The Manufacturers Life Insurance Company Decreases Position in The Bank of New York Mellon Corporation $BK

Key Points

• The Manufacturers Life Insurance Company has reduced its stake in The Bank of New York Mellon by 1.9%, now owning 435,306 shares worth approximately $36.5 million.
• Bank of New York Mellon recently increased its quarterly dividend to $0.53 per share, representing an annualized yield of 2.0%.
• Analysts are optimistic about the stock, with several raising price targets; the consensus rating is a "Moderate Buy" with an average target price of $95.08.

The Manufacturers Life Insurance Company decreased its stake in The Bank of New York Mellon Corporation (NYSE:BK - Free Report) by 1.9% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 435,306 shares of the bank's stock after selling 8,621 shares during the period. The Manufacturers Life Insurance Company owned about 0.06% of Bank of New York Mellon worth $36,509,000 at the end of the most recent quarter.

A number of other institutional investors have also recently made changes to their positions in BK. Opal Wealth Advisors LLC bought a new position in shares of Bank of New York Mellon in the 1st quarter worth $25,000. Alpine Bank Wealth Management bought a new position in shares of Bank of New York Mellon during the 1st quarter valued at $25,000. REAP Financial Group LLC grew its holdings in shares of Bank of New York Mellon by 123.2% during the 4th quarter. REAP Financial Group LLC now owns 395 shares of the bank's stock valued at $30,000 after purchasing an additional 218 shares during the last quarter. Cornerstone Planning Group LLC grew its holdings in shares of Bank of New York Mellon by 100.0% during the 1st quarter. Cornerstone Planning Group LLC now owns 392 shares of the bank's stock valued at $30,000 after purchasing an additional 196 shares during the last quarter. Finally, Orion Capital Management LLC bought a new position in shares of Bank of New York Mellon during the 1st quarter valued at $32,000. Institutional investors own 85.31% of the company's stock.

Bank of New York Mellon Stock Down 1.8%

NYSE BK traded down $1.87 during trading hours on Friday, reaching $103.69. 2,780,284 shares of the company's stock traded hands, compared to its average volume of 4,117,572. The Bank of New York Mellon Corporation has a 52-week low of $66.01 and a 52-week high of $106.57. The firm has a market cap of $73.12 billion, a PE ratio of 15.83, a PEG ratio of 0.99 and a beta of 1.14. The firm has a 50-day simple moving average of $99.56 and a 200 day simple moving average of $89.78. The company has a debt-to-equity ratio of 0.86, a current ratio of 0.72 and a quick ratio of 0.72.

Bank of New York Mellon (NYSE:BK - Get Free Report) last issued 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. 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 analysts' expectations of $4.80 billion. During the same period last year, the company posted $1.51 EPS. Bank of New York Mellon's revenue was up 9.4% on a year-over-year basis. Sell-side analysts anticipate 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 firm also recently declared a quarterly dividend, which was paid on Thursday, August 7th. Investors of record on Friday, July 25th were given a dividend of $0.53 per share. This is an increase from Bank of New York Mellon's previous quarterly dividend of $0.47. The ex-dividend date of this dividend was Friday, July 25th. This represents a $2.12 dividend on an annualized basis and a yield of 2.0%. Bank of New York Mellon's dividend payout ratio is 32.37%.

Analyst Ratings Changes

Several equities analysts recently commented on the stock. 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 report on Wednesday, July 16th. Truist Financial raised their price target 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. Citigroup raised their price target on shares of Bank of New York Mellon from $92.00 to $105.00 and gave the stock a "neutral" rating in a report on Friday. Evercore ISI raised their price target 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. Finally, Morgan Stanley raised their price target on shares of Bank of New York Mellon from $95.00 to $101.00 and gave the stock an "overweight" rating in a report on Wednesday, July 16th. Eight equities research analysts have rated the stock with a Buy rating and six have given a Hold rating to the stock. According to MarketBeat.com, Bank of New York Mellon presently has a consensus rating of "Moderate Buy" and a consensus target price of $96.62.

Insider Transactions 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 transaction of $1,969,000.00. Following the completion of the sale, the executive vice president directly owned 35,115 shares in the company, valued at approximately $3,457,071.75. This trade represents a 36.29% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.14% of the stock is currently owned by company insiders.

Bank of New York Mellon 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.