Cove Street Capital LLC Has $1.12 Million Stock Holdings in The Bank of New York Mellon Corporation $BK

Key Points

• Cove Street Capital LLC reduced its stake in The Bank of New York Mellon Corporation by 46.5%, selling 11,611 shares and now holding 13,343 shares, which makes up approximately 1.8% of their investment portfolio.
• The Bank of New York Mellon reported a quarterly EPS of $1.94, exceeding analysts’ expectations of $1.73, with a revenue of $4.77 billion, slightly below the anticipated $4.80 billion.
• The company announced an increase in its quarterly dividend to $0.53 from a previous $0.47, indicating a solid dividend payout ratio of 32.37%.

Cove Street Capital LLC lowered its stake in shares of The Bank of New York Mellon Corporation (NYSE:BK - Free Report) by 46.5% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 13,343 shares of the bank's stock after selling 11,611 shares during the period. Bank of New York Mellon accounts for approximately 1.8% of Cove Street Capital LLC's portfolio, making the stock its 25th biggest holding. Cove Street Capital LLC's holdings in Bank of New York Mellon were worth $1,119,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. AQR Capital Management LLC boosted its stake in shares of Bank of New York Mellon by 37.7% during the 1st quarter. AQR Capital Management LLC now owns 3,244,204 shares of the bank's stock worth $266,349,000 after purchasing an additional 887,361 shares during the last quarter. Advisors Asset Management Inc. raised its position in shares of Bank of New York Mellon by 19.4% in the first quarter. Advisors Asset Management Inc. now owns 93,745 shares of the bank's stock valued at $7,862,000 after buying an additional 15,205 shares during the last quarter. Alyeska Investment Group L.P. purchased a new position in shares of Bank of New York Mellon during the first quarter valued at approximately $676,000. Aprio Wealth Management LLC acquired a new stake in Bank of New York Mellon during the first quarter worth approximately $221,000. Finally, Federation des caisses Desjardins du Quebec grew its stake in Bank of New York Mellon by 58.8% in the 1st quarter. Federation des caisses Desjardins du Quebec now owns 663,812 shares of the bank's stock worth $55,705,000 after acquiring an additional 245,764 shares during the period. Hedge funds and other institutional investors own 85.31% of the company's stock.

Bank of New York Mellon Stock Performance

BK stock traded up $0.37 during midday trading on Monday, reaching $104.06. 3,055,208 shares of the company were exchanged, compared to its average volume of 4,117,602. The firm has a market capitalization of $73.39 billion, a price-to-earnings ratio of 15.89, a price-to-earnings-growth ratio of 0.98 and a beta of 1.14. The business has a 50-day moving average price of $99.81 and a two-hundred day moving average price of $89.91. 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 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 data on Tuesday, July 15th. The bank reported $1.94 earnings per share for the quarter, topping the consensus estimate of $1.73 by $0.21. Bank of New York Mellon had a net margin of 12.27% and a return on equity of 13.46%. The business had revenue of $4.77 billion during the quarter, compared to analysts' expectations of $4.80 billion. During the same quarter in the previous year, the company earned $1.51 EPS. The business's revenue was up 9.4% on a year-over-year basis. Equities research analysts forecast 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 disclosed 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 yield of 2.0%. This is a positive change 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 payout ratio is 32.37%.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on BK. Wells Fargo & Company increased their price target 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. Citigroup increased their target price on Bank of New York Mellon from $92.00 to $105.00 and gave the stock a "neutral" rating in a research report on Friday. Evercore ISI raised their price target on 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. 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. Finally, Keefe, Bruyette & Woods increased their price objective on shares of Bank of New York Mellon from $105.00 to $113.00 and gave the stock an "outperform" rating in a report on Wednesday, July 16th. Eight investment analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $96.62.

Insiders Place Their Bets

In related news, EVP J Kevin Mccarthy sold 20,000 shares of the company's stock in a transaction 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 sale, the executive vice president directly owned 35,115 shares in the company, valued at $3,457,071.75. This represents a 36.29% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 0.14% of the stock is owned by insiders.

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.