Pinnacle Associates Ltd. Has $5.34 Million Stake in The Bank of New York Mellon Corporation (NYSE:BK)

Key Points

• Pinnacle Associates Ltd. has reduced its stake in The Bank of New York Mellon Corporation by 7.0%, selling 4,790 shares, and now holds 63,613 shares worth approximately $5.3 million.
• Bank of New York Mellon recently announced a quarterly dividend of $0.53 per share, representing an annualized dividend increase to $2.12 and a yield of 2.10%.
• Analysts have boosted their price targets for Bank of New York Mellon stock, with ratings ranging from "hold" to "outperform", indicating a consensus rating of "Moderate Buy".

Pinnacle Associates Ltd. lessened its position in The Bank of New York Mellon Corporation (NYSE:BK - Free Report) by 7.0% during the first quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 63,613 shares of the bank's stock after selling 4,790 shares during the period. Pinnacle Associates Ltd.'s holdings in Bank of New York Mellon were worth $5,335,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently modified their holdings of the company. TrueMark Investments LLC bought a new stake in shares of Bank of New York Mellon in the 1st quarter worth $4,282,000. O Shaughnessy Asset Management LLC grew its holdings in shares of Bank of New York Mellon by 11.7% in the 4th quarter. O Shaughnessy Asset Management LLC now owns 786,496 shares of the bank's stock worth $60,426,000 after acquiring an additional 82,671 shares during the last quarter. Wealth Enhancement Advisory Services LLC grew its holdings in shares of Bank of New York Mellon by 29.1% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 223,438 shares of the bank's stock worth $18,740,000 after acquiring an additional 50,368 shares during the last quarter. Formidable Asset Management LLC acquired a new position in shares of Bank of New York Mellon in the 1st quarter worth $247,000. Finally, Sumitomo Mitsui DS Asset Management Company Ltd grew its holdings in shares of Bank of New York Mellon by 121.8% in the 1st quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 183,602 shares of the bank's stock worth $15,399,000 after acquiring an additional 100,810 shares during the last quarter. Institutional investors own 85.31% of the company's stock.

Analysts Set New Price Targets

A number of brokerages recently issued reports on BK. Keefe, Bruyette & Woods lifted their target price on Bank of New York Mellon from $105.00 to $113.00 and gave the stock an "outperform" rating in a report on Wednesday, July 16th. Truist Financial lifted their price target on Bank of New York Mellon from $97.00 to $100.00 and gave the company a "hold" rating in a report on Wednesday, July 16th. Evercore ISI boosted their target price 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. Wells Fargo & Company boosted 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 report on Wednesday, July 16th. Finally, Morgan Stanley increased their price target on Bank of New York Mellon from $95.00 to $101.00 and gave the company an "overweight" rating in a report on Wednesday, July 16th. Seven equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. Based on data from MarketBeat, Bank of New York Mellon has an average rating of "Moderate Buy" and an average target price of $94.38.

Bank of New York Mellon Price Performance

Shares of BK traded up $0.99 during mid-day trading on Friday, reaching $100.96. The company had a trading volume of 4,123,316 shares, compared to its average volume of 4,583,163. The Bank of New York Mellon Corporation has a twelve month low of $60.93 and a twelve month high of $101.16. The company has a debt-to-equity ratio of 0.86, a current ratio of 0.72 and a quick ratio of 0.69. The company's 50-day moving average is $91.96 and its 200-day moving average is $86.05. The company has a market capitalization of $72.23 billion, a P/E ratio of 15.41, a P/E/G ratio of 0.98 and a beta of 1.07.

Bank of New York Mellon (NYSE:BK - Get Free Report) last released its quarterly earnings results on Tuesday, July 15th. The bank reported $1.94 EPS for the quarter, topping analysts' consensus estimates of $1.73 by $0.21. The business had revenue of $4.77 billion for the quarter, compared to analyst estimates of $4.80 billion. Bank of New York Mellon had a return on equity of 13.46% and a net margin of 12.27%. Bank of New York Mellon's revenue for the quarter was up 9.4% on a year-over-year basis. During the same period in the prior year, the company earned $1.51 EPS. On average, equities analysts anticipate 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 firm also recently declared a quarterly dividend, which will be paid on Thursday, August 7th. Investors of record on Friday, July 25th will be given a dividend of $0.53 per share. The ex-dividend date of this dividend is Friday, July 25th. This is a positive change from Bank of New York Mellon's previous quarterly dividend of $0.47. This represents a $2.12 dividend on an annualized basis and a yield of 2.10%. Bank of New York Mellon's dividend payout ratio is 28.70%.

Insider Buying and Selling

In other Bank of New York Mellon 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 approximately $3,457,071.75. This trade represents a 36.29% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.14% of the stock is currently owned by company insiders.

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.