Mitsubishi UFJ Trust & Banking Corp Sells 180,476 Shares of The Bank of New York Mellon Corporation (NYSE:BK)

Key Points

• Mitsubishi UFJ Trust & Banking Corp reduced its stake in The Bank of New York Mellon by 17.4%, selling 180,476 shares during the first quarter, leaving it with approximately 854,845 shares valued at $71.7 million.
• The Bank of New York Mellon announced an increase in its quarterly dividend to $0.53 per share, up from $0.47, representing a 2.1% dividend yield.
• Several analysts have raised their price targets for Bank of New York Mellon, with Keefe, Bruyette & Woods increasing theirs from $105 to $113, indicating a strong outlook following the bank's recent earnings report.

Mitsubishi UFJ Trust & Banking Corp trimmed its holdings in The Bank of New York Mellon Corporation (NYSE:BK - Free Report) by 17.4% in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 854,845 shares of the bank's stock after selling 180,476 shares during the quarter. Mitsubishi UFJ Trust & Banking Corp owned about 0.12% of Bank of New York Mellon worth $71,696,000 at the end of the most recent quarter.

Other institutional investors have also made changes to their positions in the company. Alpine Bank Wealth Management acquired a new stake in Bank of New York Mellon in the first quarter worth about $25,000. Opal Wealth Advisors LLC acquired a new stake in Bank of New York Mellon in the first quarter worth about $25,000. Parvin Asset Management LLC acquired a new stake in Bank of New York Mellon in the fourth quarter worth about $25,000. Bellwether Advisors LLC acquired a new stake in Bank of New York Mellon in the fourth quarter worth about $28,000. Finally, Cornerstone Planning Group LLC increased its position in Bank of New York Mellon by 100.0% in the first quarter. Cornerstone Planning Group LLC now owns 392 shares of the bank's stock worth $30,000 after purchasing an additional 196 shares during the period. 85.31% of the stock is owned by institutional investors.

Insider Buying and Selling at Bank of New York Mellon

In other news, EVP J Kevin Mccarthy sold 20,000 shares of Bank of New York Mellon stock in a transaction dated 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 transaction, the executive vice president owned 35,115 shares in the company, 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 this hyperlink. 0.14% of the stock is owned by company insiders.

Bank of New York Mellon Price Performance

Bank of New York Mellon stock opened at $99.78 on Friday. The firm has a market capitalization of $71.39 billion, a P/E ratio of 15.23, a PEG ratio of 0.97 and a beta of 1.12. The Bank of New York Mellon Corporation has a 1 year low of $60.93 and a 1 year high of $103.16. The business has a 50-day moving average of $93.13 and a 200-day moving average of $86.87. The company has a current ratio of 0.72, a quick ratio of 0.69 and a debt-to-equity ratio of 0.86.

Bank of New York Mellon (NYSE:BK - Get Free Report) last released its quarterly earnings data on Tuesday, July 15th. The bank reported $1.94 earnings per share for the quarter, beating the consensus estimate 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 business 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 business posted $1.51 EPS. Bank of New York Mellon's revenue for the quarter was up 9.4% on a year-over-year basis. On average, equities analysts anticipate that The Bank of New York Mellon Corporation will post 6.96 EPS for the current year.

Bank of New York Mellon Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, August 7th. Stockholders of record on Friday, July 25th will be issued 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 is Friday, July 25th. 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 presently 32.37%.

Analysts Set New Price Targets

BK has been the subject of a number of research reports. Keefe, Bruyette & Woods lifted 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 report on Wednesday, July 16th. Wells Fargo & Company lifted 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 report on Wednesday, July 16th. Morgan Stanley lifted their price objective on 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. Evercore ISI lifted their price objective on Bank of New York Mellon from $88.00 to $90.00 and gave the stock an "in-line" rating in a research report on Wednesday, July 2nd. Finally, Truist Financial boosted their target price on Bank of New York Mellon from $97.00 to $100.00 and gave the stock a "hold" rating in a research report on Wednesday, July 16th. Seven research analysts have rated the stock with a hold rating and eight have given a buy rating to the company's stock. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $94.38.

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.

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