The Bank of New York Mellon Corporation $BK Holdings Cut by 1832 Asset Management L.P.

Key Points

• 1832 Asset Management L.P. has cut its stake in The Bank of New York Mellon Corporation by 19.1%, now holding 44,659 shares worth approximately $3.7 million.
• The Bank of New York Mellon reported a 9.4% year-over-year increase in revenue, reaching $4.77 billion, with earnings per share of $1.94, surpassing expectations.
• Following recent dividends, the company increased its quarterly payout to $0.53 per share, translating to an annual yield of 2.1% as of its latest announcement.

1832 Asset Management L.P. reduced its stake in The Bank of New York Mellon Corporation (NYSE:BK - Free Report) by 19.1% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 44,659 shares of the bank's stock after selling 10,569 shares during the period. 1832 Asset Management L.P.'s holdings in Bank of New York Mellon were worth $3,746,000 as of its most recent SEC filing.

Several other institutional investors also recently made changes to their positions in BK. Ameriprise Financial Inc. boosted its position in Bank of New York Mellon by 1.9% during the 1st quarter. Ameriprise Financial Inc. now owns 12,043,601 shares of the bank's stock valued at $1,010,093,000 after purchasing an additional 221,613 shares during the period. Northern Trust Corp boosted its holdings in shares of Bank of New York Mellon by 19.1% during the fourth quarter. Northern Trust Corp now owns 9,533,615 shares of the bank's stock valued at $732,468,000 after acquiring an additional 1,526,686 shares during the period. Nuveen LLC acquired a new position in shares of Bank of New York Mellon during the first quarter valued at $773,627,000. Invesco Ltd. grew its position in shares of Bank of New York Mellon by 8.8% during the first quarter. Invesco Ltd. now owns 8,264,176 shares of the bank's stock worth $693,116,000 after acquiring an additional 667,966 shares during the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its holdings in shares of Bank of New York Mellon by 15.9% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 7,689,477 shares of the bank's stock worth $590,783,000 after acquiring an additional 1,055,389 shares during the period. 85.31% of the stock is owned by institutional investors.

Bank of New York Mellon Price Performance

Shares of NYSE:BK opened at $102.5460 on Monday. The Bank of New York Mellon Corporation has a 12 month low of $65.50 and a 12 month high of $104.47. The stock has a market cap of $72.32 billion, a price-to-earnings ratio of 15.66, a PEG ratio of 0.97 and a beta of 1.12. The stock's 50 day moving average price is $96.97 and its 200 day moving average price is $88.66. The company has a debt-to-equity ratio of 0.86, a current ratio of 0.72 and a quick ratio of 0.72.

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 (EPS) for the quarter, beating the consensus estimate of $1.73 by $0.21. Bank of New York Mellon had a return on equity of 13.46% and a net margin of 12.27%.The company had revenue of $4.77 billion for the quarter, compared to analysts' expectations of $4.80 billion. During the same period last year, the firm earned $1.51 EPS. The firm's revenue for the quarter was up 9.4% on a year-over-year basis. Equities research 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 declared a quarterly dividend, which was paid on Thursday, August 7th. Shareholders of record on Friday, July 25th were given a $0.53 dividend. This represents a $2.12 annualized dividend and a yield of 2.1%. This is a boost from Bank of New York Mellon's previous quarterly dividend of $0.47. The ex-dividend date was Friday, July 25th. Bank of New York Mellon's dividend payout ratio (DPR) is presently 32.37%.

Insiders Place Their Bets

In other Bank of New York Mellon news, EVP J Kevin Mccarthy sold 20,000 shares of the company'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 completion of the sale, the executive vice president directly owned 35,115 shares of the company's stock, valued at approximately $3,457,071.75. This represents a 36.29% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 0.14% of the company's stock.

Analyst Upgrades and Downgrades

A number of research firms have issued reports on BK. Wells Fargo & Company boosted 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 research note on Wednesday, July 16th. Truist Financial boosted their price objective on Bank of New York Mellon from $100.00 to $109.00 and gave the stock a "hold" rating in a research report on Thursday, August 14th. Morgan Stanley increased their price objective on Bank of New York Mellon from $95.00 to $101.00 and gave the stock an "overweight" rating in a report on Wednesday, July 16th. Evercore ISI raised 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 report on Wednesday, July 2nd. Finally, Keefe, Bruyette & Woods increased their price target on Bank of New York Mellon from $105.00 to $113.00 and gave the stock an "outperform" rating in a research note on Wednesday, July 16th. Eight equities research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the stock. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $95.08.

Bank of New York Mellon 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.

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