The Bank of New York Mellon Corporation $BK Stock Position Lessened by Conning Inc.

Key Points

• Conning Inc. has reduced its holdings in The Bank of New York Mellon Corporation by 6.1%, now owning 386,645 shares valued at approximately $35.2 million.
• Several other institutional investors have also modified their positions, with 85.31% of the company's stock now owned by institutional investors.
• Bank of New York Mellon recently announced a quarterly dividend increase to $0.53 per share, up from $0.47, representing an annualized yield of 2.0%.

Conning Inc. decreased its holdings in The Bank of New York Mellon Corporation (NYSE:BK - Free Report) by 6.1% in the 2nd quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 386,645 shares of the bank's stock after selling 25,319 shares during the quarter. Conning Inc. owned 0.05% of Bank of New York Mellon worth $35,227,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds also recently modified their holdings of the company. Revolve Wealth Partners LLC acquired a new stake in shares of Bank of New York Mellon in the fourth quarter valued at $220,000. Farther Finance Advisors LLC lifted its holdings in shares of Bank of New York Mellon by 88.9% in the first quarter. Farther Finance Advisors LLC now owns 8,952 shares of the bank's stock valued at $750,000 after buying an additional 4,213 shares during the period. GAMMA Investing LLC lifted its holdings in shares of Bank of New York Mellon by 14.9% in the first quarter. GAMMA Investing LLC now owns 16,692 shares of the bank's stock valued at $1,400,000 after buying an additional 2,168 shares during the period. Simplicity Wealth LLC lifted its holdings in shares of Bank of New York Mellon by 6.7% in the first quarter. Simplicity Wealth LLC now owns 4,562 shares of the bank's stock valued at $383,000 after buying an additional 285 shares during the period. Finally, Simon Quick Advisors LLC lifted its holdings in shares of Bank of New York Mellon by 44.5% in the first quarter. Simon Quick Advisors LLC now owns 7,787 shares of the bank's stock valued at $653,000 after buying an additional 2,398 shares during the period. Institutional investors own 85.31% of the company's stock.

Analyst Ratings Changes

BK has been the subject of several research analyst reports. Citigroup upped their price objective on Bank of New York Mellon from $92.00 to $105.00 and gave the company a "neutral" rating in a report on Friday, September 5th. Truist Financial upped their price objective on Bank of New York Mellon from $109.00 to $118.00 and gave the company a "hold" rating in a report on Thursday, October 2nd. Weiss Ratings restated a "buy (b+)" rating on shares of Bank of New York Mellon in a report on Wednesday. TD Cowen began coverage on Bank of New York Mellon in a report on Thursday, September 25th. They set a "buy" rating for the company. Finally, BMO Capital Markets began coverage on Bank of New York Mellon in a report on Friday, October 3rd. They set an "outperform" rating and a $125.00 target price for the company. Ten investment analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company. According to data from MarketBeat.com, Bank of New York Mellon presently has an average rating of "Moderate Buy" and an average price target of $106.77.

Bank of New York Mellon Trading Down 2.1%

Shares of NYSE BK opened at $104.63 on Friday. The Bank of New York Mellon Corporation has a 12 month low of $70.46 and a 12 month high of $110.87. The company has a market cap of $73.79 billion, a price-to-earnings ratio of 15.97, a P/E/G ratio of 1.00 and a beta of 1.13. The company has a quick ratio of 0.72, a current ratio of 0.72 and a debt-to-equity ratio of 0.86. The business has a fifty day simple moving average of $105.10 and a 200-day simple moving average of $93.68.

Bank of New York Mellon (NYSE:BK - Get Free Report) last announced its quarterly earnings data on Tuesday, March 26th. The bank reported $1.30 earnings per share (EPS) for the quarter. The firm had revenue of $4.38 billion during the quarter. Bank of New York Mellon had a return on equity of 13.46% and a net margin of 12.27%. Sell-side analysts predict that The Bank of New York Mellon Corporation will post 6.96 EPS for the current year.

Bank of New York Mellon Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, August 7th. Investors of record on Friday, July 25th were paid a $0.53 dividend. The ex-dividend date of this dividend was Friday, July 25th. This represents a $2.12 annualized dividend and a yield of 2.0%. This is an increase from Bank of New York Mellon's previous quarterly dividend of $0.47. Bank of New York Mellon's dividend payout ratio (DPR) 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 stock in a transaction dated 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 completion of the sale, the executive vice president directly owned 35,115 shares of the company's stock, valued at approximately $3,457,071.75. This represents a 36.29% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 0.14% of the company's stock.

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.

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