Mizuho Securities USA LLC Reduces Holdings in The Bank of New York Mellon Corporation (NYSE:BK)

Key Points

• Mizuho Securities USA LLC reduced its stake in The Bank of New York Mellon Corporation by 16.6%, selling 11,447 shares, and now holds 57,464 shares valued at approximately $4.82 million.
• Analysts have raised the target price for Bank of New York Mellon, with new estimates ranging from $90.00 to $113.00, reflecting an overall consensus rating of "Moderate Buy."
• The Bank of New York Mellon announced an increased quarterly dividend of $0.53 per share, up from the previous $0.47, resulting in an annualized payout of $2.12 with a 2.1% yield.

Mizuho Securities USA LLC cut its stake in shares of The Bank of New York Mellon Corporation (NYSE:BK - Free Report) by 16.6% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 57,464 shares of the bank's stock after selling 11,447 shares during the quarter. Mizuho Securities USA LLC's holdings in Bank of New York Mellon were worth $4,820,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors also recently bought and sold shares of the stock. Revolve Wealth Partners LLC purchased a new stake in Bank of New York Mellon in the 4th quarter worth approximately $220,000. Cerity Partners LLC lifted its holdings in Bank of New York Mellon by 15.0% in the 4th quarter. Cerity Partners LLC now owns 60,935 shares of the bank's stock worth $4,578,000 after buying an additional 7,953 shares during the period. Scotia Capital Inc. lifted its holdings in Bank of New York Mellon by 8.7% in the 4th quarter. Scotia Capital Inc. now owns 14,527 shares of the bank's stock worth $1,116,000 after buying an additional 1,164 shares during the period. Capital Fund Management S.A. lifted its holdings in Bank of New York Mellon by 358.5% in the 4th quarter. Capital Fund Management S.A. now owns 123,262 shares of the bank's stock worth $9,470,000 after buying an additional 96,377 shares during the period. Finally, Heritage Trust Co purchased a new stake in Bank of New York Mellon in the 4th quarter worth approximately $262,000. 85.31% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of research analysts have recently commented on the company. Evercore ISI raised 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. Keefe, Bruyette & Woods raised their target price on Bank of New York Mellon from $105.00 to $113.00 and gave the company an "outperform" rating in a research note on Wednesday, July 16th. Truist Financial raised their target price on Bank of New York Mellon from $97.00 to $100.00 and gave the company a "hold" rating in a research note on Wednesday, July 16th. Morgan Stanley raised 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. Finally, Wells Fargo & Company raised their target price on Bank of New York Mellon from $96.00 to $100.00 and gave the company an "equal weight" rating in a research note 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. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $94.38.

Insider Activity at Bank of New York Mellon

In other news, EVP J Kevin Mccarthy sold 20,000 shares of the firm's stock in a transaction on Tuesday, July 22nd. The stock was sold at an average price of $98.45, for a total value of $1,969,000.00. Following the transaction, the executive vice president directly owned 35,115 shares in the company, valued at $3,457,071.75. This trade represents a 36.29% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link. Insiders own 0.14% of the company's stock.

Bank of New York Mellon Stock Up 1.0%

BK stock opened at $103.22 on Friday. The Bank of New York Mellon Corporation has a twelve month low of $62.83 and a twelve month high of $103.98. The company has a quick ratio of 0.69, a current ratio of 0.72 and a debt-to-equity ratio of 0.86. The firm has a market cap of $72.79 billion, a PE ratio of 15.76, a price-to-earnings-growth ratio of 0.99 and a beta of 1.12. The business has a 50 day moving average of $94.41 and a 200 day moving average of $87.51.

Bank of New York Mellon (NYSE:BK - Get Free Report) last posted its earnings results on Tuesday, July 15th. The bank reported $1.94 EPS for the quarter, topping analysts' consensus estimates of $1.73 by $0.21. The business had revenue of $4.77 billion during the quarter, compared to analyst estimates 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 company's quarterly revenue was up 9.4% compared to the same quarter last year. During the same quarter last year, the company earned $1.51 EPS. On average, research analysts forecast 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 firm also recently announced a quarterly dividend, which was paid on Thursday, August 7th. Shareholders of record on Friday, July 25th were issued a $0.53 dividend. This represents a $2.12 dividend on an annualized basis and a dividend yield of 2.1%. The ex-dividend date of this dividend was Friday, July 25th. This is a positive change 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.

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