Private Management Group Inc. Has $47.03 Million Stock Holdings in The Bank of New York Mellon Corporation (NYSE:BK)

Key Points

• Private Management Group Inc. has reduced its stake in The Bank of New York Mellon by 2.7%, selling 15,716 shares and now holds 560,710 shares valued at approximately $47 million.
• Recent analyst upgrades for Bank of New York Mellon include price target increases from Morgan Stanley to $101 and from Wells Fargo to $100, reflecting a generally positive outlook with a consensus rating of "Moderate Buy".
• The Bank of New York Mellon has increased its quarterly dividend to $0.53, up from $0.47, marking an annualized dividend of $2.12 with a yield of 2.12%.

Private Management Group Inc. trimmed its holdings in The Bank of New York Mellon Corporation (NYSE:BK - Free Report) by 2.7% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 560,710 shares of the bank's stock after selling 15,716 shares during the period. Bank of New York Mellon makes up 1.7% of Private Management Group Inc.'s investment portfolio, making the stock its 6th biggest holding. Private Management Group Inc. owned approximately 0.08% of Bank of New York Mellon worth $47,027,000 as of its most recent SEC filing.

Other hedge funds have also bought and sold shares of the company. Norges Bank bought a new stake in shares of Bank of New York Mellon during the 4th quarter worth $1,150,462,000. FMR LLC lifted its holdings in shares of 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 acquiring an additional 3,732,862 shares during the last quarter. Northern Trust Corp lifted its holdings in shares of 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 acquiring an additional 1,526,686 shares during the last quarter. GAMMA Investing LLC lifted its holdings in shares of Bank of New York Mellon by 9,538.9% during the 1st quarter. GAMMA Investing LLC now owns 1,399,958 shares of the bank's stock worth $117,414,000 after acquiring an additional 1,385,434 shares during the last quarter. Finally, Arrowstreet Capital Limited Partnership lifted its holdings in shares of 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 during the last quarter. 85.31% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In related news, EVP J Kevin Mccarthy sold 20,000 shares of the company's stock in a transaction 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 completion of the transaction, the executive vice president owned 35,115 shares in the company, valued at approximately $3,457,071.75. This represents a 36.29% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.14% of the stock is currently owned by company insiders.

Bank of New York Mellon Stock Performance

BK stock traded up $0.99 during midday trading on Friday, reaching $100.96. 4,123,316 shares of the company's stock traded hands, compared to its average volume of 4,583,163. The Bank of New York Mellon Corporation has a 52-week low of $60.93 and a 52-week high of $101.16. The stock has a market cap of $72.23 billion, a P/E ratio of 15.41, a PEG ratio of 0.98 and a beta of 1.07. The company has a current ratio of 0.72, a quick ratio of 0.69 and a debt-to-equity ratio of 0.86. The stock's 50-day moving average is $91.96 and its 200 day moving average is $86.05.

Bank of New York Mellon (NYSE:BK - Get Free Report) last announced its earnings results on Tuesday, July 15th. The bank reported $1.94 EPS for the quarter, beating analysts' consensus estimates of $1.73 by $0.21. Bank of New York Mellon had a net margin of 12.27% and a return on equity of 13.46%. The business had revenue of $4.77 billion during the quarter, compared to analysts' expectations of $4.80 billion. During the same period in the prior year, the company earned $1.51 earnings per share. The firm's revenue was up 9.4% on a year-over-year basis. As a group, 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 company also recently disclosed a quarterly dividend, which will be paid on Thursday, August 7th. Stockholders of record on Friday, July 25th will be paid a $0.53 dividend. The ex-dividend date is Friday, July 25th. This is a boost 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 dividend yield of 2.10%. Bank of New York Mellon's dividend payout ratio is 28.70%.

Analyst Ratings Changes

A number of equities analysts recently commented on the stock. Wells Fargo & Company lifted their target price on shares of 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. Morgan Stanley lifted their target price on shares of Bank of New York Mellon from $95.00 to $101.00 and gave the stock an "overweight" rating in a research report on Wednesday, July 16th. Keefe, Bruyette & Woods boosted their price objective on shares of Bank of New York Mellon from $105.00 to $113.00 and gave the company an "outperform" rating in a research report on Wednesday, July 16th. Truist Financial boosted their price objective on shares of Bank of New York Mellon from $97.00 to $100.00 and gave the company a "hold" rating in a research report on Wednesday, July 16th. Finally, Evercore ISI boosted their price objective on shares of Bank of New York Mellon from $88.00 to $90.00 and gave the company an "in-line" rating in a research report on Wednesday, July 2nd. Seven analysts have rated the stock with a hold rating and eight have issued a buy rating to the company's stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $94.38.

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.