Brandywine Global Investment Management LLC Sells 22,879 Shares of The Bank of New York Mellon Corporation $BK

Key Points

• Brandywine Global Investment Management LLC has reduced its stake in The Bank of New York Mellon by 5.3%, now holding approximately 0.06% of the bank's shares valued at about $34.59 million.
• The bank recently increased its quarterly dividend to $0.53 per share, marking a rise from its previous dividend of $0.47 and offering an annualized yield of 2.1%.
• Analysts maintain a mostly positive outlook, with several firms raising their price targets for the bank, reflecting an average target price currently hovering around $100.00.

Brandywine Global Investment Management LLC cut its holdings in The Bank of New York Mellon Corporation (NYSE:BK - Free Report) by 5.3% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 412,388 shares of the bank's stock after selling 22,879 shares during the period. Brandywine Global Investment Management LLC owned 0.06% of Bank of New York Mellon worth $34,587,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently bought and sold shares of the business. Trivium Point Advisory LLC boosted its holdings in Bank of New York Mellon by 5.0% in the 1st quarter. Trivium Point Advisory LLC now owns 11,666 shares of the bank's stock worth $978,000 after buying an additional 557 shares during the period. Kovitz Investment Group Partners LLC boosted its holdings in Bank of New York Mellon by 17.7% in the 1st quarter. Kovitz Investment Group Partners LLC now owns 447,332 shares of the bank's stock worth $37,518,000 after buying an additional 67,248 shares during the period. Vestmark Advisory Solutions Inc. bought a new position in Bank of New York Mellon in the 1st quarter worth approximately $223,000. William B. Walkup & Associates Inc. boosted its holdings in Bank of New York Mellon by 3.0% in the 1st quarter. William B. Walkup & Associates Inc. now owns 15,149 shares of the bank's stock worth $1,271,000 after buying an additional 441 shares during the period. Finally, National Pension Service boosted its holdings in Bank of New York Mellon by 5.2% in the 1st quarter. National Pension Service now owns 2,290,689 shares of the bank's stock worth $192,120,000 after buying an additional 113,634 shares during the period. 85.31% of the stock is owned by institutional investors.

Bank of New York Mellon Price Performance

Shares of Bank of New York Mellon stock traded up $0.44 on Wednesday, hitting $101.52. 1,522,680 shares of the company traded hands, compared to its average volume of 4,209,232. The firm's 50-day simple moving average is $96.22 and its 200 day simple moving average is $88.30. 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 market cap of $71.60 billion, a P/E ratio of 15.51, a P/E/G ratio of 0.98 and a beta of 1.12. The Bank of New York Mellon Corporation has a 12-month low of $65.01 and a 12-month high of $104.47.

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. The firm had revenue of $4.77 billion for the quarter, compared to analysts' expectations 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 business's quarterly revenue was up 9.4% on a year-over-year basis. During the same quarter last year, the company posted $1.51 EPS. Analysts expect 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 business also recently disclosed a quarterly dividend, which was paid on Thursday, August 7th. Stockholders 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 was Friday, July 25th. This represents a $2.12 annualized dividend and a dividend yield of 2.1%. Bank of New York Mellon's dividend payout ratio is 32.37%.

Insider Buying and Selling at Bank of New York Mellon

In other news, EVP J Kevin Mccarthy sold 20,000 shares of the firm's 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 sale, the executive vice president 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 filing with the SEC, which can be accessed through this link. Company insiders own 0.14% of the company's stock.

Wall Street Analyst Weigh In

Several research analysts recently commented on the stock. Keefe, Bruyette & Woods raised their price objective on shares of 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 raised their price target on shares of Bank of New York Mellon from $100.00 to $109.00 and gave the company a "hold" rating in a report on Thursday, August 14th. Evercore ISI raised their price target on shares of Bank of New York Mellon from $88.00 to $90.00 and gave the company an "in-line" rating in a report on Wednesday, July 2nd. Morgan Stanley raised their price target on shares of 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. Finally, Wells Fargo & Company raised their price target on shares of 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 issued a Hold rating to the company. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $95.08.

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.