Rockefeller Capital Management L.P. Raises Position in Bank of New York Mellon Corporation $BNY

Key Points

• Rockefeller Capital Management increased its stake in Bank of New York Mellon by 17.9% in the fourth quarter, bringing its holdings to 141,899 shares valued at about $16.5 million.
• BNY posted stronger-than-expected earnings for the latest quarter, reporting $2.25 EPS on revenue of $5.41 billion, both above analyst estimates, while revenue rose 12.9% year over year.
• Analysts remain generally positive on the stock, with a consensus rating of “Moderate Buy” and an average price target of $140.46, even as some insiders recently sold shares.

Rockefeller Capital Management L.P. grew its position in shares of Bank of New York Mellon Corporation (NYSE:BNY - Free Report) by 17.9% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 141,899 shares of the bank's stock after buying an additional 21,506 shares during the quarter. Rockefeller Capital Management L.P.'s holdings in Bank of New York Mellon were worth $16,473,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. Northwestern Mutual Wealth Management Co. lifted its position in Bank of New York Mellon by 18,044.4% in the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 19,670,202 shares of the bank's stock valued at $2,283,514,000 after acquiring an additional 19,561,793 shares in the last quarter. Norges Bank bought a new stake in shares of Bank of New York Mellon in the 4th quarter worth $1,398,624,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its stake in shares of Bank of New York Mellon by 639.5% in the third quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 7,076,729 shares of the bank's stock worth $771,080,000 after purchasing an additional 6,119,749 shares during the last quarter. Ameriprise Financial Inc. lifted its holdings in shares of Bank of New York Mellon by 18.0% during the third quarter. Ameriprise Financial Inc. now owns 13,345,266 shares of the bank's stock valued at $1,454,116,000 after purchasing an additional 2,034,781 shares in the last quarter. Finally, Eurizon Capital SGR S.p.A. bought a new position in shares of Bank of New York Mellon during the fourth quarter valued at $227,437,000. Institutional investors own 85.31% of the company's stock.

Bank of New York Mellon Stock Performance

Shares of BNY opened at $147.43 on Wednesday. The firm has a market capitalization of $101.19 billion, a P/E ratio of 18.27, a PEG ratio of 1.07 and a beta of 1.07. The company has a debt-to-equity ratio of 0.82, a current ratio of 0.75 and a quick ratio of 0.75. Bank of New York Mellon Corporation has a one year low of $89.45 and a one year high of $148.50. The business has a fifty day moving average of $137.93 and a 200 day moving average of $125.55.

Bank of New York Mellon (NYSE:BNY - Get Free Report) last posted its earnings results on Thursday, April 16th. The bank reported $2.25 earnings per share for the quarter, beating analysts' consensus estimates of $1.94 by $0.31. The company had revenue of $5.41 billion for the quarter, compared to the consensus estimate of $5.14 billion. Bank of New York Mellon had a return on equity of 15.29% and a net margin of 14.60%.Bank of New York Mellon's revenue was up 12.9% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.58 earnings per share. As a group, sell-side analysts anticipate that Bank of New York Mellon Corporation will post 8.78 EPS for the current year.

Bank of New York Mellon Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, May 8th. Stockholders of record on Monday, April 27th were paid a $0.53 dividend. This represents a $2.12 annualized dividend and a dividend yield of 1.4%. The ex-dividend date was Monday, April 27th. Bank of New York Mellon's dividend payout ratio is 26.27%.

Analyst Upgrades and Downgrades

Several research firms recently commented on BNY. Barclays increased their price objective on Bank of New York Mellon from $143.00 to $149.00 and gave the company an "overweight" rating in a research report on Friday, April 17th. Evercore set a $136.00 target price on shares of Bank of New York Mellon in a research note on Friday, April 17th. Keefe, Bruyette & Woods raised their price target on shares of Bank of New York Mellon from $143.00 to $150.00 and gave the company an "outperform" rating in a report on Friday, April 17th. Wall Street Zen upgraded shares of Bank of New York Mellon to a "hold" rating in a research note on Saturday, May 23rd. Finally, JPMorgan Chase & Co. boosted their price objective on shares of Bank of New York Mellon from $130.50 to $140.00 and gave the company an "overweight" rating in a report on Monday, May 11th. One investment analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and five have assigned a Hold rating to the stock. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $140.46.

Insider Buying and Selling at Bank of New York Mellon

In related news, insider Kurtis R. Kurimsky sold 5,290 shares of the firm's stock in a transaction that occurred on Friday, April 17th. The shares were sold at an average price of $136.02, for a total value of $719,545.80. Following the transaction, the insider owned 17,259 shares of the company's stock, valued at approximately $2,347,569.18. This trade represents a 23.46% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, EVP J Kevin Mccarthy sold 30,000 shares of the business's stock in a transaction that occurred on Friday, April 17th. The shares were sold at an average price of $136.50, for a total transaction of $4,095,000.00. Following the sale, the executive vice president owned 50,238 shares of the company's stock, valued at $6,857,487. This trade represents a 37.39% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 48,091 shares of company stock worth $6,568,423 over the last quarter. Company insiders own 0.17% of the company's stock.

About Bank of New York Mellon

BNY, formerly known as BNY Mellon, is a global financial services company headquartered in New York City. Formed in 2007 through the merger of the Bank of New York and Mellon Financial Corporation, BNY traces its roots back to 1784, making it one of the oldest banking institutions in the United States. It was also the first company listed on the New York Stock Exchange.

BNY operates at the center of the world's capital markets, partnering with clients to help them operate more efficiently and accelerate growth.

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