Mn Services Vermogensbeheer B.V. Trims Position in The Bank of New York Mellon Corporation $BK

Key Points

• Mn Services Vermogensbeheer B.V. reduced its stake in The Bank of New York Mellon Corporation (NYSE:BK) by 3.2%, now owning 268,316 shares worth approximately $24.4 million.
• The Bank of New York Mellon recently reported earnings of $1.94 per share, exceeding estimates, and its revenue showed a 9.4% increase year-over-year to $4.77 billion.
• In a positive development, the bank increased its quarterly dividend to $0.53 per share, up from $0.47, reflecting a 2.0% yield for investors.

Mn Services Vermogensbeheer B.V. lessened its stake in The Bank of New York Mellon Corporation (NYSE:BK - Free Report) by 3.2% in the 2nd quarter, according to its most recent filing with the SEC. The fund owned 268,316 shares of the bank's stock after selling 8,800 shares during the period. Mn Services Vermogensbeheer B.V.'s holdings in Bank of New York Mellon were worth $24,446,000 at the end of the most recent quarter.

Several other institutional investors have also recently added to or reduced their stakes in the stock. Wedmont Private Capital increased its holdings in Bank of New York Mellon by 5.7% in the 2nd quarter. Wedmont Private Capital now owns 7,477 shares of the bank's stock valued at $696,000 after purchasing an additional 402 shares during the last quarter. Swedbank AB grew its stake in shares of Bank of New York Mellon by 6.9% in the second quarter. Swedbank AB now owns 865,221 shares of the bank's stock worth $78,830,000 after acquiring an additional 55,648 shares in the last quarter. Baader Bank Aktiengesellschaft grew its stake in shares of Bank of New York Mellon by 22.0% in the second quarter. Baader Bank Aktiengesellschaft now owns 4,729 shares of the bank's stock worth $426,000 after acquiring an additional 852 shares in the last quarter. Sumitomo Mitsui DS Asset Management Company Ltd grew its stake in shares of Bank of New York Mellon by 28.7% in the second quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 236,373 shares of the bank's stock worth $21,536,000 after acquiring an additional 52,771 shares in the last quarter. Finally, Sivia Capital Partners LLC grew its stake in shares of Bank of New York Mellon by 36.6% in the second quarter. Sivia Capital Partners LLC now owns 3,394 shares of the bank's stock worth $309,000 after acquiring an additional 909 shares in the last quarter. Institutional investors and hedge funds own 85.31% of the company's stock.

Insiders Place Their Bets

In related news, EVP J Kevin Mccarthy sold 20,000 shares of the business's stock in a transaction 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 directly owned 35,115 shares of the company's stock, valued at $3,457,071.75. The trade was 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 at this hyperlink. 0.14% of the stock is currently owned by company insiders.

Bank of New York Mellon Stock Up 0.1%

Bank of New York Mellon stock traded up $0.10 during midday trading on Friday, reaching $108.62. The company's stock had a trading volume of 8,770,370 shares, compared to its average volume of 2,747,152. The Bank of New York Mellon Corporation has a fifty-two week low of $70.41 and a fifty-two week high of $109.21. 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 company has a market cap of $76.60 billion, a P/E ratio of 16.58, a P/E/G ratio of 1.02 and a beta of 1.14. The business has a 50-day simple moving average of $102.54 and a 200-day simple moving average of $91.17.

Bank of New York Mellon (NYSE:BK - Get Free Report) last posted its quarterly earnings results on Tuesday, July 15th. The bank reported $1.94 earnings per share for the quarter, beating 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 period last year, the firm earned $1.51 earnings per share. Bank of New York Mellon's quarterly revenue was up 9.4% on a year-over-year basis. On average, research analysts expect that The Bank of New York Mellon Corporation will post 6.96 earnings per share for the current fiscal 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 $0.53 dividend. This represents a $2.12 dividend on an annualized basis and a yield of 2.0%. 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. Bank of New York Mellon's dividend payout ratio is presently 32.37%.

Analysts Set New Price Targets

BK has been the subject of several research reports. Evercore ISI boosted their price target on shares of Bank of New York Mellon from $88.00 to $90.00 and gave the stock an "in-line" rating in a research note on Wednesday, July 2nd. Keefe, Bruyette & Woods boosted 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. Wells Fargo & Company boosted their price target on shares of 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 boosted their price target on shares of Bank of New York Mellon from $95.00 to $101.00 and gave the stock an "overweight" rating in a research note on Wednesday, July 16th. Finally, Truist Financial boosted their price target on shares of Bank of New York Mellon from $100.00 to $109.00 and gave the stock a "hold" rating in a research note on Thursday, August 14th. Eight equities research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the stock. According to MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $96.62.

Bank of New York Mellon 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.