The Bank of New York Mellon Corporation $BK Shares Sold by BOCHK Asset Management Ltd

Key Points

• BOCHK Asset Management Ltd has reduced its stake in The Bank of New York Mellon Corporation by 69.2%, selling 9,000 shares in the second quarter, resulting in a remaining ownership of 4,000 shares valued at approximately $364,000.
• The bank has seen significant interest from other investors, with several large positions established in the first quarter, leading to 85.31% of the stock being owned by hedge funds and institutional investors.
• Bank of New York Mellon recently increased its quarterly dividend from $0.47 to $0.53, indicating a strong financial performance, including a 12.27% net margin and a revenue increase of 9.4%% year-over-year.

BOCHK Asset Management Ltd lowered its stake in shares of The Bank of New York Mellon Corporation (NYSE:BK - Free Report) by 69.2% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 4,000 shares of the bank's stock after selling 9,000 shares during the quarter. BOCHK Asset Management Ltd's holdings in Bank of New York Mellon were worth $364,000 at the end of the most recent quarter.

Several other large investors have also modified their holdings of the stock. Opal Wealth Advisors LLC acquired a new position in Bank of New York Mellon during the first quarter worth approximately $25,000. Alpine Bank Wealth Management purchased a new stake in shares of Bank of New York Mellon during the 1st quarter valued at $25,000. Cornerstone Planning Group LLC increased its holdings in shares of Bank of New York Mellon by 100.0% during the 1st quarter. Cornerstone Planning Group LLC now owns 392 shares of the bank's stock worth $30,000 after buying an additional 196 shares during the last quarter. Orion Capital Management LLC purchased a new position in shares of Bank of New York Mellon in the 1st quarter worth $32,000. Finally, Hoey Investments Inc. acquired a new position in Bank of New York Mellon in the second quarter valued at $32,000. 85.31% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other news, EVP J Kevin Mccarthy sold 20,000 shares of the business'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 owned 35,115 shares of the company's stock, valued at approximately $3,457,071.75. The trade was a 36.29% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 0.14% of the company's stock.

Wall Street Analyst Weigh In

Several brokerages have commented on BK. Morgan Stanley upped their price target on Bank of New York Mellon from $101.00 to $116.00 and gave the stock an "overweight" rating in a research note on Monday. TD Cowen started coverage on shares of Bank of New York Mellon in a research report on Thursday, September 25th. They set a "buy" rating for the company. Evercore ISI raised their price target on shares of Bank of New York Mellon from $91.00 to $110.00 and gave the company an "in-line" rating in a report on Tuesday. Keefe, Bruyette & Woods lifted their price target on shares of Bank of New York Mellon from $105.00 to $113.00 and gave the company an "outperform" rating in a research report on Wednesday, July 16th. Finally, Wells Fargo & Company increased their price objective 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 report on Wednesday, July 16th. Eight equities research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company's stock. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $100.92.

Bank of New York Mellon Trading Down 1.9%

NYSE BK opened at $106.89 on Thursday. The stock has a market cap of $75.39 billion, a P/E ratio of 16.32, a PEG ratio of 1.03 and a beta of 1.13. The company's fifty day simple moving average is $104.36 and its 200-day simple moving average is $92.60. The company has a current ratio of 0.72, a quick ratio of 0.72 and a debt-to-equity ratio of 0.86. The Bank of New York Mellon Corporation has a 52 week low of $70.41 and a 52 week high of $110.87.

Bank of New York Mellon (NYSE:BK - Get Free Report) last issued its quarterly earnings data on Tuesday, July 15th. The bank reported $1.94 EPS for the quarter, topping analysts' consensus estimates of $1.73 by $0.21. The firm had revenue of $4.77 billion for the quarter, compared to analyst estimates 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 was up 9.4% compared to the same quarter last year. During the same quarter in the previous year, the business posted $1.51 EPS. Equities research analysts predict that The Bank of New York Mellon Corporation will post 6.96 EPS for the current fiscal year.

Bank of New York Mellon Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, August 7th. Investors of record on Friday, July 25th were paid a $0.53 dividend. This represents a $2.12 dividend on an annualized basis and a dividend 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 was Friday, July 25th. Bank of New York Mellon's payout ratio is presently 32.37%.

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.

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