Sciencast Management LP Sells 13,736 Shares of The Bank of New York Mellon Corporation $BK

Key Points

• Sciencast Management LP reduced its stake in The Bank of New York Mellon Corporation by 34.7%, selling 13,736 shares and now holds 25,805 shares valued at approximately $2.16 million.
• Analysts have increased their price targets for Bank of New York Mellon, with Citigroup raising its objective from $92.00 to $105.00 and giving the stock a "neutral" rating.
• The bank declared a quarterly dividend of $0.53 per share, which is an increase from the previous dividend of $0.47, representing a 2.0% yield.

Sciencast Management LP trimmed its holdings in shares of The Bank of New York Mellon Corporation (NYSE:BK - Free Report) by 34.7% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 25,805 shares of the bank's stock after selling 13,736 shares during the period. Sciencast Management LP's holdings in Bank of New York Mellon were worth $2,164,000 at the end of the most recent quarter.

A number of other large investors also recently modified their holdings of BK. Ashton Thomas Private Wealth LLC lifted its stake in Bank of New York Mellon by 20.8% in the 1st quarter. Ashton Thomas Private Wealth LLC now owns 39,896 shares of the bank's stock valued at $3,346,000 after purchasing an additional 6,873 shares during the last quarter. Goldman Sachs Group Inc. lifted its stake in Bank of New York Mellon by 26.3% in the 1st quarter. Goldman Sachs Group Inc. now owns 5,053,744 shares of the bank's stock valued at $423,858,000 after purchasing an additional 1,052,145 shares during the last quarter. Resources Management Corp CT ADV lifted its stake in Bank of New York Mellon by 5.9% in the 1st quarter. Resources Management Corp CT ADV now owns 2,260 shares of the bank's stock valued at $190,000 after purchasing an additional 125 shares during the last quarter. Cape Investment Advisory Inc. lifted its stake in Bank of New York Mellon by 11.2% in the 1st quarter. Cape Investment Advisory Inc. now owns 1,303 shares of the bank's stock valued at $109,000 after purchasing an additional 131 shares during the last quarter. Finally, Jones Financial Companies Lllp lifted its stake in Bank of New York Mellon by 96.7% in the 1st quarter. Jones Financial Companies Lllp now owns 33,660 shares of the bank's stock valued at $2,823,000 after purchasing an additional 16,545 shares during the last quarter. 85.31% of the stock is currently owned by institutional investors and hedge funds.

Bank of New York Mellon Price Performance

NYSE:BK traded down $0.81 during mid-day trading on Wednesday, reaching $103.96. The stock had a trading volume of 2,737,364 shares, compared to its average volume of 2,888,954. The stock has a 50-day simple moving average of $100.59 and a two-hundred day simple moving average of $90.23. The stock has a market capitalization of $73.32 billion, a PE ratio of 15.87, a P/E/G ratio of 0.99 and a beta of 1.14. 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 12 month low of $66.01 and a 12 month high of $106.57.

Bank of New York Mellon (NYSE:BK - Get Free Report) last posted its 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. The firm had revenue of $4.77 billion for the quarter, compared to analysts' expectations 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 company's revenue was up 9.4% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.51 earnings per share. On average, equities analysts anticipate that The Bank of New York Mellon Corporation will post 6.96 earnings per share for the current year.

Bank of New York Mellon Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, August 7th. Shareholders of record on Friday, July 25th were paid a dividend of $0.53 per share. The ex-dividend date of this dividend was 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 2.0%. Bank of New York Mellon's payout ratio is presently 32.37%.

Insider Buying and Selling at Bank of New York Mellon

In other Bank of New York Mellon 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 transaction of $1,969,000.00. Following the sale, the executive vice president owned 35,115 shares of the company's stock, valued at approximately $3,457,071.75. The trade was a 36.29% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Insiders own 0.14% of the company's stock.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on BK shares. Keefe, Bruyette & Woods increased their price target on shares of Bank of New York Mellon from $105.00 to $113.00 and gave the company an "outperform" rating in a report on Wednesday, July 16th. Citigroup increased their price target on shares of Bank of New York Mellon from $92.00 to $105.00 and gave the company a "neutral" rating in a report on Friday, September 5th. Wells Fargo & Company raised 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 report on Wednesday, July 16th. Morgan Stanley raised 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 report on Wednesday, July 16th. Finally, Evercore ISI raised their target price on shares of 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. Eight equities research analysts have rated the stock with a Buy rating and six have given a Hold rating to the company. According to data from MarketBeat, Bank of New York Mellon presently has a consensus rating of "Moderate Buy" and a consensus price target of $96.62.

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.