Park Avenue Securities LLC Sells 4,886 Shares of The Bank of New York Mellon Corporation $BK

Key Points

• Park Avenue Securities LLC reduced its stake in The Bank of New York Mellon Corporation by 10.5% during the second quarter, now holding 41,729 shares valued at approximately $3.8 million.
• The Bank of New York Mellon's quarterly earnings report indicated an EPS of $1.94, exceeding estimates by $0.21, along with a revenue of $4.77 billion that was slightly below expectations.
• The company recently increased its quarterly dividend to $0.53 per share, which translates to an annualized dividend of $2.12 and a dividend yield of 1.9%.

Park Avenue Securities LLC lessened its stake in The Bank of New York Mellon Corporation (NYSE:BK - Free Report) by 10.5% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 41,729 shares of the bank's stock after selling 4,886 shares during the period. Park Avenue Securities LLC's holdings in Bank of New York Mellon were worth $3,802,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Opal Wealth Advisors LLC acquired a new position in shares of Bank of New York Mellon in the 1st quarter valued at about $25,000. Alpine Bank Wealth Management acquired a new position in shares of Bank of New York Mellon in the 1st quarter valued at about $25,000. REAP Financial Group LLC lifted its stake in shares of Bank of New York Mellon by 123.2% in the 4th 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. Cornerstone Planning Group LLC lifted its stake in shares of Bank of New York Mellon by 100.0% in the 1st quarter. Cornerstone Planning Group LLC now owns 392 shares of the bank's stock valued at $30,000 after purchasing an additional 196 shares during the period. Finally, Orion Capital Management LLC acquired a new position in shares of Bank of New York Mellon in the 1st quarter valued at about $32,000. 85.31% of the stock is owned by institutional investors and hedge funds.

Bank of New York Mellon Stock Performance

Shares of Bank of New York Mellon stock opened at $109.47 on Tuesday. The company has a market cap of $77.20 billion, a PE ratio of 16.71, a price-to-earnings-growth ratio of 1.03 and a beta of 1.14. The Bank of New York Mellon Corporation has a 52 week low of $70.41 and a 52 week high of $109.72. The business has a 50 day moving average price of $102.82 and a 200-day moving average price of $91.42. The company has a quick ratio of 0.72, a current ratio of 0.72 and a debt-to-equity ratio of 0.86.

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 EPS for the quarter, topping the consensus estimate of $1.73 by $0.21. The firm had revenue of $4.77 billion during the quarter, compared to the consensus estimate of $4.80 billion. Bank of New York Mellon had a return on equity of 13.46% and a net margin of 12.27%.The company's quarterly revenue was up 9.4% compared to the same quarter last year. During the same period in the prior year, the business posted $1.51 earnings per share. Equities analysts anticipate that The Bank of New York Mellon Corporation will post 6.96 earnings per share for the current fiscal 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 paid a $0.53 dividend. This represents a $2.12 annualized dividend and a dividend yield of 1.9%. This is a boost from Bank of New York Mellon's previous quarterly dividend of $0.47. The ex-dividend date of this dividend was Friday, July 25th. Bank of New York Mellon's dividend payout ratio (DPR) is currently 32.37%.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on BK. Evercore ISI boosted their price objective 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 upped their price target on Bank of New York Mellon from $95.00 to $101.00 and gave the stock an "overweight" rating in a research note on Wednesday, July 16th. Citigroup upped their price target on Bank of New York Mellon from $92.00 to $105.00 and gave the stock a "neutral" rating in a research note on Friday, September 5th. Keefe, Bruyette & Woods upped their price target on Bank of New York Mellon from $105.00 to $113.00 and gave the stock an "outperform" rating in a research note on Wednesday, July 16th. Finally, Wells Fargo & Company upped their price target on Bank of New York Mellon from $96.00 to $100.00 and gave the stock an "equal weight" rating in a research note on Wednesday, July 16th. Eight equities research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $96.62.

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 that occurred on 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 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 ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. 0.14% of the stock is currently owned by company insiders.

About Bank of New York Mellon

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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