The Bank of New York Mellon Corporation $BK Stock Holdings Lowered by USS Investment Management Ltd

Key Points

• USS Investment Management Ltd reduced its holdings in The Bank of New York Mellon Corporation by 35.8% during the first quarter, now owning 125,609 shares valued at approximately $10.54 million.
• The Bank of New York Mellon recently announced an increase in its quarterly dividend to $0.53 per share, representing a 2.0% yield for shareholders.
• Analysts have upgraded their target prices for the stock, with estimates ranging from $100.00 to $113.00, indicating a consensus rating of "Moderate Buy."

USS Investment Management Ltd reduced its holdings in The Bank of New York Mellon Corporation (NYSE:BK - Free Report) by 35.8% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 125,609 shares of the bank's stock after selling 70,100 shares during the quarter. USS Investment Management Ltd's holdings in Bank of New York Mellon were worth $10,543,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Opal Wealth Advisors LLC bought a new stake in shares of Bank of New York Mellon in the 1st quarter worth approximately $25,000. Alpine Bank Wealth Management purchased a new position in shares of Bank of New York Mellon in the first quarter worth approximately $25,000. REAP Financial Group LLC increased its position in shares of Bank of New York Mellon by 123.2% in the fourth quarter. REAP Financial Group LLC now owns 395 shares of the bank's stock worth $30,000 after acquiring an additional 218 shares in the last quarter. Cornerstone Planning Group LLC increased its position in shares of Bank of New York Mellon by 100.0% in the first quarter. Cornerstone Planning Group LLC now owns 392 shares of the bank's stock worth $30,000 after acquiring an additional 196 shares in the last quarter. Finally, Orion Capital Management LLC purchased a new position in shares of Bank of New York Mellon in the first quarter worth approximately $32,000. 85.31% of the stock is currently owned by institutional investors.

Bank of New York Mellon Stock Performance

Shares of BK opened at $103.69 on Monday. The company's 50 day moving average price is $99.81 and its 200 day moving average price is $89.91. 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 market capitalization of $73.12 billion, a PE ratio of 15.83, a PEG ratio of 0.98 and a beta of 1.14. The company has a debt-to-equity ratio of 0.86, a quick ratio of 0.72 and a current ratio of 0.72.

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 the consensus estimate of $1.73 by $0.21. The company had revenue of $4.77 billion during 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%. The company's revenue for the quarter was up 9.4% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.51 earnings per share. Research analysts expect 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 announced a quarterly dividend, which was paid on Thursday, August 7th. Shareholders of record on Friday, July 25th were given 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 annualized dividend and a yield of 2.0%. Bank of New York Mellon's dividend payout ratio (DPR) is currently 32.37%.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on BK shares. Keefe, Bruyette & Woods lifted their target price on shares of Bank of New York Mellon from $105.00 to $113.00 and gave the stock an "outperform" rating in a research report on Wednesday, July 16th. Truist Financial lifted 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 research report on Thursday, August 14th. Morgan Stanley lifted their target price on shares of Bank of New York Mellon from $95.00 to $101.00 and gave the stock an "overweight" rating in a research report on Wednesday, July 16th. Wells Fargo & Company lifted 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 research report on Wednesday, July 16th. Finally, Citigroup lifted their target price on shares of Bank of New York Mellon from $92.00 to $105.00 and gave the stock a "neutral" rating in a research report on Friday. Eight equities research analysts have rated the stock with a Buy rating and six have given a Hold rating to the company. According to MarketBeat.com, Bank of New York Mellon currently has a consensus rating of "Moderate Buy" and an average price target 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 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 transaction, the executive vice president directly 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 filing with the SEC, which is available through the SEC website. 0.14% of the stock is owned by 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.

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