The Bank of New York Mellon Corporation $BK Shares Sold by Valeo Financial Advisors LLC

Key Points

• Valeo Financial Advisors LLC reduced its stake in The Bank of New York Mellon Corporation by 24.7%, selling 2,429 shares and holding a total of 7,406 shares valued at $675,000.
• Several institutional investors, including Goldman Sachs and Ameriprise Financial, increased their ownership percentages, with Goldman Sachs growing its position by 26.3%.
• The Bank of New York Mellon reported a 9.4% year-over-year revenue increase to $4.77 billion, along with a quarterly dividend hike to $0.53, reflecting a 2.0% dividend yield.

Valeo Financial Advisors LLC lessened its position in The Bank of New York Mellon Corporation (NYSE:BK - Free Report) by 24.7% during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 7,406 shares of the bank's stock after selling 2,429 shares during the period. Valeo Financial Advisors LLC's holdings in Bank of New York Mellon were worth $675,000 at the end of the most recent reporting period.

A number of other large investors have also modified their holdings of the company. Ameriprise Financial Inc. increased its holdings in shares of Bank of New York Mellon by 1.9% in the 1st quarter. Ameriprise Financial Inc. now owns 12,043,601 shares of the bank's stock worth $1,010,093,000 after acquiring an additional 221,613 shares during the period. Nuveen LLC acquired a new stake in shares of Bank of New York Mellon in the 1st quarter worth about $773,627,000. Invesco Ltd. increased its holdings in shares of Bank of New York Mellon by 8.8% in the 1st quarter. Invesco Ltd. now owns 8,264,176 shares of the bank's stock worth $693,116,000 after acquiring an additional 667,966 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its holdings in shares of Bank of New York Mellon by 5.7% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 8,125,577 shares of the bank's stock worth $681,492,000 after acquiring an additional 436,100 shares during the period. Finally, Goldman Sachs Group Inc. grew its position in Bank of New York Mellon by 26.3% in the 1st quarter. Goldman Sachs Group Inc. now owns 5,053,744 shares of the bank's stock valued at $423,858,000 after buying an additional 1,052,145 shares in the last quarter. Institutional investors and hedge funds own 85.31% of the company's stock.

Insider Activity at Bank of New York Mellon

In other Bank of New York Mellon news, EVP J Kevin Mccarthy sold 20,000 shares of the firm'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 completion of 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 ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. 0.14% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

A number of equities analysts recently issued reports on BK shares. Keefe, Bruyette & Woods increased 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 report on Wednesday, July 16th. Weiss Ratings reiterated a "buy (b+)" rating on shares of Bank of New York Mellon in a research report on Wednesday. Evercore ISI increased their target price 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, September 30th. Morgan Stanley increased their target price 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. Finally, BMO Capital Markets started coverage on shares of Bank of New York Mellon in a research report on Friday, October 3rd. They issued an "outperform" rating and a $125.00 target price for the company. Ten research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $106.77.

Bank of New York Mellon Stock Performance

NYSE:BK opened at $106.02 on Thursday. The Bank of New York Mellon Corporation has a twelve month low of $70.46 and a twelve month high of $110.87. The company has a current ratio of 0.72, a quick ratio of 0.72 and a debt-to-equity ratio of 0.86. The company has a 50-day moving average of $104.89 and a 200-day moving average of $93.39. The firm has a market cap of $74.77 billion, a price-to-earnings ratio of 16.19, a price-to-earnings-growth ratio of 1.00 and a beta of 1.13.

Bank of New York Mellon (NYSE:BK - Get Free Report) last posted its quarterly earnings data on Tuesday, July 15th. The bank reported $1.94 earnings per share for the quarter, beating the consensus estimate 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 company had revenue of $4.77 billion during the quarter, compared to analyst estimates of $4.80 billion. During the same quarter last year, the firm posted $1.51 EPS. The business's revenue for the quarter was up 9.4% on a year-over-year basis. Analysts forecast that The Bank of New York Mellon Corporation will post 6.96 earnings per share 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. 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 annualized dividend and a dividend yield of 2.0%. Bank of New York Mellon's dividend payout ratio is 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.

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