The Bank of New York Mellon Corporation (NYSE:BK) 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% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 263,988 shares of the bank's stock after selling 321,386 shares during the quarter. Teacher Retirement System of Texas' holdings in Bank of New York Mellon were worth $22,141,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also modified their holdings of BK. TrueMark Investments LLC acquired a new position in Bank of New York Mellon in the first quarter worth about $4,282,000. O Shaughnessy Asset Management LLC grew its stake in Bank of New York Mellon by 11.7% in the fourth quarter. O Shaughnessy Asset Management LLC now owns 786,496 shares of the bank's stock worth $60,426,000 after purchasing an additional 82,671 shares in the last quarter. Wealth Enhancement Advisory Services LLC grew its stake in Bank of New York Mellon by 29.1% in the first quarter. Wealth Enhancement Advisory Services LLC now owns 223,438 shares of the bank's stock worth $18,740,000 after purchasing an additional 50,368 shares in the last quarter. Natixis Advisors LLC grew its stake in Bank of New York Mellon by 6.5% in the fourth quarter. Natixis Advisors LLC now owns 285,965 shares of the bank's stock worth $21,971,000 after purchasing an additional 17,457 shares in the last quarter. Finally, Sumitomo Mitsui DS Asset Management Company Ltd grew its stake in Bank of New York Mellon by 121.8% in the first quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 183,602 shares of the bank's stock worth $15,399,000 after purchasing an additional 100,810 shares in the last quarter. 85.31% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, EVP J Kevin Mccarthy sold 30,000 shares of the business's stock in a transaction that occurred on Tuesday, April 29th. The stock was sold at an average price of $79.03, for a total transaction of $2,370,900.00. Following the sale, the executive vice president owned 55,115 shares of the company's stock, valued at $4,355,738.45. The trade was a 35.25% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Kurtis R. Kurimsky sold 5,641 shares of the business's stock in a transaction that occurred on Monday, April 14th. The stock was sold at an average price of $77.50, for a total value of $437,177.50. Following the sale, the insider directly owned 21,679 shares in the company, valued at approximately $1,680,122.50. The trade was a 20.65% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 101,114 shares of company stock valued at $7,869,795 over the last quarter. Corporate insiders own 0.14% of the company's stock.

Analyst Upgrades and Downgrades

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

Bank of New York Mellon Stock Performance

Shares of BK traded up $0.80 during mid-day trading on Monday, reaching $93.23. 4,348,151 shares of the company's stock traded hands, compared to its average volume of 4,130,376. The business's 50-day moving average price is $88.61 and its 200-day moving average price is $84.23. The stock has a market capitalization of $66.70 billion, a P/E ratio of 15.18, a price-to-earnings-growth ratio of 1.03 and a beta of 1.07. The company has a debt-to-equity ratio of 0.81, a quick ratio of 0.69 and a current ratio of 0.69. The Bank of New York Mellon Corporation has a 12 month low of $59.19 and a 12 month high of $93.79.

Bank of New York Mellon (NYSE:BK - Get Free Report) last released its quarterly earnings results on Friday, April 11th. The bank reported $1.58 earnings per share for the quarter, beating analysts' consensus estimates of $1.50 by $0.08. The company had revenue of $4.79 billion for the quarter, compared to analysts' expectations 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 business's revenue for the quarter was up 5.9% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.29 earnings per share. Equities 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 Dividend Announcement

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

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.