Lansforsakringar Fondforvaltning AB publ Trims Position in The Bank of New York Mellon Corporation $BK

Key Points

• Lansforsakringar Fondforvaltning AB publ reduced its holdings in The Bank of New York Mellon Corporation (NYSE:BK) by 1.7%, now owning 242,493 shares worth approximately $20.34 million.
• The Bank of New York Mellon recently increased its quarterly dividend from $0.47 to $0.53, representing a 2.0% yield and a payout ratio of 32.37%.
• Multiple analysts have upgraded their price targets for the stock, with predictions as high as $113, indicating strong market expectations for the company's performance.

Lansforsakringar Fondforvaltning AB publ cut its position in The Bank of New York Mellon Corporation (NYSE:BK - Free Report) by 1.7% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 242,493 shares of the bank's stock after selling 4,084 shares during the quarter. Lansforsakringar Fondforvaltning AB publ's holdings in Bank of New York Mellon were worth $20,338,000 as of its most recent SEC filing.

Other institutional investors also recently modified their holdings of the company. Sax Wealth Advisors LLC lifted its holdings in Bank of New York Mellon by 2.3% during the 1st quarter. Sax Wealth Advisors LLC now owns 5,278 shares of the bank's stock worth $443,000 after buying an additional 117 shares during the period. Hemington Wealth Management lifted its holdings in shares of Bank of New York Mellon by 8.0% in the 1st quarter. Hemington Wealth Management now owns 1,628 shares of the bank's stock worth $136,000 after purchasing an additional 121 shares in the last quarter. Y.D. More Investments Ltd lifted its position in shares of Bank of New York Mellon by 13.8% during the first quarter. Y.D. More Investments Ltd now owns 1,030 shares of the bank's stock valued at $86,000 after purchasing an additional 125 shares in the last quarter. Haverford Trust Co increased its position in shares of Bank of New York Mellon by 4.3% during the first quarter. Haverford Trust Co now owns 3,133 shares of the bank's stock valued at $263,000 after acquiring an additional 130 shares during the last quarter. Finally, Ontario Teachers Pension Plan Board boosted its holdings in shares of Bank of New York Mellon by 1.1% in the 1st quarter. Ontario Teachers Pension Plan Board now owns 12,504 shares of the bank's stock worth $1,049,000 after buying an additional 138 shares during the last quarter. 85.31% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

BK has been the topic of a number of research reports. Truist Financial boosted their price objective on 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. Keefe, Bruyette & Woods raised their target price on shares of Bank of New York Mellon from $105.00 to $113.00 and gave the company an "outperform" rating in a research note on Wednesday, July 16th. Morgan Stanley upped their target price on shares of Bank of New York Mellon from $95.00 to $101.00 and gave the stock an "overweight" rating in a research report on Wednesday, July 16th. Evercore ISI boosted their target price on 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. Finally, Wells Fargo & Company increased their price objective on Bank of New York Mellon from $96.00 to $100.00 and gave the company an "equal weight" rating in a research note on Wednesday, July 16th. Eight equities research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the stock. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $95.08.

Bank of New York Mellon Price Performance

Shares of NYSE BK traded down $0.26 during midday trading on Wednesday, reaching $104.44. The stock had a trading volume of 490,812 shares, compared to its average volume of 4,131,856. The stock has a 50-day moving average of $98.96 and a 200-day moving average of $89.56. The Bank of New York Mellon Corporation has a 12-month low of $66.01 and a 12-month high of $106.57. The company has a market capitalization of $73.66 billion, a price-to-earnings ratio of 15.96, a price-to-earnings-growth ratio of 1.00 and a beta of 1.14. 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 issued its earnings results on Tuesday, July 15th. The bank reported $1.94 earnings per share for the quarter, topping analysts' consensus estimates 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 firm had revenue of $4.77 billion during the quarter, compared to analyst estimates of $4.80 billion. During the same quarter in the prior year, the business earned $1.51 earnings per share. Bank of New York Mellon's revenue for the quarter was up 9.4% on a year-over-year basis. As a group, research 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 firm also recently announced a quarterly dividend, which was paid on Thursday, August 7th. Shareholders of record on Friday, July 25th were paid a $0.53 dividend. The ex-dividend date 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 dividend on an annualized basis and a yield of 2.0%. Bank of New York Mellon's payout ratio is 32.37%.

Insider Activity

In other Bank of New York Mellon news, EVP J Kevin Mccarthy sold 20,000 shares of the company's stock in a transaction dated Tuesday, July 22nd. The shares were sold at an average price of $98.45, for a total value 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 represents a 36.29% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Corporate insiders own 0.14% of the company's stock.

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.