Panagora Asset Management Inc. Sells 201,828 Shares of The Bank of New York Mellon Corporation $BK

Key Points

• Panagora Asset Management Inc. has reduced its stake in The Bank of New York Mellon Corporation by 37.2%, selling 201,828 shares and maintaining 340,134 shares valued at approximately $28.5 million.
• In the first quarter, several institutional investors made significant changes to their positions in BK, including Nuveen LLC acquiring $773 million worth and GAMMA Investing LLC increasing its holdings by over 9,500%.
• The Bank of New York Mellon recently announced a dividend increase, paying $0.53 per share, which represents a 2.0% dividend yield and an increase from the previous dividend of $0.47.

Panagora Asset Management Inc. decreased its stake in The Bank of New York Mellon Corporation (NYSE:BK - Free Report) by 37.2% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 340,134 shares of the bank's stock after selling 201,828 shares during the period. Panagora Asset Management Inc.'s holdings in Bank of New York Mellon were worth $28,527,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently made changes to their positions in BK. Nuveen LLC bought a new position in shares of Bank of New York Mellon during the 1st quarter valued at $773,627,000. GAMMA Investing LLC grew its holdings in shares of 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 during the last quarter. AustralianSuper Pty Ltd bought a new position in shares of 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 grew its holdings in shares of Bank of New York Mellon by 15.9% during 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 purchasing an additional 1,055,389 shares during the last quarter. Finally, Goldman Sachs Group Inc. grew its holdings in shares of Bank of New York Mellon by 26.3% during the 1st quarter. Goldman Sachs Group Inc. now owns 5,053,744 shares of the bank's stock valued at $423,858,000 after purchasing 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 other news, EVP J Kevin Mccarthy sold 20,000 shares of the firm's stock in a transaction dated 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. This trade represents a 36.29% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Corporate insiders own 0.14% of the company's stock.

Bank of New York Mellon Trading Down 0.4%

NYSE:BK opened at $105.67 on Friday. The company has a 50-day moving average price of $98.37 and a 200-day moving average price of $89.31. The Bank of New York Mellon Corporation has a 12 month low of $66.01 and a 12 month high of $106.57. The company has a current ratio of 0.72, a quick ratio of 0.72 and a debt-to-equity ratio of 0.86. The stock has a market cap of $74.52 billion, a price-to-earnings ratio of 16.13, a P/E/G ratio of 1.00 and a beta of 1.12.

Bank of New York Mellon (NYSE:BK - Get Free Report) last posted its earnings results on Tuesday, July 15th. The bank reported $1.94 EPS for the quarter, topping the consensus estimate 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 firm 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 quarterly revenue was up 9.4% compared to the same quarter last year. Equities analysts predict that The Bank of New York Mellon Corporation will post 6.96 EPS for the current year.

Bank of New York Mellon Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, August 7th. Stockholders of record on Friday, July 25th were given a $0.53 dividend. 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%. This is a positive change from Bank of New York Mellon's previous quarterly dividend of $0.47. Bank of New York Mellon's dividend payout ratio is 32.37%.

Analyst Ratings Changes

BK has been the topic of several recent research reports. Truist Financial increased their target price on shares of Bank of New York Mellon from $100.00 to $109.00 and gave the company a "hold" rating in a report on Thursday, August 14th. Wells Fargo & Company increased their target price on shares of Bank of New York Mellon from $96.00 to $100.00 and gave the company an "equal weight" rating in a report on Wednesday, July 16th. Evercore ISI increased their price target 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 increased their price target 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. Finally, Morgan Stanley increased their price target 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. Eight analysts have rated the stock with a Buy rating and six have issued a Hold rating to the stock. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $95.08.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.