OFI Invest Asset Management Sells 6,723 Shares of The Bank of New York Mellon Corporation $BK

Key Points

• OFI Invest Asset Management reduced its holdings in The Bank of New York Mellon Corporation by 23.1%, selling 6,723 shares during the second quarter, leaving them with 22,350 shares valued at approximately $2,036,000.
• The Bank of New York Mellon recently increased its quarterly dividend from $0.47 to $0.53 per share, reflecting a positive change and a 2.0% dividend yield.
• Analysts have generally rated Bank of New York Mellon stocks positively, with a consensus rating of "Moderate Buy" and an average price target of $106.77.

OFI Invest Asset Management lessened its holdings in The Bank of New York Mellon Corporation (NYSE:BK - Free Report) by 23.1% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 22,350 shares of the bank's stock after selling 6,723 shares during the quarter. OFI Invest Asset Management's holdings in Bank of New York Mellon were worth $2,036,000 at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in the business. Ameriprise Financial Inc. raised its holdings in Bank of New York Mellon by 1.9% in the 1st quarter. Ameriprise Financial Inc. now owns 12,043,601 shares of the bank's stock valued at $1,010,093,000 after buying an additional 221,613 shares during the last quarter. Nuveen LLC bought a new position in Bank of New York Mellon in the 1st quarter valued at approximately $773,627,000. Invesco Ltd. raised its holdings in Bank of New York Mellon by 8.8% in the 1st quarter. Invesco Ltd. now owns 8,264,176 shares of the bank's stock valued at $693,116,000 after buying an additional 667,966 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its holdings in Bank of New York Mellon by 5.7% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 8,125,577 shares of the bank's stock valued at $681,492,000 after buying an additional 436,100 shares during the last quarter. Finally, Goldman Sachs Group Inc. raised its holdings in 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 last quarter. Institutional investors own 85.31% of the company's stock.

Insider Activity at Bank of New York Mellon

In related news, EVP J Kevin Mccarthy sold 20,000 shares of the stock in a transaction on Tuesday, July 22nd. The stock was sold at an average price of $98.45, for a total value of $1,969,000.00. Following the transaction, the executive vice president directly owned 35,115 shares in the company, valued at $3,457,071.75. This trade represents a 36.29% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.14% of the stock is currently owned by company insiders.

Bank of New York Mellon Stock Performance

Shares of BK stock opened at $104.63 on Friday. The company has a market cap of $73.79 billion, a price-to-earnings ratio of 15.97, a price-to-earnings-growth ratio of 0.98 and a beta of 1.13. The Bank of New York Mellon Corporation has a 52 week low of $70.46 and a 52 week high of $110.87. 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 firm has a 50 day moving average of $105.10 and a 200-day moving average of $93.74.

Bank of New York Mellon (NYSE:BK - Get Free Report) last announced its quarterly earnings data on Tuesday, March 26th. The bank reported $1.30 EPS for the quarter. The company had revenue of $4.38 billion during the quarter. Bank of New York Mellon had a net margin of 12.27% and a return on equity of 13.46%. On average, equities analysts forecast that The Bank of New York Mellon Corporation will post 6.96 earnings per share for the current year.

Bank of New York Mellon Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, August 7th. Stockholders of record on Friday, July 25th were given 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 annualized dividend and a dividend yield of 2.0%. Bank of New York Mellon's payout ratio is 32.37%.

Analyst Ratings Changes

A number of analysts have weighed in on the stock. Morgan Stanley increased their target price on shares of Bank of New York Mellon from $101.00 to $116.00 and gave the company an "overweight" rating in a research report on Monday, September 29th. Weiss Ratings reissued a "buy (b+)" rating on shares of Bank of New York Mellon in a research report on Wednesday. Citigroup increased their target price on shares of Bank of New York Mellon from $92.00 to $105.00 and gave the company a "neutral" rating in a research report on Friday, September 5th. Truist Financial increased their target price on shares of Bank of New York Mellon from $109.00 to $118.00 and gave the company a "hold" rating in a research report on Thursday, October 2nd. Finally, BMO Capital Markets assumed coverage on shares of Bank of New York Mellon in a research report on Friday, October 3rd. They set an "outperform" rating and a $125.00 target price for the company. Ten investment analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company's stock. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $106.77.

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.

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