Rathbones Group PLC Has $5.58 Million Stake in The Bank of New York Mellon Corporation (NYSE:BK)

Key Points

• Rathbones Group PLC reduced its stake in The Bank of New York Mellon by 13.4%, owning 66,485 shares after selling 10,269 shares, valued at approximately $5.58 million.
• The Bank of New York Mellon announced a quarterly dividend increase from $0.47 to $0.53 per share, reflecting a yield of 2.0% with a payout ratio of 32.37%.
• In its latest earnings report, Bank of New York Mellon exceeded consensus estimates with earnings of $1.94 per share, despite revenues slightly missing expectations at $4.77 billion.

Rathbones Group PLC reduced its position in The Bank of New York Mellon Corporation (NYSE:BK - Free Report) by 13.4% in the 1st quarter, according to its most recent filing with the SEC. The firm owned 66,485 shares of the bank's stock after selling 10,269 shares during the period. Rathbones Group PLC's holdings in Bank of New York Mellon were worth $5,576,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently made changes to their positions in BK. TrueMark Investments LLC bought a new stake in Bank of New York Mellon in the first quarter valued at about $4,282,000. Wealth Enhancement Advisory Services LLC increased its holdings in Bank of New York Mellon by 29.1% in the first quarter. Wealth Enhancement Advisory Services LLC now owns 223,438 shares of the bank's stock valued at $18,740,000 after purchasing an additional 50,368 shares during the last quarter. Formidable Asset Management LLC bought a new stake in Bank of New York Mellon in the first quarter valued at about $247,000. Sumitomo Mitsui DS Asset Management Company Ltd increased its holdings in Bank of New York Mellon by 121.8% in the first quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 183,602 shares of the bank's stock valued at $15,399,000 after purchasing an additional 100,810 shares during the last quarter. Finally, Benson Investment Management Company Inc. bought a new stake in Bank of New York Mellon in the first quarter valued at about $5,259,000. 85.31% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

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

Bank of New York Mellon Stock Down 2.4%

Shares of BK stock traded down $2.44 on Friday, hitting $100.91. 3,736,893 shares of the stock were exchanged, compared to its average volume of 3,571,795. The company has a current ratio of 0.72, a quick ratio of 0.72 and a debt-to-equity ratio of 0.86. The firm has a market capitalization of $71.17 billion, a P/E ratio of 15.41, a price-to-earnings-growth ratio of 0.97 and a beta of 1.12. The business has a 50-day moving average of $95.77 and a 200 day moving average of $88.09. 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.

Bank of New York Mellon (NYSE:BK - Get Free Report) last posted its quarterly earnings data on Tuesday, July 15th. The bank reported $1.94 earnings per share for the quarter, topping the consensus estimate of $1.73 by $0.21. The company 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%. Bank of New York Mellon's revenue for the quarter was up 9.4% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.51 earnings per share. Equities 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 business also recently declared a quarterly dividend, which was paid on Thursday, August 7th. Shareholders of record on Friday, July 25th were given a dividend of $0.53 per share. 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 payout ratio is presently 32.37%.

Insider Buying and Selling at Bank of New York Mellon

In other news, EVP J Kevin Mccarthy sold 20,000 shares of the stock in a transaction that occurred 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 completion of the sale, the executive vice president owned 35,115 shares of the company's stock, valued at approximately $3,457,071.75. This represents a 36.29% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. 0.14% of the stock is 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.