The Bank of New York Mellon Corporation $BK Shares Sold by Steward Partners Investment Advisory LLC

Key Points

• Steward Partners Investment Advisory LLC reduced its stake in The Bank of New York Mellon Corporation by 39.2%, bringing its holdings down to 56,084 shares valued at approximately $4.7 million.
• Several large investors, including Nuveen LLC and Northern Trust Corp, have either increased their stakes or initiated new positions in the bank, highlighting a significant interest in the stock.
• The Bank of New York Mellon recently declared a quarterly dividend of $0.53 per share, an increase from its previous dividend, resulting in an annualized yield of 2.1%.

Steward Partners Investment Advisory LLC lessened its holdings in The Bank of New York Mellon Corporation (NYSE:BK - Free Report) by 39.2% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 56,084 shares of the bank's stock after selling 36,141 shares during the quarter. Steward Partners Investment Advisory LLC's holdings in Bank of New York Mellon were worth $4,704,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors also recently added to or reduced their stakes in the business. Alpine Bank Wealth Management purchased a new stake in shares of Bank of New York Mellon during the 1st quarter worth approximately $25,000. Opal Wealth Advisors LLC purchased a new stake in shares of Bank of New York Mellon during the 1st quarter worth approximately $25,000. Parvin Asset Management LLC purchased a new stake in shares of Bank of New York Mellon during the 4th quarter worth approximately $25,000. Bellwether Advisors LLC purchased a new position in Bank of New York Mellon during the 4th quarter valued at about $28,000. Finally, Cornerstone Planning Group LLC increased its holdings in Bank of New York Mellon by 100.0% during the 1st quarter. Cornerstone Planning Group LLC now owns 392 shares of the bank's stock valued at $30,000 after acquiring an additional 196 shares in the last quarter. Hedge funds and other institutional investors own 85.31% of the company's stock.

Insider Transactions at Bank of New York Mellon

In other Bank of New York Mellon news, EVP J Kevin Mccarthy sold 20,000 shares of the firm's stock in a transaction dated Tuesday, July 22nd. The shares were sold at an average price of $98.45, for a total value of $1,969,000.00. Following the transaction, the executive vice president 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 sale was disclosed in a legal filing with the SEC, which is available at this link. 0.14% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

Several research firms have weighed in on BK. Wells Fargo & Company raised their target price on shares of Bank of New York Mellon from $96.00 to $100.00 and gave the company an "equal weight" rating in a report on Wednesday, July 16th. Truist Financial upped their target price 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, August 14th. Evercore ISI upped their target price 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. Keefe, Bruyette & Woods boosted their price target on 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. Finally, Morgan Stanley boosted their price target on Bank of New York Mellon from $95.00 to $101.00 and gave the company an "overweight" rating in a report on Wednesday, July 16th. Eight investment analysts have rated the stock with a Buy rating and six have given a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $95.08.

Bank of New York Mellon Stock Up 0.8%

NYSE BK traded up $0.7660 during trading hours on Friday, hitting $102.5460. The company had a trading volume of 3,471,633 shares, compared to its average volume of 3,302,293. The Bank of New York Mellon Corporation has a fifty-two week low of $65.50 and a fifty-two week high of $104.47. The company has a market capitalization of $72.32 billion, a price-to-earnings ratio of 15.66, a P/E/G ratio of 0.97 and a beta of 1.12. 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 firm's 50 day moving average is $96.97 and its 200 day moving average is $88.64.

Bank of New York Mellon (NYSE:BK - Get Free Report) last posted its quarterly earnings data on Tuesday, July 15th. The bank reported $1.94 earnings per share for the quarter, beating analysts' consensus estimates of $1.73 by $0.21. The company had revenue of $4.77 billion during 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 firm's revenue for the quarter was up 9.4% on a year-over-year basis. During the same period in the prior year, the company posted $1.51 EPS. Sell-side analysts anticipate 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 firm also recently announced a quarterly dividend, which was paid on Thursday, August 7th. Shareholders of record on Friday, July 25th were issued a $0.53 dividend. This is an increase 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 yield of 2.1%. 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.