Public Sector Pension Investment Board Has $16.09 Million Stock Position in The Bank of New York Mellon Corporation (NYSE:BK)

Key Points

• The Public Sector Pension Investment Board reduced its stake in The Bank of New York Mellon Corporation by 38.0%, selling 117,801 shares in the first quarter, leaving it with approximately 191,861 shares valued at $16.1 million.
• Analysts have optimistic ratings on the stock, with several raising their price targets, including Wells Fargo increasing its target to $100.00 and Morgan Stanley to $101.00, indicating a consensus rating of "Moderate Buy".
• The Bank of New York Mellon recently announced a dividend increase to $0.53 per share, translating into an annual yield of 2.1%, reflecting the firm's commitment to returning value to shareholders.

Public Sector Pension Investment Board cut its position in shares of The Bank of New York Mellon Corporation (NYSE:BK - Free Report) by 38.0% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 191,861 shares of the bank's stock after selling 117,801 shares during the quarter. Public Sector Pension Investment Board's holdings in Bank of New York Mellon were worth $16,091,000 at the end of the most recent quarter.

A number of other institutional investors have also added to or reduced their stakes in the company. Parvin Asset Management LLC acquired a new stake in Bank of New York Mellon during the fourth quarter valued at approximately $25,000. Opal Wealth Advisors LLC bought a new position in shares of Bank of New York Mellon in the first quarter valued at approximately $25,000. Alpine Bank Wealth Management bought a new position in shares of Bank of New York Mellon in the first quarter valued at approximately $25,000. Bellwether Advisors LLC bought a new position in shares of Bank of New York Mellon in the fourth quarter valued at approximately $28,000. Finally, REAP Financial Group LLC raised its stake in shares of 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 acquiring an additional 218 shares during the last quarter. 85.31% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In other news, EVP J Kevin Mccarthy sold 20,000 shares of the business's stock in a transaction on Tuesday, July 22nd. The shares were 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 owned 35,115 shares of the company's stock, valued at $3,457,071.75. The trade was a 36.29% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.14% of the stock is owned by company insiders.

Analyst Ratings Changes

BK has been the subject of a number of research analyst reports. Morgan Stanley lifted 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 note on Wednesday, July 16th. Wells Fargo & Company lifted 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 note on Wednesday, July 16th. Keefe, Bruyette & Woods lifted 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 note on Wednesday, July 16th. Evercore ISI boosted their price objective on shares of Bank of New York Mellon from $88.00 to $90.00 and gave the stock an "in-line" rating in a research report on Wednesday, July 2nd. Finally, Truist Financial boosted their price objective on shares of Bank of New York Mellon from $100.00 to $109.00 and gave the stock 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 stock. According to MarketBeat.com, Bank of New York Mellon has a consensus rating of "Moderate Buy" and a consensus target price of $95.08.

Bank of New York Mellon Trading Down 2.4%

BK traded down $2.44 during trading on Friday, reaching $100.91. 3,736,893 shares of the company's stock were exchanged, compared to its average volume of 3,571,795. The company's fifty day moving average price is $95.77 and its 200-day moving average price is $88.08. The company has a debt-to-equity ratio of 0.86, a quick ratio of 0.72 and a current ratio of 0.72. The Bank of New York Mellon Corporation has a fifty-two week low of $65.01 and a fifty-two week high of $104.47. The firm has a market capitalization of $71.17 billion, a PE ratio of 15.41, a P/E/G ratio of 1.00 and a beta of 1.12.

Bank of New York Mellon (NYSE:BK - Get Free Report) last released its 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 firm had revenue of $4.77 billion during the quarter, compared to analyst estimates of $4.80 billion. Bank of New York Mellon had a net margin of 12.27% and a return on equity of 13.46%. The business's quarterly revenue was up 9.4% compared to the same quarter last year. During the same quarter in the previous year, the business earned $1.51 EPS. As a group, equities analysts forecast 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 declared a quarterly dividend, which was paid on Thursday, August 7th. Stockholders of record on Friday, July 25th were issued a $0.53 dividend. This is a positive change 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 2.1%. Bank of New York Mellon's dividend payout ratio (DPR) is presently 32.37%.

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.