Integrated Wealth Concepts LLC Sells 2,847 Shares of The Bank of New York Mellon Corporation $BK

Key Points

• Integrated Wealth Concepts LLC has reduced its holdings in The Bank of New York Mellon Corporation by 6.6% during Q1, after selling 2,847 shares, bringing its ownership down to 40,128 shares valued at $3,366,000.
• The bank has recently increased its quarterly dividend to $0.53 per share, up from the previous $0.47, which represents a 2.0% yield and a payout ratio of 32.37%.
• Bank of New York Mellon reported better-than-expected earnings for the last quarter with an EPS of $1.94, exceeding analysts' estimates of $1.73, and showing a 9.4% increase in revenue compared to the same quarter last year.

Integrated Wealth Concepts LLC lessened its holdings in shares of The Bank of New York Mellon Corporation (NYSE:BK - Free Report) by 6.6% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 40,128 shares of the bank's stock after selling 2,847 shares during the quarter. Integrated Wealth Concepts LLC's holdings in Bank of New York Mellon were worth $3,366,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also modified their holdings of BK. Ameriprise Financial Inc. increased its holdings in shares of Bank of New York Mellon by 1.9% during 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 last quarter. Nuveen LLC bought a new stake in shares of Bank of New York Mellon in the first quarter valued at approximately $773,627,000. Invesco Ltd. grew its stake in shares of Bank of New York Mellon by 8.8% in the first quarter. Invesco Ltd. now owns 8,264,176 shares of the bank's stock worth $693,116,000 after acquiring an additional 667,966 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its position in Bank of New York Mellon by 15.9% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 7,689,477 shares of the bank's stock worth $590,783,000 after acquiring an additional 1,055,389 shares during the period. Finally, Goldman Sachs Group Inc. raised its stake in 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 last quarter. Institutional investors own 85.31% of the company's stock.

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 shares were sold at an average price of $98.45, for a total transaction of $1,969,000.00. Following the sale, the executive vice president directly owned 35,115 shares of the company's stock, valued at $3,457,071.75. This represents a 36.29% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Company insiders own 0.14% of the company's stock.

Bank of New York Mellon Price Performance

Bank of New York Mellon stock traded down $0.81 during trading hours on Wednesday, hitting $103.96. 2,737,364 shares of the stock were exchanged, compared to its average volume of 2,888,954. The stock has a market capitalization of $73.32 billion, a P/E ratio of 15.87, a P/E/G ratio of 0.99 and a beta of 1.14. The business's 50-day moving average is $100.59 and its two-hundred day moving average is $90.23. The company has a debt-to-equity ratio of 0.86, a quick ratio of 0.72 and a current ratio of 0.72. The Bank of New York Mellon Corporation has a 12 month low of $66.01 and a 12 month high of $106.57.

Bank of New York Mellon (NYSE:BK - Get Free Report) last posted its earnings results 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 company had revenue of $4.77 billion during the quarter, compared to analysts' expectations of $4.80 billion. Bank of New York Mellon had a net margin of 12.27% and a return on equity of 13.46%. Bank of New York Mellon's quarterly revenue was up 9.4% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.51 earnings per share. Equities research analysts expect 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 firm also recently announced a quarterly dividend, which was paid on Thursday, August 7th. Stockholders of record on Friday, July 25th were issued a dividend of $0.53 per share. The ex-dividend date was Friday, July 25th. This is a boost 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 (DPR) is currently 32.37%.

Wall Street Analyst Weigh In

Several analysts have issued reports on the stock. Evercore ISI raised their price target on shares of Bank of New York Mellon from $88.00 to $90.00 and gave the stock an "in-line" rating in a research report on Wednesday, July 2nd. Truist Financial lifted their target price on Bank of New York Mellon from $100.00 to $109.00 and gave the stock a "hold" rating in a research report on Thursday, August 14th. Morgan Stanley upped their price target on Bank of New York Mellon from $95.00 to $101.00 and gave the company an "overweight" rating in a report on Wednesday, July 16th. 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 report on Wednesday, July 16th. Finally, Wells Fargo & Company lifted 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 report 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 MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target 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.