The Bank of New York Mellon Corporation $BK Shares Sold by HighTower Advisors LLC

Key Points

• HighTower Advisors LLC reduced its stake in The Bank of New York Mellon Corporation by 4.0%, now holding 390,490 shares valued at approximately $32.75 million.
• Bank of New York Mellon recently announced an increase in its quarterly dividend from $0.47 to $0.53 per share, representing a yield of 2.1%.
• Despite a slight decline in share price, analysts have generally rated the stock positively, with a consensus rating of "Moderate Buy" and a target price averaging around $95.08.

HighTower Advisors LLC trimmed its position in shares of The Bank of New York Mellon Corporation (NYSE:BK - Free Report) by 4.0% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 390,490 shares of the bank's stock after selling 16,437 shares during the quarter. HighTower Advisors LLC owned 0.05% of Bank of New York Mellon worth $32,750,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in BK. Nuveen LLC bought a new stake in Bank of New York Mellon during the 1st quarter worth about $773,627,000. Northern Trust Corp boosted its position in Bank of New York Mellon by 19.1% during the fourth quarter. Northern Trust Corp now owns 9,533,615 shares of the bank's stock valued at $732,468,000 after purchasing an additional 1,526,686 shares during the last quarter. GAMMA Investing LLC grew its stake in Bank of New York Mellon by 9,538.9% in the first quarter. GAMMA Investing LLC now owns 1,399,958 shares of the bank's stock valued at $117,414,000 after purchasing an additional 1,385,434 shares in the last quarter. AustralianSuper Pty Ltd acquired a new position in shares of Bank of New York Mellon during the 1st quarter worth approximately $92,502,000. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its stake in shares of Bank of New York Mellon by 15.9% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 7,689,477 shares of the bank's stock worth $590,783,000 after purchasing an additional 1,055,389 shares in the last quarter. 85.31% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of equities analysts recently weighed in on BK shares. Wells Fargo & Company boosted 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 report on Wednesday, July 16th. Truist Financial lifted their price objective on shares of Bank of New York Mellon from $100.00 to $109.00 and gave the company a "hold" rating in a research report on Thursday. Evercore ISI upped their target price 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 lifted their price target on Bank of New York Mellon from $95.00 to $101.00 and gave the stock an "overweight" rating in a report on Wednesday, July 16th. Finally, Keefe, Bruyette & Woods raised their price objective on Bank of New York Mellon from $105.00 to $113.00 and gave the company an "outperform" rating in a research report on Wednesday, July 16th. Seven investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the company's stock. Based on data from MarketBeat, Bank of New York Mellon has an average rating of "Moderate Buy" and a consensus price target of $95.08.

Bank of New York Mellon Stock Up 0.7%

NYSE:BK traded up $0.74 during trading hours on Monday, reaching $101.74. 1,908,996 shares of the company traded hands, compared to its average volume of 4,225,857. The stock has a market capitalization of $71.75 billion, a P/E ratio of 15.53, a P/E/G ratio of 0.97 and a beta of 1.12. The business's 50-day moving average price is $95.77 and its two-hundred day moving average price is $88.10. The Bank of New York Mellon Corporation has a 1 year low of $65.01 and a 1 year high of $104.47. The company has a current ratio of 0.72, a quick ratio of 0.72 and a debt-to-equity ratio of 0.86.

Bank of New York Mellon (NYSE:BK - Get Free Report) last announced its quarterly earnings data on Tuesday, July 15th. The bank reported $1.94 EPS for the quarter, beating the consensus estimate of $1.73 by $0.21. The business had revenue of $4.77 billion for the quarter, compared to the consensus estimate of $4.80 billion. Bank of New York Mellon had a return on equity of 13.46% and a net margin of 12.27%. The business's revenue was up 9.4% on a year-over-year basis. During the same period in the previous year, the business earned $1.51 earnings per share. Analysts predict that The Bank of New York Mellon Corporation will post 6.96 earnings per share for the current year.

Bank of New York Mellon Increases Dividend

The company 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. This represents a $2.12 annualized dividend and a yield of 2.1%. This is an increase from Bank of New York Mellon's previous quarterly dividend of $0.47. The ex-dividend date of this dividend was Friday, July 25th. Bank of New York Mellon's payout ratio is currently 32.37%.

Insider Transactions at Bank of New York Mellon

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 stock was 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 of the company's stock, valued at approximately $3,457,071.75. This trade represents a 36.29% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.14% of the stock is currently owned by company insiders.

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.