Sit Investment Associates Inc. Has $3.86 Million Position in The Bank of New York Mellon Corporation $BK

Key Points

• Sit Investment Associates Inc. reduced its stake in The Bank of New York Mellon Corporation by 19.8%, holding 45,960 shares valued at approximately $3.85 million after selling 11,350 shares.
• Bank of New York Mellon reported $1.94 EPS for the last quarter, surpassing the consensus estimate by $0.21, with revenue showing a 9.4% year-over-year increase.
• The company recently announced an increased quarterly dividend, raising it from $0.47 to $0.53 per share, reflecting a 2.0% dividend yield and a payout ratio of 32.37%.

Sit Investment Associates Inc. reduced its holdings in The Bank of New York Mellon Corporation (NYSE:BK - Free Report) by 19.8% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 45,960 shares of the bank's stock after selling 11,350 shares during the quarter. Sit Investment Associates Inc.'s holdings in Bank of New York Mellon were worth $3,855,000 at the end of the most recent quarter.

Other large investors have also recently added to or reduced their stakes in the company. Parvin Asset Management LLC acquired a new position in shares of Bank of New York Mellon during the 4th quarter valued at $25,000. Opal Wealth Advisors LLC acquired a new position in shares of Bank of New York Mellon during the 1st quarter valued at $25,000. Alpine Bank Wealth Management acquired a new position in shares of Bank of New York Mellon during the 1st quarter valued at $25,000. Bellwether Advisors LLC acquired a new position in shares of Bank of New York Mellon during the 4th quarter valued at $28,000. Finally, REAP Financial Group LLC increased its position in shares of Bank of New York Mellon by 123.2% during the 4th quarter. REAP Financial Group LLC now owns 395 shares of the bank's stock valued at $30,000 after purchasing an additional 218 shares during the period. 85.31% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other Bank of New York Mellon news, EVP J Kevin Mccarthy sold 20,000 shares of the stock in a transaction on Tuesday, July 22nd. The stock was sold at an average price of $98.45, for a total transaction of $1,969,000.00. Following the transaction, the executive vice president owned 35,115 shares in the company, valued at $3,457,071.75. This trade represents a 36.29% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.14% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

BK has been the subject of several research reports. Morgan Stanley raised their price objective on Bank of New York Mellon from $95.00 to $101.00 and gave the stock an "overweight" rating in a research note on Wednesday, July 16th. Evercore ISI raised their price objective on Bank of New York Mellon from $88.00 to $90.00 and gave the stock an "in-line" rating in a research note on Wednesday, July 2nd. Wells Fargo & Company raised their price objective on Bank of New York Mellon from $96.00 to $100.00 and gave the stock an "equal weight" rating in a research note on Wednesday, July 16th. Truist Financial raised their price objective on Bank of New York Mellon from $100.00 to $109.00 and gave the stock a "hold" rating in a research note on Thursday, August 14th. Finally, Keefe, Bruyette & Woods raised their price objective on Bank of New York Mellon from $105.00 to $113.00 and gave the stock an "outperform" rating in a research note on Wednesday, July 16th. Eight research analysts have rated the stock with a Buy rating and six have given a Hold rating to the stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $95.08.

Bank of New York Mellon Price Performance

NYSE BK traded down $0.70 during trading hours on Tuesday, reaching $101.04. 1,656,068 shares of the company's stock were exchanged, compared to its average volume of 4,215,891. The firm has a fifty day moving average of $96.00 and a 200-day moving average of $88.21. The Bank of New York Mellon Corporation has a one year low of $65.01 and a one year high of $104.47. 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 stock has a market cap of $71.26 billion, a PE ratio of 15.43, a price-to-earnings-growth ratio of 0.97 and a beta of 1.12.

Bank of New York Mellon (NYSE:BK - Get Free Report) last issued its quarterly earnings data on Tuesday, July 15th. The bank reported $1.94 EPS for the quarter, topping the consensus estimate of $1.73 by $0.21. The business had revenue of $4.77 billion for the quarter, compared to the consensus estimate of $4.80 billion. Bank of New York Mellon had a return on equity of 13.46% and a net margin of 12.27%.The firm's revenue was up 9.4% compared to the same quarter last year. During the same quarter last year, the business posted $1.51 EPS. On average, equities research analysts predict that The Bank of New York Mellon Corporation will post 6.96 earnings per share for the current fiscal year.

Bank of New York Mellon Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, August 7th. Investors of record on Friday, July 25th were paid a $0.53 dividend. This is an increase from Bank of New York Mellon's previous quarterly dividend of $0.47. The ex-dividend date was Friday, July 25th. This represents a $2.12 annualized dividend and a yield of 2.1%. Bank of New York Mellon's dividend payout ratio (DPR) is 32.37%.

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.