Corebridge Financial Inc. Reduces Stock Position in The Bank of New York Mellon Corporation $BK

Key Points

• Corebridge Financial Inc. reduced its holdings in The Bank of New York Mellon Corporation by 4.9%, selling 9,719 shares, which left them with a total of 187,274 shares valued at approximately $15.7 million.
• Analysts have raised their price targets for Bank of New York Mellon, with Truist Financial setting a new target at $109.00 and Keefe, Bruyette & Woods at $113.00, indicating bullish sentiments for the stock.
• Bank of New York Mellon recently increased its quarterly dividend to $0.53 per share, representing an annual yield of 2.1%, up from the previous dividend of $0.47.

Corebridge Financial Inc. cut its holdings in shares of The Bank of New York Mellon Corporation (NYSE:BK - Free Report) by 4.9% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 187,274 shares of the bank's stock after selling 9,719 shares during the period. Corebridge Financial Inc.'s holdings in Bank of New York Mellon were worth $15,707,000 at the end of the most recent reporting period.

Several other institutional investors also recently modified their holdings of the business. Sax Wealth Advisors LLC boosted its position in shares of Bank of New York Mellon by 2.3% during the first quarter. Sax Wealth Advisors LLC now owns 5,278 shares of the bank's stock valued at $443,000 after buying an additional 117 shares during the last quarter. Capital Analysts LLC lifted its holdings in Bank of New York Mellon by 3.7% in the fourth quarter. Capital Analysts LLC now owns 3,317 shares of the bank's stock valued at $255,000 after acquiring an additional 119 shares during the period. Hemington Wealth Management lifted its holdings in Bank of New York Mellon by 8.0% in the first quarter. Hemington Wealth Management now owns 1,628 shares of the bank's stock valued at $136,000 after acquiring an additional 121 shares during the period. Y.D. More Investments Ltd lifted its holdings in Bank of New York Mellon by 13.8% in the first quarter. Y.D. More Investments Ltd now owns 1,030 shares of the bank's stock valued at $86,000 after acquiring an additional 125 shares during the period. Finally, Haverford Trust Co lifted its holdings in Bank of New York Mellon by 4.3% in the first quarter. Haverford Trust Co now owns 3,133 shares of the bank's stock valued at $263,000 after acquiring an additional 130 shares during the period. 85.31% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

BK has been the topic of a number of recent research reports. Evercore ISI increased 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 report on Wednesday, July 2nd. Morgan Stanley raised their price objective on Bank of New York Mellon from $95.00 to $101.00 and gave the stock an "overweight" rating in a research note on Wednesday, July 16th. Truist Financial raised 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 note on Thursday, August 14th. Keefe, Bruyette & Woods raised their price objective 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. Finally, Wells Fargo & Company raised their price objective on 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. Eight analysts have rated the stock with a Buy rating and six have issued a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $95.08.

Bank of New York Mellon Price Performance

BK traded down $0.43 on Friday, hitting $105.67. 2,933,101 shares of the company's stock traded hands, compared to its average volume of 3,174,358. The company's 50 day simple moving average is $98.37 and its 200-day simple moving average is $89.28. The firm has a market cap of $74.52 billion, a price-to-earnings ratio of 16.13, a P/E/G ratio of 1.00 and a beta of 1.12. The Bank of New York Mellon Corporation has a one year low of $66.01 and a one year high of $106.57. The company has a current ratio of 0.72, a quick ratio of 0.72 and a debt-to-equity ratio of 0.86.

Bank of New York Mellon (NYSE:BK - Get Free Report) last released its quarterly earnings results on Tuesday, July 15th. The bank reported $1.94 earnings per share for the quarter, beating the consensus estimate of $1.73 by $0.21. The business had revenue of $4.77 billion during the quarter, compared to analysts' expectations of $4.80 billion. Bank of New York Mellon had a return on equity of 13.46% and a net margin of 12.27%.The firm's revenue for the quarter was up 9.4% compared to the same quarter last year. During the same quarter last year, the business posted $1.51 EPS. As a group, research analysts anticipate that The Bank of New York Mellon Corporation will post 6.96 EPS for the current year.

Bank of New York Mellon Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, August 7th. Shareholders of record on Friday, July 25th were issued a dividend of $0.53 per share. The ex-dividend date was Friday, July 25th. This represents a $2.12 annualized dividend and a yield of 2.0%. This is a boost from Bank of New York Mellon's previous quarterly dividend of $0.47. Bank of New York Mellon's dividend payout ratio (DPR) is 32.37%.

Insiders Place Their Bets

In other Bank of New York Mellon news, EVP J Kevin Mccarthy sold 20,000 shares of the firm's stock in a transaction that occurred on Tuesday, July 22nd. The stock was sold at an average price of $98.45, for a total transaction of $1,969,000.00. Following the completion of the transaction, the executive vice president owned 35,115 shares in the company, valued at $3,457,071.75. This trade represents a 36.29% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. 0.14% of the stock is owned by corporate insiders.

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.