The Bank of New York Mellon Corporation $BK Shares Sold by Diversified Trust Co

Key Points

• Diversified Trust Co reduced its holdings in The Bank of New York Mellon Corporation by 12.7% during the 2nd quarter, leaving them with 36,829 shares valued at approximately $3.36 million.
• The Bank of New York Mellon recently announced an increase in its quarterly dividend from $0.47 to $0.53 per share, yielding 2.0% annually.
• Analysts have a consensus rating of "Moderate Buy" for BK, with an average target price of $96.62, reflecting growing confidence in the stock's potential.

Diversified Trust Co reduced its holdings in The Bank of New York Mellon Corporation (NYSE:BK - Free Report) by 12.7% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 36,829 shares of the bank's stock after selling 5,370 shares during the quarter. Diversified Trust Co's holdings in Bank of New York Mellon were worth $3,355,000 at the end of the most recent quarter.

Several other large investors have also recently added to or reduced their stakes in the business. Ameriprise Financial Inc. increased its position in Bank of New York Mellon by 1.9% in the 1st quarter. Ameriprise Financial Inc. now owns 12,043,601 shares of the bank's stock valued at $1,010,093,000 after acquiring an additional 221,613 shares during the period. Nuveen LLC acquired a new stake in Bank of New York Mellon in the 1st quarter valued at approximately $773,627,000. Invesco Ltd. increased its position in Bank of New York Mellon by 8.8% in the 1st quarter. Invesco Ltd. now owns 8,264,176 shares of the bank's stock valued at $693,116,000 after acquiring an additional 667,966 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its position in shares of Bank of New York Mellon by 5.7% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 8,125,577 shares of the bank's stock valued at $681,492,000 after purchasing an additional 436,100 shares during the period. Finally, Goldman Sachs Group Inc. increased its position in shares of Bank of New York Mellon by 26.3% during the 1st quarter. Goldman Sachs Group Inc. now owns 5,053,744 shares of the bank's stock valued at $423,858,000 after purchasing an additional 1,052,145 shares during the period. 85.31% of the stock is currently owned by institutional investors and hedge funds.

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 dated 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 transaction, the executive vice president directly owned 35,115 shares in the company, valued at $3,457,071.75. This trade represents a 36.29% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 0.14% of the stock is currently owned by company insiders.

Bank of New York Mellon Price Performance

BK opened at $108.62 on Friday. The stock has a market cap of $76.60 billion, a price-to-earnings ratio of 16.58, a PEG ratio of 1.03 and a beta of 1.14. The Bank of New York Mellon Corporation has a 1 year low of $70.41 and a 1 year high of $109.21. 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 stock has a fifty day moving average price of $102.54 and a 200 day moving average price of $91.21.

Bank of New York Mellon (NYSE:BK - Get Free Report) last released its quarterly earnings data on Tuesday, July 15th. The bank reported $1.94 earnings per share (EPS) for the quarter, beating analysts' consensus estimates 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 return on equity of 13.46% and a net margin of 12.27%.The business's revenue for the quarter was up 9.4% on a year-over-year basis. During the same quarter last year, the firm earned $1.51 earnings per share. Analysts forecast 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 announced 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. This represents a $2.12 annualized dividend and a yield of 2.0%. This is an increase 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 is 32.37%.

Wall Street Analyst Weigh In

BK has been the topic of several research analyst reports. Morgan Stanley lifted their price target on Bank of New York Mellon from $95.00 to $101.00 and gave the company an "overweight" rating in a research report on Wednesday, July 16th. Truist Financial lifted their price target on Bank of New York Mellon from $100.00 to $109.00 and gave the company a "hold" rating in a research report on Thursday, August 14th. Evercore ISI lifted their price target 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. Citigroup lifted their price target on Bank of New York Mellon from $92.00 to $105.00 and gave the company a "neutral" rating in a research report on Friday, September 5th. 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 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, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price 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.

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