State of New Jersey Common Pension Fund D Decreases Stock Holdings in The Bank of New York Mellon Corporation (NYSE:BK)

Key Points

• The State of New Jersey Common Pension Fund D reduced its stake in The Bank of New York Mellon Corporation by 10.5%, selling 27,589 shares in Q1, which left it with 235,625 shares valued at approximately $19.76 million.
• Analysts have increased their price targets for Bank of New York Mellon, with Keefe, Bruyette & Woods raising their target from $105.00 to $113.00 while others like Morgan Stanley and Wells Fargo adjusted theirs to $101.00 and $100.00, respectively.
• The Bank of New York Mellon recently announced an increase in its quarterly dividend to $0.53 per share, reflecting an annualized yield of 2.1%, up from the previous $0.47.

State of New Jersey Common Pension Fund D reduced its stake in shares of The Bank of New York Mellon Corporation (NYSE:BK - Free Report) by 10.5% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 235,625 shares of the bank's stock after selling 27,589 shares during the quarter. State of New Jersey Common Pension Fund D's holdings in Bank of New York Mellon were worth $19,762,000 as of its most recent SEC filing.

A number of other hedge funds have also recently made changes to their positions in the stock. Ethic Inc. lifted its stake in shares of Bank of New York Mellon by 15.4% during the 1st quarter. Ethic Inc. now owns 174,532 shares of the bank's stock worth $14,621,000 after purchasing an additional 23,251 shares during the last quarter. Trivium Point Advisory LLC lifted its stake in shares of Bank of New York Mellon by 5.0% during the 1st quarter. Trivium Point Advisory LLC now owns 11,666 shares of the bank's stock worth $978,000 after purchasing an additional 557 shares during the last quarter. Kovitz Investment Group Partners LLC lifted its stake in shares of Bank of New York Mellon by 17.7% during the 1st quarter. Kovitz Investment Group Partners LLC now owns 447,332 shares of the bank's stock worth $37,518,000 after purchasing an additional 67,248 shares during the last quarter. Vestmark Advisory Solutions Inc. purchased a new stake in shares of Bank of New York Mellon during the 1st quarter worth $223,000. Finally, William B. Walkup & Associates Inc. lifted its stake in shares of Bank of New York Mellon by 3.0% during the 1st quarter. William B. Walkup & Associates Inc. now owns 15,149 shares of the bank's stock worth $1,271,000 after purchasing an additional 441 shares during the last quarter. 85.31% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

BK has been the subject of a number of analyst reports. Keefe, Bruyette & Woods upped 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. Evercore ISI increased their price target on Bank of New York Mellon from $88.00 to $90.00 and gave the company an "in-line" rating in a research note on Wednesday, July 2nd. Morgan Stanley increased their price target on 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 increased their price target on 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. Finally, Truist Financial increased their price target on Bank of New York Mellon from $100.00 to $109.00 and gave the company a "hold" rating in a research note on Thursday. Seven analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $95.08.

Insider Buying and Selling

In related news, EVP J Kevin Mccarthy sold 20,000 shares of the firm's stock in a transaction dated 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 sale, the executive vice president directly owned 35,115 shares of the company's stock, valued at $3,457,071.75. This trade represents a 36.29% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.14% of the stock is currently owned by company insiders.

Bank of New York Mellon Trading Down 2.4%

Shares of NYSE:BK opened at $100.91 on Friday. The Bank of New York Mellon Corporation has a 52-week low of $65.01 and a 52-week high of $104.47. The stock has a market cap of $71.17 billion, a price-to-earnings ratio of 15.41, a PEG ratio of 1.00 and a beta of 1.12. The company has a quick ratio of 0.72, a current ratio of 0.72 and a debt-to-equity ratio of 0.86. The business has a 50-day moving average price of $95.77 and a 200-day moving average price of $88.08.

Bank of New York Mellon (NYSE:BK - Get Free Report) last announced its quarterly earnings data on Tuesday, July 15th. The bank reported $1.94 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.73 by $0.21. Bank of New York Mellon had a return on equity of 13.46% and a net margin of 12.27%. The firm had revenue of $4.77 billion during the quarter, compared to analysts' expectations of $4.80 billion. During the same period last year, the business posted $1.51 earnings per share. The company's revenue for the quarter was up 9.4% compared to the same quarter last year. Equities analysts predict 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 announced a quarterly dividend, which was paid on Thursday, August 7th. Investors of record on Friday, July 25th were issued a dividend of $0.53 per share. This represents a $2.12 annualized dividend and a yield of 2.1%. 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. Bank of New York Mellon's dividend payout ratio is 32.37%.

About Bank of New York Mellon

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.

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