Longbow Finance SA Sells 10,286 Shares of The Bank of New York Mellon Corporation (NYSE:BK)

Key Points

• Longbow Finance SA has reduced its position in Bank of New York Mellon by 17.7%, now holding 47,901 shares valued at approximately $4 million.
• The bank recently reported earnings of $1.94 per share, which exceeded expectations, and announced a quarterly dividend increase from $0.47 to $0.53 per share.
• Wall Street analysts have generally positive outlooks on the stock, with several increasing their price targets, leading to a consensus rating of "Moderate Buy" and an average price target of $94.38.

Longbow Finance SA trimmed its holdings in shares of The Bank of New York Mellon Corporation (NYSE:BK - Free Report) by 17.7% in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 47,901 shares of the bank's stock after selling 10,286 shares during the period. Longbow Finance SA's holdings in Bank of New York Mellon were worth $4,017,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also made changes to their positions in BK. Parvin Asset Management LLC purchased a new stake in Bank of New York Mellon during the fourth quarter worth $25,000. Opal Wealth Advisors LLC acquired a new stake in shares of Bank of New York Mellon during the first quarter valued at about $25,000. Alpine Bank Wealth Management acquired a new position in Bank of New York Mellon in the first quarter worth about $25,000. Bellwether Advisors LLC acquired a new stake in shares of Bank of New York Mellon during the 4th quarter worth approximately $28,000. Finally, REAP Financial Group LLC raised its holdings in Bank of New York Mellon by 123.2% during the fourth quarter. REAP Financial Group LLC now owns 395 shares of the bank's stock worth $30,000 after purchasing an additional 218 shares in the last quarter. Institutional investors and hedge funds own 85.31% of the company's stock.

Bank of New York Mellon Price Performance

Shares of BK traded up $0.99 during midday trading on Friday, reaching $100.96. The stock had a trading volume of 4,123,316 shares, compared to its average volume of 4,583,163. The Bank of New York Mellon Corporation has a 52 week low of $60.93 and a 52 week high of $101.16. The company has a debt-to-equity ratio of 0.86, a current ratio of 0.72 and a quick ratio of 0.69. The firm's 50 day moving average price is $91.96 and its 200-day moving average price is $86.05. The company has a market capitalization of $72.23 billion, a P/E ratio of 15.41, a P/E/G ratio of 0.98 and a beta of 1.07.

Bank of New York Mellon (NYSE:BK - Get Free Report) last announced its quarterly earnings results on Tuesday, July 15th. The bank reported $1.94 earnings per share for the quarter, topping analysts' consensus estimates of $1.73 by $0.21. The company had revenue of $4.77 billion during the quarter, compared to analysts' expectations 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 quarterly revenue was up 9.4% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.51 earnings per share. On average, analysts forecast 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 announced a quarterly dividend, which will be paid on Thursday, August 7th. Investors of record on Friday, July 25th will be issued a dividend of $0.53 per share. This represents a $2.12 annualized dividend and a yield of 2.10%. The ex-dividend date is Friday, July 25th. This is a positive change from Bank of New York Mellon's previous quarterly dividend of $0.47. Bank of New York Mellon's dividend payout ratio is presently 28.70%.

Insiders Place Their Bets

In other Bank of New York Mellon news, 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 transaction, the executive vice president directly owned 55,115 shares in the company, valued at $4,355,738.45. The trade was a 35.25% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Insiders own 0.14% of the company's stock.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on the stock. Evercore ISI boosted 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 research note on Wednesday, July 2nd. 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. Wells Fargo & Company lifted 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. Morgan Stanley boosted their price objective on shares of Bank of New York Mellon from $95.00 to $101.00 and gave the company an "overweight" rating in a research report on Wednesday, July 16th. Finally, Truist Financial upped their price target on shares of Bank of New York Mellon from $97.00 to $100.00 and gave the company a "hold" rating in a research note on Wednesday, July 16th. Seven analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $94.38.

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.