The Bank of New York Mellon Corporation $BK Shares Sold by Matthew Goff Investment Advisor LLC

Key Points

• Matthew Goff Investment Advisor LLC reduced its stake in Bank of New York Mellon by 1.2%, owning 274,860 shares worth approximately $25 million, making it the firm's 3rd largest position.
• In the first quarter, several institutional investors significantly boosted their holdings in Bank of New York Mellon, including GAMMA Investing LLC with a 9,538.9% increase.
• Bank of New York Mellon recently increased its quarterly dividend from $0.47 to $0.53 per share, marking an annual yield of 2.0% and a payout ratio of 32.37%.

Matthew Goff Investment Advisor LLC trimmed its position in shares of The Bank of New York Mellon Corporation (NYSE:BK - Free Report) by 1.2% in the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 274,860 shares of the bank's stock after selling 3,425 shares during the period. Bank of New York Mellon accounts for approximately 4.6% of Matthew Goff Investment Advisor LLC's holdings, making the stock its 3rd biggest position. Matthew Goff Investment Advisor LLC's holdings in Bank of New York Mellon were worth $25,043,000 at the end of the most recent quarter.

A number of other hedge funds have also recently added to or reduced their stakes in BK. Moody National Bank Trust Division grew its position in Bank of New York Mellon by 5.9% in the 2nd quarter. Moody National Bank Trust Division now owns 15,175 shares of the bank's stock valued at $1,383,000 after purchasing an additional 851 shares during the period. Global Financial Private Client LLC lifted its holdings in shares of Bank of New York Mellon by 11.6% in the 2nd quarter. Global Financial Private Client LLC now owns 26,704 shares of the bank's stock valued at $2,433,000 after purchasing an additional 2,765 shares during the last quarter. HF Advisory Group LLC lifted its stake in Bank of New York Mellon by 4.3% in the 2nd quarter. HF Advisory Group LLC now owns 10,245 shares of the bank's stock valued at $933,000 after buying an additional 419 shares in the last quarter. Redhawk Wealth Advisors Inc. lifted its position in shares of Bank of New York Mellon by 3.7% during the second quarter. Redhawk Wealth Advisors Inc. now owns 12,972 shares of the bank's stock worth $1,182,000 after purchasing an additional 460 shares during the last quarter. Finally, Exchange Traded Concepts LLC grew its position in Bank of New York Mellon by 12.2% in the second quarter. Exchange Traded Concepts LLC now owns 238,175 shares of the bank's stock worth $21,700,000 after buying an additional 25,808 shares during the last quarter. Institutional investors own 85.31% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on the stock. Evercore ISI increased their price objective 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. Wells Fargo & Company lifted their price target on shares of Bank of New York Mellon from $96.00 to $100.00 and gave the company an "equal weight" rating in a report on Wednesday, July 16th. Citigroup boosted their price objective on Bank of New York Mellon from $92.00 to $105.00 and gave the company a "neutral" rating in a research note on Friday, September 5th. Truist Financial increased their price target 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. Finally, Keefe, Bruyette & Woods raised their price objective on Bank of New York Mellon from $105.00 to $113.00 and gave the company an "outperform" rating in a report on Wednesday, July 16th. Eight 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, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $96.62.

Insider Buying and Selling

In other Bank of New York Mellon news, EVP J Kevin Mccarthy sold 20,000 shares of the firm's stock in a transaction 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 $3,457,071.75. This trade represents a 36.29% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.14% of the stock is currently owned by corporate insiders.

Bank of New York Mellon Stock Performance

Shares of NYSE:BK traded up $0.10 on Friday, reaching $108.62. 8,770,370 shares of the company's stock were exchanged, compared to its average volume of 2,747,152. The company has a fifty day moving average of $102.54 and a 200-day moving average of $91.21. The company has a market capitalization of $76.60 billion, a price-to-earnings ratio of 16.58, a PEG ratio of 1.03 and a beta of 1.14. The Bank of New York Mellon Corporation has a twelve month low of $70.41 and a twelve month high of $109.21. The company has a current ratio of 0.72, a quick 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 results on Tuesday, July 15th. The bank reported $1.94 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.73 by $0.21. The company had revenue of $4.77 billion for the quarter, compared to analyst estimates 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 company's quarterly revenue was up 9.4% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $1.51 earnings per share. On average, research analysts predict 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 announced a quarterly dividend, which was paid on Thursday, August 7th. Shareholders of record on Friday, July 25th were issued a $0.53 dividend. This is a boost 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 was Friday, July 25th. Bank of New York Mellon's dividend payout ratio is presently 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.