SRN Advisors LLC Lowers Position in The Bank of New York Mellon Corporation $BK

Key Points

• SRN Advisors LLC significantly reduced its stake in Bank of New York Mellon by 55.9%, selling a total of 8,425 shares, bringing their holdings down to 6,645 shares worth $557,000.
• In the first quarter, several institutional investors raised their stakes in Bank of New York Mellon, with Canada Pension Plan Investment Board increasing its ownership by 17.8%, now holding over 1 million shares valued at $87 million.
• Analysts have increased their price targets for the stock, with Wells Fargo raising it from $96.00 to $100.00 while maintaining an "equal weight" rating on the shares.

SRN Advisors LLC decreased its holdings in shares of The Bank of New York Mellon Corporation (NYSE:BK - Free Report) by 55.9% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 6,645 shares of the bank's stock after selling 8,425 shares during the period. SRN Advisors LLC's holdings in Bank of New York Mellon were worth $557,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Revolve Wealth Partners LLC acquired a new stake in Bank of New York Mellon in the fourth quarter valued at approximately $220,000. Beacon Pointe Advisors LLC boosted its position in Bank of New York Mellon by 50.0% in the fourth quarter. Beacon Pointe Advisors LLC now owns 13,576 shares of the bank's stock worth $1,043,000 after purchasing an additional 4,528 shares during the last quarter. Schonfeld Strategic Advisors LLC boosted its position in Bank of New York Mellon by 11.5% in the fourth quarter. Schonfeld Strategic Advisors LLC now owns 15,457 shares of the bank's stock worth $1,188,000 after purchasing an additional 1,590 shares during the last quarter. Freestone Grove Partners LP purchased a new position in Bank of New York Mellon in the fourth quarter worth $6,863,000. Finally, Caisse DE Depot ET Placement DU Quebec purchased a new position in Bank of New York Mellon in the fourth quarter worth $1,660,000. 85.31% of the stock is owned by institutional investors.

Analysts Set New Price Targets

BK has been the topic of several research reports. Evercore ISI boosted their target price on Bank of New York Mellon from $88.00 to $90.00 and gave the company an "in-line" rating in a research note on Wednesday, July 2nd. Morgan Stanley raised their price target on 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. Keefe, Bruyette & Woods upped their price objective on Bank of New York Mellon from $105.00 to $113.00 and gave the stock an "outperform" rating in a report on Wednesday, July 16th. Truist Financial upped their price objective on 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. Finally, Wells Fargo & Company increased their target price on 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. Eight analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $95.08.

Bank of New York Mellon Stock Down 0.2%

Shares of Bank of New York Mellon stock traded down $0.16 on Wednesday, reaching $104.54. The company's stock had a trading volume of 2,256,535 shares, compared to its average volume of 4,142,798. The company has a market capitalization of $73.73 billion, a price-to-earnings ratio of 15.96, a P/E/G ratio of 1.00 and a beta of 1.14. The firm's fifty day simple moving average is $98.96 and its two-hundred day simple moving average is $89.56. The Bank of New York Mellon Corporation has a 52 week low of $66.01 and a 52 week high of $106.57. The company has a quick ratio of 0.72, a current 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 earnings results on Tuesday, July 15th. The bank reported $1.94 EPS for the quarter, topping analysts' consensus estimates of $1.73 by $0.21. The business had revenue of $4.77 billion during the quarter, compared to analyst estimates of $4.80 billion. Bank of New York Mellon had a return on equity of 13.46% and a net margin of 12.27%.The company's quarterly revenue was up 9.4% compared to the same quarter last year. During the same quarter last year, the company earned $1.51 EPS. Equities 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 company also recently declared a quarterly dividend, which was paid on Thursday, August 7th. Stockholders of record on Friday, July 25th were paid a $0.53 dividend. This is an increase from Bank of New York Mellon's previous quarterly dividend of $0.47. The ex-dividend date was Friday, July 25th. This represents a $2.12 dividend on an annualized basis and a dividend yield of 2.0%. Bank of New York Mellon's dividend payout ratio (DPR) is 32.37%.

Insider Activity

In other 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 transaction, the executive vice president directly owned 35,115 shares in the company, valued at $3,457,071.75. This trade represents a 36.29% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link. 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.