Nuveen LLC Reduces Position in Bank of New York Mellon Corporation $BNY

Key Points

• Nuveen LLC cut its stake in Bank of New York Mellon by 10% in the fourth quarter, selling 752,807 shares and ending with 6.76 million shares valued at about $785.2 million.
• BNY reported stronger-than-expected quarterly results, posting EPS of $2.25 versus estimates of $1.94, with revenue rising 12.9% year over year to $5.41 billion.
• Analysts remain mostly constructive on the stock, with an average rating of “Moderate Buy” and a consensus price target of $138.08, while the shares recently traded near a 1-year high at $142.12.

Nuveen LLC lessened its stake in shares of Bank of New York Mellon Corporation (NYSE:BNY - Free Report) by 10.0% in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 6,763,540 shares of the bank's stock after selling 752,807 shares during the quarter. Nuveen LLC owned approximately 0.97% of Bank of New York Mellon worth $785,179,000 at the end of the most recent quarter.

A number of other institutional investors have also recently made changes to their positions in BNY. Northwestern Mutual Wealth Management Co. boosted its stake in shares of Bank of New York Mellon by 18,044.4% during the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 19,670,202 shares of the bank's stock valued at $2,283,514,000 after purchasing an additional 19,561,793 shares during the period. Norges Bank purchased a new stake in shares of Bank of New York Mellon during the fourth quarter valued at approximately $1,398,624,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its stake in shares of Bank of New York Mellon by 639.5% during the third quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 7,076,729 shares of the bank's stock valued at $771,080,000 after purchasing an additional 6,119,749 shares during the period. Ameriprise Financial Inc. boosted its stake in shares of Bank of New York Mellon by 18.0% during the third quarter. Ameriprise Financial Inc. now owns 13,345,266 shares of the bank's stock valued at $1,454,116,000 after purchasing an additional 2,034,781 shares during the period. Finally, Eurizon Capital SGR S.p.A. purchased a new stake in shares of Bank of New York Mellon during the fourth quarter valued at approximately $227,437,000. Hedge funds and other institutional investors own 85.31% of the company's stock.

Bank of New York Mellon Price Performance

BNY stock opened at $142.12 on Friday. Bank of New York Mellon Corporation has a 1 year low of $87.41 and a 1 year high of $144.98. The firm has a 50-day moving average of $134.74 and a 200 day moving average of $123.66. The company has a debt-to-equity ratio of 0.82, a current ratio of 0.75 and a quick ratio of 0.75. The company has a market cap of $97.55 billion, a P/E ratio of 17.61, a PEG ratio of 1.02 and a beta of 1.07.

Bank of New York Mellon (NYSE:BNY - Get Free Report) last posted its earnings results on Thursday, April 16th. The bank reported $2.25 earnings per share for the quarter, topping analysts' consensus estimates of $1.94 by $0.31. Bank of New York Mellon had a return on equity of 15.29% and a net margin of 14.60%.The firm had revenue of $5.41 billion for the quarter, compared to the consensus estimate of $5.14 billion. During the same quarter in the prior year, the business earned $1.58 EPS. The business's revenue for the quarter was up 12.9% on a year-over-year basis. On average, sell-side analysts forecast that Bank of New York Mellon Corporation will post 8.78 EPS for the current year.

Bank of New York Mellon Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, May 8th. Shareholders of record on Monday, April 27th were issued a dividend of $0.53 per share. The ex-dividend date was Monday, April 27th. This represents a $2.12 dividend on an annualized basis and a dividend yield of 1.5%. Bank of New York Mellon's dividend payout ratio is 26.27%.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on the company. Royal Bank Of Canada increased their price objective on Bank of New York Mellon from $130.00 to $142.00 and gave the company a "sector perform" rating in a research note on Friday, April 17th. Wall Street Zen raised Bank of New York Mellon to a "hold" rating in a research note on Saturday, May 23rd. Morgan Stanley increased their price objective on Bank of New York Mellon from $135.00 to $139.00 and gave the company an "equal weight" rating in a research note on Friday, April 17th. Keefe, Bruyette & Woods raised their price target on Bank of New York Mellon from $143.00 to $150.00 and gave the stock an "outperform" rating in a research note on Friday, April 17th. Finally, JPMorgan Chase & Co. raised their price target on Bank of New York Mellon from $130.50 to $140.00 and gave the stock an "overweight" rating in a research note on Monday, May 11th. One analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and five have given a Hold rating to the company's stock. According to data from MarketBeat, Bank of New York Mellon has an average rating of "Moderate Buy" and an average price target of $138.08.

Insider Transactions at Bank of New York Mellon

In other Bank of New York Mellon news, EVP Alejandro Perez sold 12,504 shares of the firm's stock in a transaction on Friday, April 17th. The stock was sold at an average price of $137.01, for a total transaction of $1,713,173.04. Following the completion of the transaction, the executive vice president owned 62,613 shares of the company's stock, valued at approximately $8,578,607.13. This trade represents a 16.65% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Kurtis R. Kurimsky sold 5,290 shares of the firm's stock in a transaction on Friday, April 17th. The shares were sold at an average price of $136.02, for a total value of $719,545.80. Following the transaction, the insider directly owned 17,259 shares of the company's stock, valued at $2,347,569.18. This represents a 23.46% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders sold 48,091 shares of company stock worth $6,568,423. Corporate insiders own 0.17% of the company's stock.

Bank of New York Mellon Profile

BNY, formerly known as BNY Mellon, is a global financial services company headquartered in New York City. Formed in 2007 through the merger of the Bank of New York and Mellon Financial Corporation, BNY traces its roots back to 1784, making it one of the oldest banking institutions in the United States. It was also the first company listed on the New York Stock Exchange.

BNY operates at the center of the world's capital markets, partnering with clients to help them operate more efficiently and accelerate growth.

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