Motco Decreases Stock Holdings in The Bank of New York Mellon Corporation (NYSE:BK)

Key Points

• Motco reduced its holdings in The Bank of New York Mellon Corporation by 13.4%, owning 75,001 shares valued at $6.29 million after selling 11,561 shares in the 1st quarter.
• Several institutional investors, including FMR LLC and Norges Bank, made significant increases in their positions, with FMR LLC raising its stake by 19.3% to own over $1.77 billion in shares.
• The Bank of New York Mellon recently announced a quarterly dividend increase to $0.53, effective August 7th, raising its annualized dividend yield to 2.10%.

Motco decreased its holdings in shares of The Bank of New York Mellon Corporation (NYSE:BK - Free Report) by 13.4% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 75,001 shares of the bank's stock after selling 11,561 shares during the period. Motco's holdings in Bank of New York Mellon were worth $6,290,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of BK. Norges Bank bought a new position in shares of Bank of New York Mellon in the 4th quarter worth approximately $1,150,462,000. FMR LLC raised its position in shares of Bank of New York Mellon by 19.3% in the 4th quarter. FMR LLC now owns 23,071,584 shares of the bank's stock worth $1,772,590,000 after acquiring an additional 3,732,862 shares in the last quarter. Northern Trust Corp raised its position in shares of Bank of New York Mellon by 19.1% in the 4th 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. GAMMA Investing LLC increased its position in Bank of New York Mellon by 9,538.9% during the 1st quarter. GAMMA Investing LLC now owns 1,399,958 shares of the bank's stock valued at $117,414,000 after buying an additional 1,385,434 shares in the last quarter. Finally, Arrowstreet Capital Limited Partnership increased its position in Bank of New York Mellon by 17.0% during the 4th quarter. Arrowstreet Capital Limited Partnership now owns 7,751,219 shares of the bank's stock valued at $595,526,000 after buying an additional 1,125,493 shares in the last quarter. Institutional investors own 85.31% of the company's stock.

Insider Buying and Selling

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

Bank of New York Mellon Trading Up 1.1%

Shares of NYSE BK traded up $1.12 during trading hours on Wednesday, reaching $102.99. The stock had a trading volume of 1,060,351 shares, compared to its average volume of 4,291,021. The firm has a market cap of $73.68 billion, a price-to-earnings ratio of 15.72, a P/E/G ratio of 0.98 and a beta of 1.07. The Bank of New York Mellon Corporation has a 52-week low of $60.93 and a 52-week high of $102.96. The company has a current ratio of 0.72, a quick ratio of 0.69 and a debt-to-equity ratio of 0.86. The business's fifty day moving average price is $92.41 and its two-hundred day moving average price is $86.39.

Bank of New York Mellon (NYSE:BK - Get Free Report) last issued its quarterly 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 business had revenue of $4.77 billion for the quarter, compared to the consensus estimate 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 business's quarterly revenue was up 9.4% on a year-over-year basis. During the same period in the prior year, the firm posted $1.51 earnings per share. Analysts expect 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 declared a quarterly dividend, which will be paid on Thursday, August 7th. Shareholders of record on Friday, July 25th will be issued a $0.53 dividend. This represents a $2.12 annualized dividend and a yield of 2.06%. This is a positive change from Bank of New York Mellon's previous quarterly dividend of $0.47. The ex-dividend date is Friday, July 25th. Bank of New York Mellon's dividend payout ratio is presently 32.37%.

Analysts Set New Price Targets

Several analysts have commented on the company. Wells Fargo & Company increased 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. Truist Financial increased 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. Keefe, Bruyette & Woods increased 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. Evercore ISI raised their price target on 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. Finally, Morgan Stanley raised their price target on 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. Seven equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $94.38.

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.