The Bank of New York Mellon Corporation $BK Shares Sold by LGT Fund Management Co Ltd.

Key Points

• LGT Fund Management Co Ltd. reduced its stake in The Bank of New York Mellon Corporation by 8.8%, selling 3,054 shares during the second quarter.
• The Bank of New York Mellon recently declared a quarterly dividend of $0.53 per share, an increase from the previous $0.47, reflecting a payout ratio of 32.37%.
• Wall Street analysts have raised their price targets for Bank of New York Mellon, with estimates ranging from $101.00 to $118.00, indicating a consensus rating of "Moderate Buy".

LGT Fund Management Co Ltd. reduced its stake in shares of The Bank of New York Mellon Corporation (NYSE:BK - Free Report) by 8.8% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 31,500 shares of the bank's stock after selling 3,054 shares during the quarter. LGT Fund Management Co Ltd.'s holdings in Bank of New York Mellon were worth $2,870,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Quent Capital LLC grew its position in Bank of New York Mellon by 12.1% during the second quarter. Quent Capital LLC now owns 4,447 shares of the bank's stock worth $405,000 after buying an additional 480 shares during the period. 111 Capital grew its position in Bank of New York Mellon by 112.4% during the second quarter. 111 Capital now owns 18,026 shares of the bank's stock worth $1,642,000 after buying an additional 9,541 shares during the period. QRG Capital Management Inc. grew its position in Bank of New York Mellon by 18.9% during the second quarter. QRG Capital Management Inc. now owns 459,266 shares of the bank's stock worth $41,844,000 after buying an additional 73,112 shares during the period. Stock Yards Bank & Trust Co. grew its position in Bank of New York Mellon by 33.0% during the second quarter. Stock Yards Bank & Trust Co. now owns 3,332 shares of the bank's stock worth $304,000 after buying an additional 826 shares during the period. Finally, Ameritas Advisory Services LLC acquired a new stake in shares of Bank of New York Mellon in the second quarter valued at approximately $249,000. 85.31% of the stock is currently owned by institutional investors and hedge funds.

Bank of New York Mellon Stock Up 0.1%

Shares of NYSE BK opened at $106.48 on Friday. The Bank of New York Mellon Corporation has a 1 year low of $70.46 and a 1 year high of $110.87. The firm's 50 day moving average price is $104.60 and its 200 day moving average price is $92.93. The firm has a market cap of $75.09 billion, a P/E ratio of 16.26, a price-to-earnings-growth ratio of 1.00 and a beta of 1.13. 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 quarterly 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. The company had revenue of $4.77 billion for 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%. Bank of New York Mellon's revenue was up 9.4% on a year-over-year basis. During the same quarter last year, the firm posted $1.51 earnings per share. As a group, sell-side analysts anticipate that The Bank of New York Mellon Corporation will post 6.96 earnings per share for the current 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 paid a dividend of $0.53 per share. This is an increase 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%. The ex-dividend date of this dividend was Friday, July 25th. Bank of New York Mellon's payout ratio is 32.37%.

Wall Street Analysts Forecast Growth

BK has been the topic of several research reports. Morgan Stanley increased their price target on shares of Bank of New York Mellon from $101.00 to $116.00 and gave the company an "overweight" rating in a research report on Monday, September 29th. Weiss Ratings reiterated a "buy (b+)" rating on shares of Bank of New York Mellon in a research report on Saturday, September 27th. Truist Financial increased their price target on shares of Bank of New York Mellon from $109.00 to $118.00 and gave the company a "hold" rating in a research report on Thursday. Evercore ISI increased their price target on shares of Bank of New York Mellon from $91.00 to $110.00 and gave the company an "in-line" rating in a research report on Tuesday. Finally, TD Cowen initiated coverage on shares of Bank of New York Mellon in a research report on Thursday, September 25th. They issued a "buy" rating on the stock. Ten investment analysts have rated the stock with a Buy rating and six have given a Hold rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $103.46.

Insiders Place Their Bets

In other Bank of New York Mellon 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 transaction, 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 document filed with the SEC, which is accessible through this hyperlink. 0.14% of the stock is currently owned by corporate insiders.

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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