SVB Wealth LLC Sells 9,288 Shares of The Bank of New York Mellon Corporation $BK

Key Points

• SVB Wealth LLC reduced its stake in The Bank of New York Mellon Corporation by 20.6%, selling 9,288 shares and leaving it with a total of 35,862 shares valued at approximately $3 million.
• The Bank of New York Mellon recently reported earnings of $1.94 per share for the quarter, exceeding analysts' expectations, with a net margin of 12.27% and revenue increasing 9.4% year-over-year.
• The company increased its quarterly dividend to $0.53, representing an annualized dividend yield of 2.1%, up from the previous quarterly dividend of $0.47.

SVB Wealth LLC cut its stake in shares of The Bank of New York Mellon Corporation (NYSE:BK - Free Report) by 20.6% in the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 35,862 shares of the bank's stock after selling 9,288 shares during the period. SVB Wealth LLC's holdings in Bank of New York Mellon were worth $3,008,000 as of its most recent SEC filing.

Several other institutional investors also recently modified their holdings of BK. Revolve Wealth Partners LLC acquired a new position in shares of Bank of New York Mellon during the fourth quarter worth $220,000. Syon Capital LLC increased its holdings in shares of Bank of New York Mellon by 2.5% during the fourth quarter. Syon Capital LLC now owns 5,432 shares of the bank's stock worth $417,000 after buying an additional 132 shares in the last quarter. Integrated Wealth Concepts LLC increased its holdings in shares of Bank of New York Mellon by 14.7% during the fourth quarter. Integrated Wealth Concepts LLC now owns 42,975 shares of the bank's stock worth $3,302,000 after buying an additional 5,509 shares in the last quarter. Voya Investment Management LLC increased its holdings in shares of Bank of New York Mellon by 4.8% during the fourth quarter. Voya Investment Management LLC now owns 1,486,961 shares of the bank's stock worth $114,243,000 after buying an additional 68,653 shares in the last quarter. Finally, Kovitz Investment Group Partners LLC increased its holdings in shares of Bank of New York Mellon by 106.6% during the fourth quarter. Kovitz Investment Group Partners LLC now owns 380,084 shares of the bank's stock worth $29,202,000 after buying an additional 196,090 shares in the last quarter. 85.31% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several brokerages have recently issued reports on BK. Keefe, Bruyette & Woods upped their price target on shares of Bank of New York Mellon from $105.00 to $113.00 and gave the stock an "outperform" rating in a report on Wednesday, July 16th. Wells Fargo & Company increased their price objective on 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. Evercore ISI increased their price objective on Bank of New York Mellon from $88.00 to $90.00 and gave the company an "in-line" rating in a report on Wednesday, July 2nd. Morgan Stanley upped 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 report on Wednesday, July 16th. Finally, Truist Financial upped 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 report on Thursday, August 14th. Eight research analysts have rated the stock with a Buy rating and six have given a Hold rating to the company's stock. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $95.08.

Bank of New York Mellon Trading Up 1.4%

Bank of New York Mellon stock traded up $1.42 during trading hours on Tuesday, reaching $104.54. 3,619,553 shares of the company's stock were exchanged, compared to its average volume of 3,276,520. 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 firm's 50 day simple moving average is $97.23 and its 200 day simple moving average is $88.78. The Bank of New York Mellon Corporation has a twelve month low of $66.01 and a twelve month high of $104.76. The firm has a market capitalization of $73.73 billion, a PE ratio of 15.25, a PEG 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 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 during 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 business's revenue was up 9.4% compared to the same quarter last year. During the same period last year, the business posted $1.51 EPS. Research analysts predict 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 disclosed a quarterly dividend, which was paid on Thursday, August 7th. Stockholders of record on Friday, July 25th were given a dividend of $0.53 per share. This is a boost from Bank of New York Mellon's previous quarterly dividend of $0.47. The ex-dividend date of this dividend was Friday, July 25th. 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 currently 32.37%.

Insider Activity

In other news, EVP J Kevin Mccarthy sold 20,000 shares of the stock in a transaction dated 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 transaction, the executive vice president owned 35,115 shares of the company's stock, valued at $3,457,071.75. This represents a 36.29% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 0.14% of the stock is owned by company insiders.

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.