Truist Financial Corp Raises Stock Position in The Bank of New York Mellon Corporation (NYSE:BK)

Truist Financial Corp increased its stake in shares of The Bank of New York Mellon Corporation (NYSE:BK - Free Report) by 5.8% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,985,302 shares of the bank's stock after purchasing an additional 109,635 shares during the quarter. Truist Financial Corp owned about 0.28% of Bank of New York Mellon worth $166,507,000 at the end of the most recent quarter.

Other hedge funds have also modified their holdings of the company. TrueMark Investments LLC acquired a new stake in shares of Bank of New York Mellon during the first quarter worth $4,282,000. O Shaughnessy Asset Management LLC lifted its position in Bank of New York Mellon by 11.7% during the 4th quarter. O Shaughnessy Asset Management LLC now owns 786,496 shares of the bank's stock worth $60,426,000 after buying an additional 82,671 shares in the last quarter. Wealth Enhancement Advisory Services LLC lifted its position in Bank of New York Mellon by 29.1% during the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 223,438 shares of the bank's stock worth $18,740,000 after buying an additional 50,368 shares in the last quarter. Natixis Advisors LLC lifted its position in Bank of New York Mellon by 6.5% during the 4th quarter. Natixis Advisors LLC now owns 285,965 shares of the bank's stock worth $21,971,000 after buying an additional 17,457 shares in the last quarter. Finally, Benson Investment Management Company Inc. bought a new stake in Bank of New York Mellon during the 1st quarter worth about $5,259,000. 85.31% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other news, VP Catherine Keating sold 65,473 shares of the business's stock in a transaction that occurred on Monday, April 14th. The shares were sold at an average price of $77.31, for a total value of $5,061,717.63. Following the sale, the vice president owned 87,542 shares of the company's stock, valued at $6,767,872.02. The trade was a 42.79% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, EVP J Kevin Mccarthy sold 30,000 shares of the business's stock in a transaction that occurred on Tuesday, April 29th. The shares were sold at an average price of $79.03, for a total transaction of $2,370,900.00. Following the completion of the sale, the executive vice president directly owned 55,115 shares in the company, valued at approximately $4,355,738.45. This trade represents a 35.25% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 101,114 shares of company stock valued at $7,869,795. Company insiders own 0.14% of the company's stock.

Bank of New York Mellon Stock Down 0.2%

Shares of BK traded down $0.16 during trading hours on Friday, reaching $91.93. 2,408,224 shares of the stock traded hands, compared to its average volume of 4,129,503. The company has a current ratio of 0.69, a quick ratio of 0.69 and a debt-to-equity ratio of 0.81. The stock has a fifty day simple moving average of $88.32 and a 200 day simple moving average of $84.07. The Bank of New York Mellon Corporation has a 52 week low of $59.19 and a 52 week high of $92.85. The company has a market cap of $65.77 billion, a price-to-earnings ratio of 14.97, a PEG ratio of 1.03 and a beta of 1.07.

Bank of New York Mellon (NYSE:BK - Get Free Report) last released its quarterly earnings results on Friday, April 11th. The bank reported $1.58 earnings per share for the quarter, beating analysts' consensus estimates of $1.50 by $0.08. Bank of New York Mellon had a net margin of 11.78% and a return on equity of 12.96%. The company had revenue of $4.79 billion for the quarter, compared to analyst estimates of $4.76 billion. During the same period last year, the firm earned $1.29 earnings per share. The firm's revenue was up 5.9% on a year-over-year basis. On average, equities analysts forecast that The Bank of New York Mellon Corporation will post 6.96 EPS for the current year.

Bank of New York Mellon Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, May 2nd. Shareholders of record on Monday, April 21st were given a $0.47 dividend. This represents a $1.88 annualized dividend and a yield of 2.05%. The ex-dividend date was Monday, April 21st. Bank of New York Mellon's dividend payout ratio is 30.62%.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on BK. Evercore ISI boosted their price objective on shares of Bank of New York Mellon from $88.00 to $90.00 and gave the stock an "in-line" rating in a research note on Wednesday. Citigroup upped their price target on shares of Bank of New York Mellon from $82.00 to $85.00 and gave the company a "neutral" rating in a research note on Monday, March 24th. Morgan Stanley upped their price target on shares of Bank of New York Mellon from $94.00 to $95.00 and gave the company an "overweight" rating in a research note on Tuesday, June 3rd. Royal Bank Of Canada reiterated a "sector perform" rating and issued a $90.00 price target on shares of Bank of New York Mellon in a research note on Monday, March 17th. Finally, Truist Financial downgraded shares of Bank of New York Mellon from a "buy" rating to a "hold" rating and boosted their price objective for the company from $87.00 to $97.00 in a report on Wednesday, May 28th. Seven investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. According to MarketBeat.com, Bank of New York Mellon presently has an average rating of "Moderate Buy" and an average price target of $92.08.

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.