Prudential PLC Lowers Position in The Bank of New York Mellon Corporation (NYSE:BK)

Key Points

• Prudential PLC has reduced its holdings in The Bank of New York Mellon Corporation by 15.5%, now owning 255,303 shares worth approximately $21.41 million after selling 46,722 shares in the first quarter.
• Brokerage analysts have increased price targets for Bank of New York Mellon, with Wells Fargo raising their target from $96 to $100, while Morgan Stanley increased it from $95 to $101, reflecting positive sentiment on the stock.
• The bank declared a quarterly dividend of $0.53 per share, up from $0.47, resulting in an annualized yield of 2.1%, indicating a commitment to returning value to shareholders.

Prudential PLC decreased its holdings in shares of The Bank of New York Mellon Corporation (NYSE:BK - Free Report) by 15.5% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 255,303 shares of the bank's stock after selling 46,722 shares during the quarter. Prudential PLC's holdings in Bank of New York Mellon were worth $21,412,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently made changes to their positions in the company. Parvin Asset Management LLC acquired a new position in Bank of New York Mellon during the 4th quarter worth approximately $25,000. Opal Wealth Advisors LLC acquired a new stake in Bank of New York Mellon in the first quarter valued at approximately $25,000. Alpine Bank Wealth Management acquired a new stake in Bank of New York Mellon in the first quarter valued at approximately $25,000. Bellwether Advisors LLC acquired a new stake in Bank of New York Mellon in the fourth quarter valued at approximately $28,000. Finally, REAP Financial Group LLC boosted its position in Bank of New York Mellon by 123.2% in the fourth quarter. REAP Financial Group LLC now owns 395 shares of the bank's stock valued at $30,000 after buying an additional 218 shares in the last quarter. Institutional investors own 85.31% of the company's stock.

Insider Buying and Selling at Bank of New York Mellon

In other news, EVP J Kevin Mccarthy sold 20,000 shares of Bank of New York Mellon stock in a transaction dated 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 completion of the transaction, the executive vice president directly owned 35,115 shares of the company's stock, valued at approximately $3,457,071.75. This trade represents a 36.29% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Company insiders own 0.14% of the company's stock.

Bank of New York Mellon Trading Up 1.6%

Shares of BK traded up $1.59 during trading hours on Thursday, hitting $103.50. 2,943,077 shares of the stock were exchanged, compared to its average volume of 4,244,689. The firm has a market capitalization of $72.99 billion, a P/E ratio of 15.80, a price-to-earnings-growth ratio of 1.00 and a beta of 1.12. 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 Bank of New York Mellon Corporation has a fifty-two week low of $64.50 and a fifty-two week high of $104.47. The business has a 50-day moving average of $95.25 and a 200-day moving average of $87.86.

Bank of New York Mellon (NYSE:BK - Get Free Report) last issued its quarterly earnings results on Tuesday, July 15th. The bank reported $1.94 earnings per share for the quarter, topping analysts' consensus estimates of $1.73 by $0.21. Bank of New York Mellon had a return on equity of 13.46% and a net margin of 12.27%. The firm had revenue of $4.77 billion during the quarter, compared to the consensus estimate of $4.80 billion. During the same period last year, the business posted $1.51 EPS. The business's revenue was up 9.4% compared to the same quarter last year. On average, research analysts expect 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 disclosed a quarterly dividend, which was paid on Thursday, August 7th. Stockholders 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. The ex-dividend date of this dividend was Friday, July 25th. This represents a $2.12 annualized dividend and a dividend yield of 2.0%. Bank of New York Mellon's dividend payout ratio is 32.37%.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on the stock. Keefe, Bruyette & Woods raised their target price 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. Evercore ISI raised their target price 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. Morgan Stanley raised their target price on shares of Bank of New York Mellon from $95.00 to $101.00 and gave the company an "overweight" rating in a research report on Wednesday, July 16th. Wells Fargo & Company raised their target price on shares of Bank of New York Mellon from $96.00 to $100.00 and gave the company an "equal weight" rating in a research report on Wednesday, July 16th. Finally, Truist Financial raised their target price on shares of Bank of New York Mellon from $100.00 to $109.00 and gave the company a "hold" rating in a research report on Thursday. Seven investment analysts have rated the stock with a hold rating and eight have given a buy rating to the company's stock. Based on data from MarketBeat, Bank of New York Mellon presently has a consensus rating of "Moderate Buy" and an average price target of $95.08.

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.