Plato Investment Management Ltd Sells 12,639 Shares of The Bank of New York Mellon Corporation $BK

Key Points

• Plato Investment Management Ltd reduced its stake in The Bank of New York Mellon Corporation by 20.8%, selling 12,639 shares and bringing its total holdings to 48,007 shares worth approximately $4,070,000.
• The Bank of New York Mellon recently reported earnings per share (EPS) of $1.94, exceeding analysts' expectations of $1.73, while revenue for the quarter was $4.77 billion, slightly below the forecast of $4.80 billion.
• The company has increased its quarterly dividend from $0.47 to $0.53, representing a 2.0% dividend yield with a payout ratio of 32.37%.

Plato Investment Management Ltd cut its stake in The Bank of New York Mellon Corporation (NYSE:BK - Free Report) by 20.8% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 48,007 shares of the bank's stock after selling 12,639 shares during the period. Plato Investment Management Ltd's holdings in Bank of New York Mellon were worth $4,070,000 at the end of the most recent quarter.

A number of other institutional investors have also recently modified their holdings of BK. Opal Wealth Advisors LLC bought a new position in shares of Bank of New York Mellon in the first quarter worth $25,000. Alpine Bank Wealth Management bought a new stake in Bank of New York Mellon during the first quarter worth about $25,000. REAP Financial Group LLC grew its stake in Bank of New York Mellon by 123.2% during the fourth quarter. REAP Financial Group LLC now owns 395 shares of the bank's stock worth $30,000 after buying an additional 218 shares in the last quarter. Cornerstone Planning Group LLC increased its holdings in 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 buying an additional 196 shares during the period. Finally, Orion Capital Management LLC bought a new position in Bank of New York Mellon in the 1st quarter valued at about $32,000. 85.31% of the stock is currently owned by institutional investors.

Bank of New York Mellon Trading Up 0.7%

NYSE BK opened at $104.80 on Wednesday. The company has a market cap of $73.91 billion, a price-to-earnings ratio of 16.00, a price-to-earnings-growth ratio of 0.98 and a beta of 1.14. The Bank of New York Mellon Corporation has a twelve month low of $66.01 and a twelve month high of $106.57. The company has a quick ratio of 0.72, a current ratio of 0.72 and a debt-to-equity ratio of 0.86. The business's fifty day moving average is $100.35 and its 200 day moving average is $90.13.

Bank of New York Mellon (NYSE:BK - Get Free Report) last issued its earnings results on Tuesday, July 15th. The bank reported $1.94 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.73 by $0.21. The business had revenue of $4.77 billion during the quarter, compared to analysts' expectations 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 business's revenue for the quarter was up 9.4% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $1.51 EPS. As a group, sell-side analysts expect that The Bank of New York Mellon Corporation will post 6.96 EPS for the current fiscal year.

Bank of New York Mellon Increases Dividend

The company 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 is an increase from Bank of New York Mellon's previous quarterly dividend of $0.47. This represents a $2.12 annualized dividend and a dividend yield of 2.0%. The ex-dividend date of this dividend was Friday, July 25th. Bank of New York Mellon's payout ratio is currently 32.37%.

Analyst Upgrades and Downgrades

BK has been the subject of a number of recent analyst reports. Keefe, Bruyette & Woods upped their price target on shares of 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. Morgan Stanley upped their target price 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 raised their target price on Bank of New York Mellon from $92.00 to $105.00 and gave the company a "neutral" rating in a report on Friday, September 5th. Truist Financial boosted their price target on Bank of New York Mellon from $100.00 to $109.00 and gave the stock a "hold" rating in a report on Thursday, August 14th. Finally, Wells Fargo & Company upped their price objective 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. Eight analysts have rated the stock with a Buy rating and six have given a Hold rating to the stock. According to MarketBeat, Bank of New York Mellon has a consensus rating of "Moderate Buy" and a consensus price target of $96.62.

Insider Transactions at Bank of New York Mellon

In related news, EVP J Kevin Mccarthy sold 20,000 shares of Bank of New York Mellon stock in a transaction that occurred on Tuesday, July 22nd. The shares were sold at an average price of $98.45, for a total transaction of $1,969,000.00. Following the sale, the executive vice president directly owned 35,115 shares in the company, valued at $3,457,071.75. This trade represents a 36.29% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at 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.

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