Oak Associates Ltd. OH Sells 8,002 Shares of The Bank of New York Mellon Corporation $BK

Key Points

• Oak Associates Ltd. OH has reduced its position in The Bank of New York Mellon Corporation (NYSE: BK) by 7.6%, selling 8,002 shares to hold a total of 97,758 shares worth $8.2 million.
• The company recently increased its quarterly dividend from $0.47 to $0.53, reflecting a 2.0% dividend yield.
• In its latest earnings report, Bank of New York Mellon beat earnings estimates with $1.94 per share, and its revenue was up 9.4% year-over-year, totaling $4.77 billion.

Oak Associates Ltd. OH trimmed its holdings in shares of The Bank of New York Mellon Corporation (NYSE:BK - Free Report) by 7.6% in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 97,758 shares of the bank's stock after selling 8,002 shares during the period. Oak Associates Ltd. OH's holdings in Bank of New York Mellon were worth $8,199,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of BK. Nuveen LLC acquired a new stake in Bank of New York Mellon during the 1st quarter valued at $773,627,000. GAMMA Investing LLC increased its holdings 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 purchasing an additional 1,385,434 shares in the last quarter. AustralianSuper Pty Ltd acquired a new stake in Bank of New York Mellon during the 1st quarter valued at $92,502,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its stake in shares of Bank of New York Mellon by 15.9% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 7,689,477 shares of the bank's stock valued at $590,783,000 after buying an additional 1,055,389 shares during the period. Finally, Goldman Sachs Group Inc. increased its stake in shares of Bank of New York Mellon by 26.3% in the 1st quarter. Goldman Sachs Group Inc. now owns 5,053,744 shares of the bank's stock valued at $423,858,000 after buying an additional 1,052,145 shares during the period. 85.31% of the stock is owned by institutional investors and hedge funds.

Bank of New York Mellon Trading Down 0.4%

Shares of Bank of New York Mellon stock traded down $0.43 during trading on Monday, reaching $105.67. 2,933,101 shares of the company were exchanged, compared to its average volume of 3,137,733. 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 Bank of New York Mellon Corporation has a twelve month low of $66.01 and a twelve month high of $106.57. The business has a 50-day moving average price of $98.37 and a 200-day moving average price of $89.33. The firm has a market capitalization of $74.52 billion, a price-to-earnings ratio of 16.13, a P/E/G ratio of 1.00 and a beta of 1.14.

Bank of New York Mellon (NYSE:BK - Get Free Report) last announced its quarterly earnings data on Tuesday, July 15th. The bank reported $1.94 EPS for the quarter, topping 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 business had revenue of $4.77 billion during the quarter, compared to analysts' expectations of $4.80 billion. During the same period in the previous year, the firm earned $1.51 earnings per share. The firm's quarterly revenue was up 9.4% compared to the same quarter last year. Sell-side analysts anticipate 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 dividend of $0.53 per share. This is a boost from Bank of New York Mellon's previous quarterly dividend of $0.47. This represents a $2.12 annualized dividend and a yield of 2.0%. The ex-dividend date was Friday, July 25th. Bank of New York Mellon's dividend payout ratio is presently 32.37%.

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on the company. Truist Financial lifted their target price on Bank of New York Mellon from $100.00 to $109.00 and gave the company a "hold" rating in a research note on Thursday, August 14th. Wells Fargo & Company lifted 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. Evercore ISI lifted 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. Morgan Stanley lifted 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, Keefe, Bruyette & Woods lifted 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. Eight research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $95.08.

Insiders Place Their Bets

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 dated Tuesday, July 22nd. The stock was sold at an average price of $98.45, for a total transaction of $1,969,000.00. Following the transaction, the executive vice president directly owned 35,115 shares in the company, valued at approximately $3,457,071.75. The trade was a 36.29% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Corporate insiders own 0.14% of the company's stock.

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.