the last quarter. Finally, Royal Bank of Canada increased its position in shares of Bank of New York Mellon by 13.2% during the fourth quarter. Royal Bank of Canada now owns 4,315,954 shares of the bank's stock worth $331,595,000 after acquiring an additional 502,502 shares in the last quarter. Institutional investors own 85.31% of the company's stock.

Insider Activity

In other Bank of New York Mellon news, EVP J Kevin Mccarthy sold 20,000 shares of the business's 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 completion of the sale, the executive vice president owned 35,115 shares of the company's stock, valued at $3,457,071.75. The trade was a 36.29% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Corporate insiders own 0.14% of the company's stock.

Wall Street Analysts Forecast Growth

BK has been the subject of several research reports. Morgan Stanley increased their price objective on shares of Bank of New York Mellon from $95.00 to $101.00 and gave the stock an "overweight" rating in a research report on Wednesday, July 16th. Keefe, Bruyette & Woods increased their target price on shares of Bank of New York Mellon from $105.00 to $113.00 and gave the stock an "outperform" rating in a report on Wednesday, July 16th. Wells Fargo & Company increased their target price on shares of Bank of New York Mellon from $96.00 to $100.00 and gave the stock an "equal weight" rating in a report on Wednesday, July 16th. Evercore ISI increased their target price on shares of Bank of New York Mellon from $88.00 to $90.00 and gave the stock an "in-line" rating in a report on Wednesday, July 2nd. Finally, Truist Financial increased their target price on shares of Bank of New York Mellon from $97.00 to $100.00 and gave the stock a "hold" rating in a report on Wednesday, July 16th. Seven research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. According to data from MarketBeat, Bank of New York Mellon has an average rating of "Moderate Buy" and a consensus target price of $94.38.

Bank of New York Mellon Stock Performance

Shares of NYSE BK traded down $2.88 during mid-day trading on Wednesday, reaching $100.73. 2,148,084 shares of the company were exchanged, compared to its average volume of 4,234,844. The company's 50-day simple moving average is $94.98 and its 200-day simple moving average is $87.76. 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 stock has a market capitalization of $71.04 billion, a P/E ratio of 15.40, a P/E/G ratio of 1.00 and a beta of 1.12. The Bank of New York Mellon Corporation has a twelve month low of $63.50 and a twelve month high of $104.47.

Bank of New York Mellon (NYSE:BK - Get Free Report) last posted its earnings results on Tuesday, July 15th. The bank reported $1.94 earnings per share (EPS) 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 net margin of 12.27% and a return on equity of 13.46%. Bank of New York Mellon's quarterly revenue was up 9.4% compared to the same quarter last year. During the same quarter last year, the company posted $1.51 EPS. As a group, research analysts predict 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 business also recently announced a quarterly dividend, which was paid on Thursday, August 7th. Stockholders of record on Friday, July 25th were paid a dividend of $0.53 per share. The ex-dividend date was Friday, July 25th. This represents a $2.12 dividend on an annualized basis and a dividend yield of 2.1%. This is a boost from Bank of New York Mellon's previous quarterly dividend of $0.47. Bank of New York Mellon's dividend payout ratio is 32.37%.

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.