MetLife Investment Management LLC Decreases Stake in The Bank of New York Mellon Corporation $BK

Key Points

• MetLife Investment Management LLC sold 6,229 shares of The Bank of New York Mellon Corporation, reducing its holdings by 3.2% to 186,421 shares valued at approximately $15.6 million.
• The Bank of New York Mellon recently increased its quarterly dividend to $0.53 per share, up from $0.47, representing an annual yield of 2.1%.
• Analysts have shown optimism for the stock, with multiple firms raising their price targets, giving it a consensus rating of "Moderate Buy".

MetLife Investment Management LLC lessened its position in The Bank of New York Mellon Corporation (NYSE:BK - Free Report) by 3.2% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 186,421 shares of the bank's stock after selling 6,229 shares during the period. MetLife Investment Management LLC's holdings in Bank of New York Mellon were worth $15,635,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also modified their holdings of BK. ICONIQ Capital LLC grew its stake in Bank of New York Mellon by 19.5% in the 1st quarter. ICONIQ Capital LLC now owns 3,738 shares of the bank's stock worth $314,000 after acquiring an additional 609 shares during the period. Southeast Asset Advisors LLC acquired a new stake in shares of Bank of New York Mellon during the first quarter worth $237,000. Smartleaf Asset Management LLC boosted its holdings in shares of Bank of New York Mellon by 15.5% during the first quarter. Smartleaf Asset Management LLC now owns 6,201 shares of the bank's stock worth $513,000 after purchasing an additional 833 shares during the last quarter. Northwestern Mutual Wealth Management Co. grew its position in shares of Bank of New York Mellon by 170.6% in the first quarter. Northwestern Mutual Wealth Management Co. now owns 104,037 shares of the bank's stock valued at $8,726,000 after purchasing an additional 65,588 shares during the period. Finally, Haverford Trust Co increased its stake in Bank of New York Mellon by 4.3% in the first quarter. Haverford Trust Co now owns 3,133 shares of the bank's stock valued at $263,000 after purchasing an additional 130 shares during the last quarter. Hedge funds and other institutional investors own 85.31% of the company's stock.

Insiders Place Their Bets

In other Bank of New York Mellon news, EVP J Kevin Mccarthy sold 20,000 shares of the stock in a transaction that occurred on 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. This trade represents a 36.29% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 0.14% of the stock is currently owned by corporate insiders.

Bank of New York Mellon Stock Up 1.1%

Bank of New York Mellon stock traded up $1.11 during trading on Thursday, reaching $106.14. 2,776,589 shares of the company's stock were exchanged, compared to its average volume of 4,166,757. The Bank of New York Mellon Corporation has a 52-week low of $66.01 and a 52-week high of $106.30. The firm has a market cap of $74.85 billion, a price-to-earnings ratio of 16.20, a PEG ratio of 0.99 and a beta of 1.12. The company has a debt-to-equity ratio of 0.86, a quick ratio of 0.72 and a current ratio of 0.72. The company's 50-day moving average is $97.79 and its two-hundred day moving average is $89.00.

Bank of New York Mellon (NYSE:BK - Get Free Report) last issued its quarterly earnings data on Tuesday, July 15th. The bank reported $1.94 EPS for the quarter, topping analysts' consensus estimates of $1.73 by $0.21. Bank of New York Mellon had a return on equity of 13.46% and a net margin of 12.27%.The company had revenue of $4.77 billion for the quarter, compared to analysts' expectations of $4.80 billion. During the same quarter in the previous year, the firm posted $1.51 earnings per share. The firm's quarterly revenue was up 9.4% on a year-over-year basis. On average, 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 declared a quarterly dividend, which was paid on Thursday, August 7th. Investors of record on Friday, July 25th were given a dividend of $0.53 per share. This is a boost from Bank of New York Mellon's previous quarterly dividend of $0.47. The ex-dividend date of this dividend was Friday, July 25th. This represents a $2.12 annualized dividend and a yield of 2.0%. Bank of New York Mellon's dividend payout ratio is presently 32.37%.

Analyst Ratings Changes

A number of analysts have issued reports on the company. Wells Fargo & Company raised their price target 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. Morgan Stanley raised their target price 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. Truist Financial boosted their target price on shares of 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. Keefe, Bruyette & Woods increased their price target on shares of 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. Finally, Evercore ISI lifted their price target 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. Eight equities research analysts have rated the stock with a Buy rating and six have given a Hold rating to the stock. According to MarketBeat.com, the company 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.