The Bank of New York Mellon Corporation $BK Shares Sold by Galvin Gaustad & Stein LLC

Key Points

• Galvin Gaustad & Stein LLC significantly reduced its stake in The Bank of New York Mellon Corporation (BK) by 85.4%, selling 170,302 shares and leaving them with 29,085 shares valued at $2.65 million.
• Several institutional investors acquired new positions in BK, with 85.31% of the company's stock now owned by such investors and hedge funds.
• The company's recent quarterly earnings report showed $1.94 earnings per share, exceeding consensus estimates, and it announced an increase in its quarterly dividend from $0.47 to $0.53.

Galvin Gaustad & Stein LLC decreased its position in shares of The Bank of New York Mellon Corporation (NYSE:BK - Free Report) by 85.4% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 29,085 shares of the bank's stock after selling 170,302 shares during the quarter. Galvin Gaustad & Stein LLC's holdings in Bank of New York Mellon were worth $2,650,000 as of its most recent filing with the Securities and Exchange Commission.

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

Analyst Upgrades and Downgrades

A number of analysts recently weighed in on BK shares. Wells Fargo & Company upped 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 target price on shares of Bank of New York Mellon from $92.00 to $105.00 and gave the stock a "neutral" rating in a research note on Friday, September 5th. Truist Financial upped their target price on shares of Bank of New York Mellon from $109.00 to $118.00 and gave the stock a "hold" rating in a research note on Thursday, October 2nd. BMO Capital Markets started coverage on shares of Bank of New York Mellon in a research note on Friday, October 3rd. They set an "outperform" rating and a $125.00 target price on the stock. Finally, The Goldman Sachs Group upped their target price on shares of Bank of New York Mellon from $106.00 to $120.00 and gave the stock a "buy" rating in a research note on Monday. Ten analysts have rated the stock with a Buy rating and six have given a Hold rating to the company. Based on data from MarketBeat.com, Bank of New York Mellon currently has an average rating of "Moderate Buy" and an average price target of $106.77.

Insider Buying and Selling at Bank of New York Mellon

In other news, EVP J Kevin Mccarthy sold 20,000 shares of the stock in a transaction that occurred on Tuesday, July 22nd. The stock was 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 directly owned 35,115 shares of the company's stock, valued at approximately $3,457,071.75. This represents a 36.29% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 0.14% of the company's stock.

Bank of New York Mellon Stock Performance

Shares of Bank of New York Mellon stock opened at $106.83 on Friday. The firm has a market capitalization of $75.34 billion, a P/E ratio of 16.31, a P/E/G ratio of 0.99 and a beta of 1.13. The Bank of New York Mellon Corporation has a 52 week low of $70.46 and a 52 week high of $110.87. The firm's 50 day moving average is $105.00 and its two-hundred day moving average is $93.55. 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 data 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 the consensus estimate 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 company's revenue was up 9.4% compared to the same quarter last year. During the same period in the prior year, the company earned $1.51 earnings per share. Research 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 company also recently disclosed a quarterly dividend, which was paid on Thursday, August 7th. Stockholders of record on Friday, July 25th were issued a $0.53 dividend. The ex-dividend date of this dividend was Friday, July 25th. This is an increase from Bank of New York Mellon's previous quarterly dividend of $0.47. This represents a $2.12 annualized dividend and a dividend yield of 2.0%. Bank of New York Mellon's dividend payout ratio is currently 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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