The Bank of New York Mellon Corporation $BK Shares Sold by J. Safra Sarasin Holding AG

Key Points

• J. Safra Sarasin Holding AG reduced its stake in The Bank of New York Mellon by 19.1%, selling 51,064 shares to end up with 216,065 shares worth about $19.7 million.
• The Bank of New York Mellon recently increased its quarterly dividend from $0.47 to $0.53 per share, representing an annualized dividend of $2.12 and a yield of 2.0%.
• Analysts have set new price targets for the stock, with estimates ranging from $100.00 to $118.00 as various firms issued ratings from "buy" to "hold."

J. Safra Sarasin Holding AG lowered its holdings in shares of The Bank of New York Mellon Corporation (NYSE:BK - Free Report) by 19.1% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 216,065 shares of the bank's stock after selling 51,064 shares during the period. J. Safra Sarasin Holding AG's holdings in Bank of New York Mellon were worth $19,686,000 as of its most recent SEC filing.

Other institutional investors also recently bought and sold shares of the company. Canada Post Corp Registered Pension Plan acquired a new position in Bank of New York Mellon in the 1st quarter valued at about $1,035,000. TrueMark Investments LLC acquired a new position in shares of Bank of New York Mellon in the first quarter valued at approximately $4,282,000. Wealth Enhancement Advisory Services LLC increased its holdings in shares of Bank of New York Mellon by 29.1% in the first quarter. Wealth Enhancement Advisory Services LLC now owns 223,438 shares of the bank's stock valued at $18,740,000 after purchasing an additional 50,368 shares during the period. Formidable Asset Management LLC purchased a new stake in shares of Bank of New York Mellon during the first quarter worth approximately $247,000. Finally, Sumitomo Mitsui DS Asset Management Company Ltd lifted its holdings in shares of Bank of New York Mellon by 121.8% during the first quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 183,602 shares of the bank's stock worth $15,399,000 after purchasing an additional 100,810 shares during the period. 85.31% of the stock is currently owned by institutional investors and hedge funds.

Bank of New York Mellon Stock Down 0.5%

BK opened at $106.32 on Friday. The Bank of New York Mellon Corporation has a one year low of $70.41 and a one year high of $110.87. The company has a market cap of $74.98 billion, a price-to-earnings ratio of 16.23, a PEG ratio of 1.01 and a beta of 1.13. The business's fifty day moving average is $104.49 and its two-hundred day moving average is $92.76. The company has a debt-to-equity ratio of 0.86, a quick ratio of 0.72 and a current ratio of 0.72.

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 for the quarter, beating the consensus estimate of $1.73 by $0.21. The firm 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 net margin of 12.27% and a return on equity of 13.46%. The firm's revenue for the quarter was up 9.4% on a year-over-year basis. During the same period last year, the firm posted $1.51 EPS. Analysts anticipate 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 declared a quarterly dividend, which was paid on Thursday, August 7th. Shareholders of record on Friday, July 25th were given a dividend of $0.53 per share. The ex-dividend date of this dividend was Friday, July 25th. This is a positive change from Bank of New York Mellon's previous quarterly dividend of $0.47. This represents a $2.12 annualized dividend and a yield of 2.0%. Bank of New York Mellon's dividend payout ratio (DPR) is 32.37%.

Analysts Set New Price Targets

Several analysts have recently commented on the stock. Truist Financial raised 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. TD Cowen began coverage on Bank of New York Mellon in a report on Thursday, September 25th. They issued a "buy" rating on the stock. Wells Fargo & Company increased their target price 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. Morgan Stanley raised their price target on Bank of New York Mellon from $101.00 to $116.00 and gave the company an "overweight" rating in a report on Monday. Finally, Evercore ISI upped their price objective on Bank of New York Mellon from $91.00 to $110.00 and gave the stock an "in-line" rating in a report on Tuesday. Eight research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company's stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $101.67.

Insider Buying and Selling at Bank of New York Mellon

In related news, EVP J Kevin Mccarthy sold 20,000 shares of the 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 sale, the executive vice president owned 35,115 shares of the company's stock, 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 legal 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 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.

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