State Street Corp Cuts Stock Position in Bank of New York Mellon Corporation $BNY

Key Points

• State Street Corp trimmed its Bank of New York Mellon stake by 0.4% in the fourth quarter, selling 128,607 shares and still holding 32.4 million shares worth about $3.76 billion. Institutional investors remain heavily invested overall, owning 85.31% of BNY stock.
• BNY reported stronger-than-expected quarterly results, with EPS of $2.25 versus the $1.94 estimate and revenue of $5.41 billion versus $5.14 billion expected. Revenue rose 12.9% year over year, and the company said analysts now expect full-year EPS of 8.78.
• The bank continues to reward shareholders and attract analyst support, paying a $0.53 quarterly dividend and yielding about 1.5% annually. Several firms raised price targets, and the stock currently carries a “Moderate Buy” consensus with an average target price of $138.08.

State Street Corp lessened its stake in Bank of New York Mellon Corporation (NYSE:BNY - Free Report) by 0.4% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 32,398,161 shares of the bank's stock after selling 128,607 shares during the period. State Street Corp owned 4.65% of Bank of New York Mellon worth $3,761,103,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Thurston Springer Miller Herd & Titak Inc. purchased a new position in Bank of New York Mellon in the fourth quarter valued at about $27,000. MCF Advisors LLC grew its stake in Bank of New York Mellon by 74.8% in the fourth quarter. MCF Advisors LLC now owns 236 shares of the bank's stock valued at $27,000 after purchasing an additional 101 shares during the last quarter. Marquette Asset Management LLC grew its stake in Bank of New York Mellon by 174.7% in the fourth quarter. Marquette Asset Management LLC now owns 261 shares of the bank's stock valued at $30,000 after purchasing an additional 166 shares during the last quarter. Kohmann Bosshard Financial Services LLC purchased a new position in Bank of New York Mellon in the fourth quarter valued at about $46,000. Finally, Godfrey Financial Associates Inc. purchased a new position in Bank of New York Mellon in the fourth quarter valued at about $48,000. Hedge funds and other institutional investors own 85.31% of the company's stock.

Bank of New York Mellon Price Performance

Shares of NYSE BNY opened at $143.74 on Friday. The company has a debt-to-equity ratio of 0.82, a quick ratio of 0.75 and a current ratio of 0.75. The company has a market cap of $98.66 billion, a PE ratio of 17.81, a P/E/G ratio of 1.04 and a beta of 1.07. The business has a 50-day simple moving average of $135.19 and a two-hundred day simple moving average of $123.80. Bank of New York Mellon Corporation has a fifty-two week low of $87.41 and a fifty-two week high of $145.02.

Bank of New York Mellon (NYSE:BNY - Get Free Report) last issued its quarterly earnings results on Thursday, April 16th. The bank reported $2.25 earnings per share for the quarter, topping the consensus estimate of $1.94 by $0.31. The business had revenue of $5.41 billion during 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%.The company's quarterly revenue was up 12.9% on a year-over-year basis. During the same quarter last year, the company earned $1.58 earnings per share. As a group, equities analysts expect that Bank of New York Mellon Corporation will post 8.78 EPS for the current fiscal year.

Bank of New York Mellon Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, May 8th. Investors of record on Monday, April 27th were issued a dividend of $0.53 per share. The ex-dividend date of this dividend was Monday, April 27th. This represents a $2.12 dividend on an annualized basis and a dividend yield of 1.5%. Bank of New York Mellon's payout ratio is 26.27%.

Insider Transactions at Bank of New York Mellon

In related news, VP Shannon Marie Hobbs sold 297 shares of Bank of New York Mellon stock in a transaction dated Friday, April 17th. The stock was sold at an average price of $137.05, for a total transaction of $40,703.85. Following the completion of the sale, the vice president owned 15,206 shares of the company's stock, valued at $2,083,982.30. The trade was a 1.92% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Kurtis R. Kurimsky sold 5,290 shares of Bank of New York Mellon stock in a transaction dated Friday, April 17th. The stock was sold at an average price of $136.02, for a total value of $719,545.80. Following the sale, the insider directly owned 17,259 shares of the company's stock, valued at $2,347,569.18. This trade represents a 23.46% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders sold 48,091 shares of company stock worth $6,568,423. 0.17% of the stock is owned by company insiders.

Analysts Set New Price Targets

BNY has been the topic of several analyst reports. Morgan Stanley lifted their target price on Bank of New York Mellon from $135.00 to $139.00 and gave the company an "equal weight" rating in a research note on Friday, April 17th. Keefe, Bruyette & Woods raised their price target on Bank of New York Mellon from $143.00 to $150.00 and gave the stock an "outperform" rating in a report on Friday, April 17th. Truist Financial raised their price target on Bank of New York Mellon from $140.00 to $148.00 and gave the stock a "buy" rating in a report on Friday, April 17th. Barclays raised their price target on Bank of New York Mellon from $143.00 to $149.00 and gave the stock an "overweight" rating in a report on Friday, April 17th. Finally, Weiss Ratings raised Bank of New York Mellon from a "buy (a-)" rating to a "buy (a)" rating in a report on Monday, May 4th. One equities research analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and five have issued a Hold rating to the company. Based on data from MarketBeat.com, Bank of New York Mellon presently has an average rating of "Moderate Buy" and an average target price of $138.08.

Bank of New York Mellon Company Profile

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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