Northern Trust Corp Lowers Stock Holdings in The Bank of New York Mellon Corporation $BK

Key Points

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Northern Trust Corp lowered its stake in shares of The Bank of New York Mellon Corporation (NYSE:BK - Free Report) by 2.9% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 9,260,266 shares of the bank's stock after selling 273,349 shares during the quarter. Northern Trust Corp owned about 1.29% of Bank of New York Mellon worth $776,659,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in BK. Parvin Asset Management LLC purchased a new position in shares of Bank of New York Mellon during the fourth quarter worth about $25,000. Opal Wealth Advisors LLC acquired a new stake in Bank of New York Mellon in the first quarter valued at about $25,000. Alpine Bank Wealth Management acquired a new stake in Bank of New York Mellon in the first quarter valued at about $25,000. Bellwether Advisors LLC acquired a new stake in Bank of New York Mellon in the fourth quarter valued at about $28,000. Finally, REAP Financial Group LLC lifted its position in Bank of New York Mellon by 123.2% in the fourth quarter. REAP Financial Group LLC now owns 395 shares of the bank's stock valued at $30,000 after purchasing an additional 218 shares during the period. Hedge funds and other institutional investors own 85.31% of the company's stock.

Analyst Ratings Changes

A number of equities research analysts recently commented on the stock. Truist Financial raised their price objective on shares of Bank of New York Mellon from $100.00 to $109.00 and gave the company a "hold" rating in a research report on Thursday, August 14th. Evercore ISI raised their price objective on shares of Bank of New York Mellon from $88.00 to $90.00 and gave the company an "in-line" rating in a research report on Wednesday, July 2nd. Keefe, Bruyette & Woods raised their price objective on shares of Bank of New York Mellon from $105.00 to $113.00 and gave the company an "outperform" rating in a research report on Wednesday, July 16th. Morgan Stanley raised their price objective on shares of Bank of New York Mellon from $95.00 to $101.00 and gave the company an "overweight" rating in a research report on Wednesday, July 16th. Finally, Wells Fargo & Company lifted their price target on shares of Bank of New York Mellon from $96.00 to $100.00 and gave the company an "equal weight" rating in a research report on Wednesday, July 16th. Eight research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $95.08.

Bank of New York Mellon Price Performance

Shares of BK traded up $0.4720 during mid-day trading on Thursday, reaching $101.7220. 2,451,255 shares of the company's stock were exchanged, compared to its average volume of 3,391,840. 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 50-day simple moving average of $96.69 and a two-hundred day simple moving average of $88.50. The Bank of New York Mellon Corporation has a 52-week low of $65.24 and a 52-week high of $104.47. The company has a market cap of $71.74 billion, a price-to-earnings ratio of 15.53, a PEG ratio of 0.96 and a beta of 1.12.

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 earnings per share for the quarter, topping analysts' consensus estimates of $1.73 by $0.21. Bank of New York Mellon had a net margin of 12.27% and a return on equity of 13.46%. The business had revenue of $4.77 billion during the quarter, compared to analysts' expectations of $4.80 billion. During the same period last year, the company posted $1.51 EPS. The company's revenue was up 9.4% on a year-over-year basis. On average, sell-side analysts predict 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 disclosed a quarterly dividend, which was paid on Thursday, August 7th. Stockholders of record on Friday, July 25th were paid a dividend of $0.53 per share. This is a positive change 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 dividend on an annualized basis and a dividend yield of 2.1%. Bank of New York Mellon's dividend payout ratio is 32.37%.

Insider Buying and Selling at Bank of New York Mellon

In other Bank of New York Mellon news, EVP J Kevin Mccarthy sold 20,000 shares of Bank of New York Mellon 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 directly owned 35,115 shares of the company's stock, valued at approximately $3,457,071.75. The trade was a 36.29% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.14% of the stock is currently owned by company insiders.

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.