Parnassus Investments LLC Sells 229,002 Shares of The Bank of New York Mellon Corporation $BK

Key Points

• Parnassus Investments LLC has reduced its stake in The Bank of New York Mellon Corporation (BK) by 8.0% in the 1st quarter, selling 229,002 shares, and now owns 2,648,918 shares valued at approximately $222.17 million.
• The Bank of New York Mellon reported $1.94 earnings per share for the quarter, exceeding the consensus estimate of $1.73, and has announced an increased quarterly dividend of $0.53.
• Several analysts have raised their target prices for BK, with Wells Fargo increasing it from $96.00 to $100.00 and Keefe, Bruyette & Woods raising it to $113.00, as the stock maintains an average rating of "Moderate Buy."

Parnassus Investments LLC lowered its position in shares of The Bank of New York Mellon Corporation (NYSE:BK - Free Report) by 8.0% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 2,648,918 shares of the bank's stock after selling 229,002 shares during the quarter. Parnassus Investments LLC owned 0.37% of Bank of New York Mellon worth $222,165,000 as of its most recent SEC filing.

Other large investors have also added to or reduced their stakes in the company. TrueMark Investments LLC purchased a new position in Bank of New York Mellon during the first quarter valued at approximately $4,282,000. Wealth Enhancement Advisory Services LLC lifted its holdings in Bank of New York Mellon by 29.1% during 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 in the last quarter. Formidable Asset Management LLC purchased a new position in Bank of New York Mellon during the first quarter valued at approximately $247,000. Sumitomo Mitsui DS Asset Management Company Ltd lifted its holdings in 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 valued at $15,399,000 after purchasing an additional 100,810 shares in the last quarter. Finally, Benson Investment Management Company Inc. purchased a new position in Bank of New York Mellon during the first quarter valued at approximately $5,259,000. Hedge funds and other institutional investors own 85.31% of the company's stock.

Analyst Upgrades and Downgrades

Several equities analysts have weighed in on BK shares. Keefe, Bruyette & Woods lifted their price target on shares of 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. Morgan Stanley lifted their price target on shares of 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. Evercore ISI boosted their target price on shares of Bank of New York Mellon from $88.00 to $90.00 and gave the stock an "in-line" rating in a report on Wednesday, July 2nd. Wells Fargo & Company boosted their target price on shares of 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. Finally, Truist Financial boosted their target price on shares of Bank of New York Mellon from $100.00 to $109.00 and gave the stock a "hold" rating in a report on Thursday, August 14th. Eight research analysts have rated the stock with a Buy rating and six have given 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 a consensus price target of $95.08.

Bank of New York Mellon Price Performance

Shares of BK stock traded down $0.43 during mid-day trading on Monday, hitting $105.67. The company had a trading volume of 2,933,101 shares, compared to its average volume of 3,137,733. The company has a market capitalization of $74.52 billion, a P/E ratio of 16.13, a P/E/G ratio of 1.00 and a beta of 1.14. The stock's 50 day moving average price is $98.37 and its 200-day moving average price is $89.33. The company has a debt-to-equity ratio of 0.86, a current ratio of 0.72 and a quick ratio of 0.72. The Bank of New York Mellon Corporation has a 52-week low of $66.01 and a 52-week high of $106.57.

Bank of New York Mellon (NYSE:BK - Get Free Report) last released its quarterly 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 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 in the prior year, the firm earned $1.51 earnings per share. Equities research analysts forecast 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 firm also recently declared a quarterly dividend, which was paid on Thursday, August 7th. Investors of record on Friday, July 25th were paid 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 dividend on an annualized basis and a yield of 2.0%. Bank of New York Mellon's payout ratio is currently 32.37%.

Insider Transactions at Bank of New York Mellon

In related news, EVP J Kevin Mccarthy sold 20,000 shares of the company's stock in a transaction 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 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. 0.14% of the stock is currently owned by 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.