Parnassus Investments LLC Has $273.91 Million Holdings in Bank of New York Mellon Corporation $BNY

Key Points

• Parnassus Investments LLC reduced its stake in Bank of New York Mellon by 5.8% in the fourth quarter, selling 145,919 shares. It still held 2.36 million shares valued at about $273.9 million at the end of the period.
• BNY reported stronger-than-expected quarterly results, posting EPS of $2.25 versus the $1.94 estimate and revenue of $5.41 billion versus $5.14 billion expected. Revenue rose 12.9% year over year, and the company’s net margin and return on equity remained solid.
• Analysts remain generally positive on the stock, with an average rating of “Moderate Buy” and an average price target of $138.08. However, insider selling has been notable, with executives selling 48,091 shares worth $6.57 million over the last 90 days.

Parnassus Investments LLC cut its position in Bank of New York Mellon Corporation (NYSE:BNY - Free Report) by 5.8% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 2,359,440 shares of the bank's stock after selling 145,919 shares during the quarter. Parnassus Investments LLC owned approximately 0.34% of Bank of New York Mellon worth $273,907,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of BNY. Linscomb Wealth Inc. grew its position in Bank of New York Mellon by 2.5% during the fourth quarter. Linscomb Wealth Inc. now owns 3,240 shares of the bank's stock valued at $376,000 after acquiring an additional 80 shares during the last quarter. Ransom Advisory Ltd grew its position in Bank of New York Mellon by 1.3% during the fourth quarter. Ransom Advisory Ltd now owns 6,777 shares of the bank's stock valued at $787,000 after acquiring an additional 85 shares during the last quarter. Mather Group LLC. grew its position in Bank of New York Mellon by 0.9% during the fourth quarter. Mather Group LLC. now owns 9,232 shares of the bank's stock valued at $1,072,000 after acquiring an additional 86 shares during the last quarter. Essex Financial Services Inc. grew its position in Bank of New York Mellon by 0.5% during the fourth quarter. Essex Financial Services Inc. now owns 17,584 shares of the bank's stock valued at $2,041,000 after acquiring an additional 89 shares during the last quarter. Finally, Nemes Rush Group LLC grew its position in Bank of New York Mellon by 12.8% during the fourth quarter. Nemes Rush Group LLC now owns 813 shares of the bank's stock valued at $94,000 after acquiring an additional 92 shares during the last quarter. 85.31% of the stock is currently owned by institutional investors and hedge funds.

Bank of New York Mellon Trading Up 1.7%

NYSE:BNY opened at $142.12 on Friday. The company has a 50-day moving average price of $134.74 and a 200-day moving average price of $123.66. Bank of New York Mellon Corporation has a 12 month low of $87.41 and a 12 month high of $144.98. The company has a current ratio of 0.75, a quick ratio of 0.75 and a debt-to-equity ratio of 0.82. The stock has a market cap of $97.55 billion, a price-to-earnings ratio of 17.61, a P/E/G 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 EPS for the quarter, topping the consensus estimate of $1.94 by $0.31. Bank of New York Mellon had a net margin of 14.60% and a return on equity of 15.29%. The firm had revenue of $5.41 billion during the quarter, compared to analysts' expectations of $5.14 billion. During the same period last year, the company posted $1.58 EPS. The company's quarterly revenue was up 12.9% compared to the same quarter last year. Equities analysts predict that Bank of New York Mellon Corporation will post 8.78 EPS for the current year.

Bank of New York Mellon Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, May 8th. Stockholders of record on Monday, April 27th were given a $0.53 dividend. This represents a $2.12 annualized dividend and a dividend yield of 1.5%. The ex-dividend date of this dividend was Monday, April 27th. Bank of New York Mellon's dividend payout ratio (DPR) is currently 26.27%.

Analysts Set New Price Targets

BNY has been the topic of a number of recent research reports. Wall Street Zen upgraded shares of Bank of New York Mellon to a "hold" rating in a research report on Saturday, May 23rd. Truist Financial increased their price target on shares of Bank of New York Mellon from $140.00 to $148.00 and gave the company a "buy" rating in a research report on Friday, April 17th. Citigroup initiated coverage on shares of Bank of New York Mellon in a research report on Monday, February 23rd. They set a "neutral" rating on the stock. JPMorgan Chase & Co. increased their price target on shares of Bank of New York Mellon from $130.50 to $140.00 and gave the company an "overweight" rating in a research report on Monday, May 11th. Finally, Weiss Ratings raised Bank of New York Mellon from a "buy (a-)" rating to a "buy (a)" rating in a research note on Monday, May 4th. One analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and five have given a Hold rating to the company. Based on data from MarketBeat.com, Bank of New York Mellon presently has an average rating of "Moderate Buy" and an average target price of $138.08.

Insider Activity at Bank of New York Mellon

In other news, EVP J Kevin Mccarthy sold 30,000 shares of the firm's stock in a transaction dated Friday, April 17th. The shares were sold at an average price of $136.50, for a total value of $4,095,000.00. Following the completion of the sale, the executive vice president directly owned 50,238 shares of the company's stock, valued at approximately $6,857,487. This trade represents a 37.39% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider Kurtis R. Kurimsky sold 5,290 shares of the firm's stock in a transaction dated Friday, April 17th. The stock was sold at an average price of $136.02, for a total transaction of $719,545.80. Following the completion of the sale, the insider directly owned 17,259 shares of the company's stock, valued at approximately $2,347,569.18. This represents a 23.46% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders sold 48,091 shares of company stock valued at $6,568,423. 0.17% of the stock is currently owned by company insiders.

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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