Parallax Volatility Advisers L.P. Reduces Holdings in The Bank of New York Mellon Corporation $BK

Key Points

• Parallax Volatility Advisers L.P. reduced its stake in Bank of New York Mellon by 12.3%, owning 27,019 shares worth approximately $2.27 million after the sale.
• Several hedge funds have increased their investments in Bank of New York Mellon, with 85.31% of shares owned by institutional investors.
• The bank recently declared an increased quarterly dividend of $0.53, up from $0.47, marking a significant rise in its dividend payout ratio to 32.37%.

Parallax Volatility Advisers L.P. lowered its stake in shares of The Bank of New York Mellon Corporation (NYSE:BK - Free Report) by 12.3% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 27,019 shares of the bank's stock after selling 3,787 shares during the quarter. Parallax Volatility Advisers L.P.'s holdings in Bank of New York Mellon were worth $2,266,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also modified their holdings of the company. Revolve Wealth Partners LLC acquired a new position in shares of Bank of New York Mellon during the fourth quarter worth $220,000. EP Wealth Advisors LLC grew its stake in shares of Bank of New York Mellon by 32.9% during the fourth quarter. EP Wealth Advisors LLC now owns 6,559 shares of the bank's stock worth $504,000 after purchasing an additional 1,622 shares in the last quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main grew its stake in shares of Bank of New York Mellon by 283.6% during the fourth quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 64,982 shares of the bank's stock worth $4,993,000 after purchasing an additional 48,042 shares in the last quarter. FORA Capital LLC acquired a new position in shares of Bank of New York Mellon during the fourth quarter worth $382,000. Finally, Ensign Peak Advisors Inc grew its stake in shares of Bank of New York Mellon by 12.2% during the fourth quarter. Ensign Peak Advisors Inc now owns 161,676 shares of the bank's stock worth $12,422,000 after purchasing an additional 17,525 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 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 transaction, the executive vice president directly owned 35,115 shares of the company's stock, valued at approximately $3,457,071.75. This trade represents a 36.29% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Company insiders own 0.14% of the company's stock.

Bank of New York Mellon Stock Performance

NYSE BK traded down $0.81 during trading hours on Wednesday, hitting $103.96. 2,737,364 shares of the stock were exchanged, compared to its average volume of 4,108,427. The company has a market cap of $73.32 billion, a price-to-earnings ratio of 15.87, a price-to-earnings-growth ratio of 0.98 and a beta of 1.14. The Bank of New York Mellon Corporation has a 12-month low of $66.01 and a 12-month high of $106.57. The stock has a 50-day moving average of $100.35 and a 200 day moving average of $90.13. The company has a quick ratio of 0.72, a current ratio of 0.72 and a debt-to-equity ratio of 0.86.

Bank of New York Mellon (NYSE:BK - Get Free Report) last posted its quarterly earnings results on Tuesday, July 15th. The bank reported $1.94 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.73 by $0.21. The firm 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 earnings per share. As a group, equities research analysts forecast 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 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 represents a $2.12 dividend on an annualized basis and a yield of 2.0%. 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. Bank of New York Mellon's dividend payout ratio is 32.37%.

Wall Street Analyst Weigh In

A number of brokerages recently commented on BK. Evercore ISI boosted 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. Wells Fargo & Company boosted their target price on shares of Bank of New York Mellon from $96.00 to $100.00 and gave the stock an "equal weight" rating in a research note on Wednesday, July 16th. Citigroup upped their price objective on shares of Bank of New York Mellon from $92.00 to $105.00 and gave the company a "neutral" rating in a research note on Friday, September 5th. Morgan Stanley upped their price objective on shares of Bank of New York Mellon from $95.00 to $101.00 and gave the company an "overweight" rating in a research note on Wednesday, July 16th. Finally, Truist Financial upped their price objective on shares of 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. Eight investment analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $96.62.

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.