CORDA Investment Management LLC. lowered its stake in shares of The Bank of New York Mellon Corporation (NYSE:BK - Free Report) by 3.5% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 681,910 shares of the bank's stock after selling 25,000 shares during the quarter. Bank of New York Mellon makes up about 4.5% of CORDA Investment Management LLC.'s holdings, making the stock its 2nd biggest position. CORDA Investment Management LLC. owned 0.09% of Bank of New York Mellon worth $57,192,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. TrueMark Investments LLC acquired a new position in shares of Bank of New York Mellon in the 1st quarter valued at $4,282,000. O Shaughnessy Asset Management LLC increased its holdings in shares of Bank of New York Mellon by 11.7% in the 4th quarter. O Shaughnessy Asset Management LLC now owns 786,496 shares of the bank's stock valued at $60,426,000 after acquiring an additional 82,671 shares during the period. Wealth Enhancement Advisory Services LLC increased its holdings in shares of Bank of New York Mellon by 29.1% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 223,438 shares of the bank's stock valued at $18,740,000 after acquiring an additional 50,368 shares during the period. Sumitomo Mitsui DS Asset Management Company Ltd increased its holdings in shares of Bank of New York Mellon by 121.8% in the 1st quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 183,602 shares of the bank's stock valued at $15,399,000 after acquiring an additional 100,810 shares during the period. Finally, Natixis Advisors LLC increased its holdings in shares of Bank of New York Mellon by 6.5% in the 4th quarter. Natixis Advisors LLC now owns 285,965 shares of the bank's stock valued at $21,971,000 after acquiring an additional 17,457 shares during the period. Institutional investors and hedge funds own 85.31% of the company's stock.
Insider Buying and Selling
In related news, VP Catherine Keating sold 65,473 shares of the business's stock in a transaction dated 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 directly owned 87,542 shares in the company, valued at $6,767,872.02. The trade was a 42.79% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP J Kevin Mccarthy sold 30,000 shares of the business's stock in a transaction dated Tuesday, April 29th. The stock was 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 owned 55,115 shares in the company, valued at $4,355,738.45. This represents a 35.25% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 101,114 shares of company stock worth $7,869,795 in the last three months. Corporate insiders own 0.14% of the company's stock.
Bank of New York Mellon Price Performance
Shares of NYSE BK traded up $0.04 during trading on Friday, hitting $93.70. 4,276,886 shares of the company were exchanged, compared to its average volume of 4,117,795. The company has a market cap of $67.04 billion, a price-to-earnings ratio of 15.26, a PEG ratio of 1.00 and a beta of 1.07. The Bank of New York Mellon Corporation has a 1 year low of $60.93 and a 1 year high of $93.93. The firm's fifty day moving average price is $89.60 and its 200 day moving average price is $84.61. The company has a debt-to-equity ratio of 0.81, a current ratio of 0.69 and a quick ratio of 0.69.
Bank of New York Mellon (NYSE:BK - Get Free Report) last issued its earnings results on Friday, April 11th. The bank reported $1.58 EPS for the quarter, topping the consensus estimate of $1.50 by $0.08. The company had revenue of $4.79 billion for the quarter, compared to analyst estimates of $4.76 billion. Bank of New York Mellon had a net margin of 11.78% and a return on equity of 12.96%. The business's revenue was up 5.9% on a year-over-year basis. During the same period in the previous year, the firm earned $1.29 EPS. On average, sell-side 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 Announces Dividend
The firm also recently disclosed a quarterly dividend, which was paid on Friday, May 2nd. Investors of record on Monday, April 21st were given a $0.47 dividend. The ex-dividend date of this dividend was Monday, April 21st. This represents a $1.88 annualized dividend and a dividend yield of 2.01%. Bank of New York Mellon's dividend payout ratio is presently 30.62%.
Wall Street Analyst Weigh In
A number of equities analysts have recently commented on BK shares. Morgan Stanley lifted their target price on shares of Bank of New York Mellon from $94.00 to $95.00 and gave the company an "overweight" rating in a report on Tuesday, June 3rd. Citigroup lifted their price objective on shares of Bank of New York Mellon from $82.00 to $85.00 and gave the company a "neutral" rating in a research report on Monday, March 24th. Truist Financial lowered shares of Bank of New York Mellon from a "buy" rating to a "hold" rating and lifted their price objective for the company from $87.00 to $97.00 in a research report on Wednesday, May 28th. Royal Bank Of Canada reiterated a "sector perform" rating and issued a $90.00 price objective on shares of Bank of New York Mellon in a research report on Monday, March 17th. Finally, Evercore ISI lifted their price objective on shares of Bank of New York Mellon from $88.00 to $90.00 and gave the company an "in-line" rating in a research report on Wednesday, July 2nd. Seven research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company's stock. Based on data from MarketBeat, Bank of New York Mellon currently has an average rating of "Moderate Buy" and a consensus target price of $92.08.
View Our Latest Stock Report on BK
Bank of New York Mellon Profile
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Free Report)
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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