The Bank of New York Mellon Corporation (NYSE:BK) Stock Position Reduced by Teacher Retirement System of Texas

Teacher Retirement System of Texas trimmed its holdings in shares of The Bank of New York Mellon Corporation (NYSE:BK - Free Report) by 54.9% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 263,988 shares of the bank's stock after selling 321,386 shares during the period. Teacher Retirement System of Texas' holdings in Bank of New York Mellon were worth $22,141,000 at the end of the most recent reporting period.

A number of other large investors have also modified their holdings of BK. Alpine Bank Wealth Management purchased a new position in shares of Bank of New York Mellon in the first quarter valued at $25,000. Opal Wealth Advisors LLC purchased a new position in Bank of New York Mellon during the 1st quarter valued at about $25,000. Parvin Asset Management LLC purchased a new position in Bank of New York Mellon during the 4th quarter valued at about $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, REAP Financial Group LLC increased its stake 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 worth $30,000 after purchasing an additional 218 shares in the last quarter. 85.31% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In related news, EVP J Kevin Mccarthy sold 30,000 shares of the stock in a transaction dated Tuesday, April 29th. The stock was sold at an average price of $79.03, for a total value of $2,370,900.00. Following the completion of the transaction, the executive vice president owned 55,115 shares of the company's stock, valued at approximately $4,355,738.45. This represents a 35.25% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, insider Kurtis R. Kurimsky sold 5,641 shares of the stock in a transaction that occurred on Monday, April 14th. The shares were sold at an average price of $77.50, for a total value of $437,177.50. Following the transaction, the insider owned 21,679 shares of the company's stock, valued at approximately $1,680,122.50. This trade represents a 20.65% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 101,114 shares of company stock worth $7,869,795. 0.14% of the stock is currently owned by company insiders.

Bank of New York Mellon Trading Down 0.2%

BK traded down $0.22 during trading on Tuesday, hitting $93.03. 2,460,757 shares of the company's stock were exchanged, compared to its average volume of 4,124,420. The company has a current ratio of 0.69, a quick ratio of 0.69 and a debt-to-equity ratio of 0.81. The Bank of New York Mellon Corporation has a 1 year low of $59.19 and a 1 year high of $94.03. The stock has a 50 day moving average price of $88.61 and a 200 day moving average price of $84.23. The firm has a market cap of $66.56 billion, a P/E ratio of 15.15, a price-to-earnings-growth ratio of 1.03 and a beta of 1.07.

Bank of New York Mellon (NYSE:BK - Get Free Report) last issued its earnings results on Friday, April 11th. The bank reported $1.58 earnings per share for the quarter, topping the consensus estimate of $1.50 by $0.08. The company had revenue of $4.79 billion during the quarter, compared to the consensus estimate of $4.76 billion. Bank of New York Mellon had a return on equity of 12.96% and a net margin of 11.78%. The company's revenue was up 5.9% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.29 earnings per share. As a group, analysts expect that The Bank of New York Mellon Corporation will post 6.96 EPS for the current fiscal year.

Bank of New York Mellon Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, May 2nd. Stockholders of record on Monday, April 21st were paid a $0.47 dividend. The ex-dividend date was Monday, April 21st. This represents a $1.88 annualized dividend and a dividend yield of 2.02%. Bank of New York Mellon's dividend payout ratio (DPR) is presently 30.62%.

Analysts Set New Price Targets

A number of equities analysts have recently weighed in on BK shares. Morgan Stanley boosted their price target on Bank of New York Mellon from $94.00 to $95.00 and gave the stock an "overweight" rating in a report on Tuesday, June 3rd. Citigroup lifted their price target on shares of Bank of New York Mellon from $82.00 to $85.00 and gave the stock a "neutral" rating in a report on Monday, March 24th. Evercore ISI lifted their target price on shares of 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. Truist Financial cut shares of Bank of New York Mellon from a "buy" rating to a "hold" rating and lifted their target price for the stock from $87.00 to $97.00 in a research note on Wednesday, May 28th. Finally, Royal Bank Of Canada reaffirmed a "sector perform" rating and issued a $90.00 price objective on shares of Bank of New York Mellon in a research report on Monday, March 17th. Seven analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. According to data from MarketBeat, Bank of New York Mellon currently has a consensus rating of "Moderate Buy" and an average price target of $92.08.

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.