The Bank of New York Mellon Corporation $BK Stock Position Lessened by Price T Rowe Associates Inc. MD

Key Points

• Price T Rowe Associates Inc. MD sold 93,161 shares of The Bank of New York Mellon, reducing their stake by 3.1% to 2,887,757 shares, valued at approximately $242 million.
• Bank of New York Mellon reported $1.94 EPS in its latest earnings, surpassing expectations, with revenue increasing by 9.4% year-over-year.
• The bank recently raised its dividend to $0.53 per share, reflecting a dividend yield of 2.1% and a payout ratio of 32.37%.

Price T Rowe Associates Inc. MD decreased its position in The Bank of New York Mellon Corporation (NYSE:BK - Free Report) by 3.1% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 2,887,757 shares of the bank's stock after selling 93,161 shares during the quarter. Price T Rowe Associates Inc. MD owned about 0.40% of Bank of New York Mellon worth $242,197,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also recently added to or reduced their stakes in the company. Ameriprise Financial Inc. raised its stake in Bank of New York Mellon by 0.3% in the 4th quarter. Ameriprise Financial Inc. now owns 11,821,988 shares of the bank's stock valued at $908,281,000 after purchasing an additional 35,413 shares during the last quarter. Northern Trust Corp grew its holdings in Bank of New York Mellon by 19.1% in the 4th quarter. Northern Trust Corp now owns 9,533,615 shares of the bank's stock valued at $732,468,000 after buying an additional 1,526,686 shares during the period. Nuveen LLC purchased a new stake in Bank of New York Mellon in the 1st quarter valued at about $773,627,000. Invesco Ltd. grew its holdings in shares of Bank of New York Mellon by 8.8% during the 1st quarter. Invesco Ltd. now owns 8,264,176 shares of the bank's stock worth $693,116,000 after purchasing an additional 667,966 shares during the period. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its holdings in shares of Bank of New York Mellon by 15.9% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 7,689,477 shares of the bank's stock worth $590,783,000 after purchasing an additional 1,055,389 shares during the period. Institutional investors and hedge funds own 85.31% of the company's stock.

Insiders Place Their Bets

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 sale, the executive vice president directly owned 35,115 shares of the company's stock, valued at $3,457,071.75. This trade represents a 36.29% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 0.14% of the stock is owned by corporate insiders.

Bank of New York Mellon Stock Performance

Shares of BK stock traded up $1.42 on Tuesday, hitting $104.54. 3,619,553 shares of the stock traded hands, compared to its average volume of 3,276,520. The company has a debt-to-equity ratio of 0.86, a current ratio of 0.72 and a quick ratio of 0.72. The company has a market capitalization of $73.73 billion, a PE ratio of 15.96, a PEG ratio of 0.97 and a beta of 1.12. The Bank of New York Mellon Corporation has a 1-year low of $66.01 and a 1-year high of $104.76. The company's fifty day moving average is $97.52 and its 200 day moving average is $88.89.

Bank of New York Mellon (NYSE:BK - Get Free Report) last posted its quarterly earnings results on Tuesday, July 15th. The bank reported $1.94 earnings per share (EPS) for the quarter, beating the consensus estimate 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%.The business's revenue was up 9.4% compared to the same quarter last year. During the same period in the prior year, the company posted $1.51 EPS. On average, equities research analysts predict 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 announced a quarterly dividend, which was paid on Thursday, August 7th. Shareholders of record on Friday, July 25th were given a $0.53 dividend. This is a boost from Bank of New York Mellon's previous quarterly dividend of $0.47. This represents a $2.12 annualized dividend and a yield of 2.0%. The ex-dividend date of this dividend was Friday, July 25th. Bank of New York Mellon's dividend payout ratio is 32.37%.

Analyst Ratings Changes

A number of brokerages have recently issued reports on BK. Morgan Stanley boosted their target price on Bank of New York Mellon from $95.00 to $101.00 and gave the stock an "overweight" rating in a report on Wednesday, July 16th. Truist Financial boosted their target price 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. Keefe, Bruyette & Woods boosted 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. Wells Fargo & Company boosted their target price on Bank of New York Mellon from $96.00 to $100.00 and gave the stock an "equal weight" rating in a report on Wednesday, July 16th. Finally, Evercore ISI boosted their target price on Bank of New York Mellon from $88.00 to $90.00 and gave the stock an "in-line" rating in a report on Wednesday, July 2nd. Eight analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $95.08.

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.