Penserra Capital Management LLC Boosts Position in The Bank of New York Mellon Corporation (NYSE:BK)

Penserra Capital Management LLC boosted its holdings in The Bank of New York Mellon Corporation (NYSE:BK - Free Report) by 141.0% during the 1st quarter, according to its most recent disclosure with the SEC. The firm owned 12,655 shares of the bank's stock after buying an additional 7,403 shares during the period. Penserra Capital Management LLC's holdings in Bank of New York Mellon were worth $1,060,000 at the end of the most recent reporting period.

Several other hedge funds have also recently bought and sold shares of the business. FMR LLC increased its stake in Bank of New York Mellon by 19.3% during the 4th quarter. FMR LLC now owns 23,071,584 shares of the bank's stock worth $1,772,590,000 after buying an additional 3,732,862 shares during the period. Norges Bank purchased a new stake in Bank of New York Mellon during the 4th quarter worth $1,150,462,000. Ameriprise Financial Inc. increased its stake in Bank of New York Mellon by 0.3% during the 4th quarter. Ameriprise Financial Inc. now owns 11,821,988 shares of the bank's stock worth $908,281,000 after buying an additional 35,413 shares during the period. Northern Trust Corp increased its stake in Bank of New York Mellon by 19.1% during the 4th quarter. Northern Trust Corp now owns 9,533,615 shares of the bank's stock worth $732,468,000 after buying an additional 1,526,686 shares during the period. Finally, Arrowstreet Capital Limited Partnership grew its holdings in Bank of New York Mellon by 17.0% during the 4th quarter. Arrowstreet Capital Limited Partnership now owns 7,751,219 shares of the bank's stock worth $595,526,000 after acquiring an additional 1,125,493 shares in the last quarter. Hedge funds and other institutional investors own 85.31% of the company's stock.

Analyst Upgrades and Downgrades

Several research firms have recently commented on BK. Truist Financial lowered shares of Bank of New York Mellon from a "buy" rating to a "hold" rating and lifted their price target for the company from $87.00 to $97.00 in a report on Wednesday, May 28th. Evercore ISI lifted 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 report on Wednesday, July 2nd. Royal Bank Of Canada reaffirmed a "sector perform" rating and issued a $90.00 price target on shares of Bank of New York Mellon in a report on Monday, March 17th. Morgan Stanley boosted their target price on shares of Bank of New York Mellon from $94.00 to $95.00 and gave the company an "overweight" rating in a research note on Tuesday, June 3rd. Finally, Citigroup boosted their target price on shares of Bank of New York Mellon from $82.00 to $85.00 and gave the company a "neutral" rating in a research note on Monday, March 24th. Seven equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $92.08.

Bank of New York Mellon Price Performance

NYSE:BK opened at $92.72 on Wednesday. The stock has a market cap of $66.33 billion, a P/E ratio of 15.10, a PEG ratio of 1.04 and a beta of 1.07. The Bank of New York Mellon Corporation has a one year low of $59.41 and a one year high of $93.79. The company has a fifty day moving average price of $88.86 and a 200 day moving average price of $84.29. The company has a debt-to-equity ratio of 0.81, a current ratio of 0.69 and a quick ratio of 0.69.

Bank of New York Mellon (NYSE:BK - Get Free Report) last announced its quarterly earnings data on Friday, April 11th. The bank reported $1.58 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.50 by $0.08. Bank of New York Mellon had a net margin of 11.78% and a return on equity of 12.96%. The company had revenue of $4.79 billion during the quarter, compared to analysts' expectations of $4.76 billion. During the same quarter in the prior year, the company posted $1.29 EPS. The business's revenue was up 5.9% on a year-over-year basis. Analysts anticipate that The Bank of New York Mellon Corporation will post 6.96 earnings per share for the current year.

Bank of New York Mellon Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, May 2nd. Investors of record on Monday, April 21st were given a dividend of $0.47 per share. This represents a $1.88 dividend on an annualized basis and a dividend yield of 2.03%. The ex-dividend date was Monday, April 21st. Bank of New York Mellon's dividend payout ratio (DPR) is currently 30.62%.

Insider Buying and Selling

In other Bank of New York Mellon news, VP Catherine Keating sold 65,473 shares of the stock in a transaction dated Monday, April 14th. The shares were sold at an average price of $77.31, for a total transaction of $5,061,717.63. Following the sale, the vice president owned 87,542 shares of the company's stock, valued at $6,767,872.02. This represents a 42.79% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Kurtis R. Kurimsky sold 5,641 shares of the stock in a transaction dated Monday, April 14th. The stock was sold at an average price of $77.50, for a total transaction of $437,177.50. Following the sale, the insider directly owned 21,679 shares in the company, valued at approximately $1,680,122.50. This represents a 20.65% decrease in their position. The disclosure for this sale can be found here. Insiders sold 101,114 shares of company stock worth $7,869,795 in the last quarter. 0.14% of the stock is owned by corporate insiders.

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.

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