The Bank of New York Mellon Corporation (NYSE:BK) is LSV Asset Management's 3rd Largest Position

Key Points

• LSV Asset Management has reduced its holding in The Bank of New York Mellon (NYSE: BK) by 6.2%, selling 434,380 shares, which now represents 1.3% of their investment portfolio.
• The Bank of New York Mellon reported a quarterly earnings per share (EPS) of $1.94, exceeding expectations of $1.73, with a year-over-year revenue growth of 9.4% to $4.77 billion.
• The company has increased its quarterly dividend from $0.47 to $0.53 per share, which equates to an annualized dividend of $2.12 and a dividend yield of 2.1%.

LSV Asset Management reduced its stake in The Bank of New York Mellon Corporation (NYSE:BK - Free Report) by 6.2% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 6,596,851 shares of the bank's stock after selling 434,380 shares during the period. Bank of New York Mellon makes up 1.3% of LSV Asset Management's portfolio, making the stock its 3rd biggest position. LSV Asset Management owned approximately 0.92% of Bank of New York Mellon worth $553,278,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. FMR LLC grew its stake in shares of Bank of New York Mellon by 19.3% in the fourth quarter. FMR LLC now owns 23,071,584 shares of the bank's stock worth $1,772,590,000 after acquiring an additional 3,732,862 shares during the period. Northern Trust Corp grew its position in Bank of New York Mellon by 19.1% in the 4th quarter. Northern Trust Corp now owns 9,533,615 shares of the bank's stock worth $732,468,000 after purchasing an additional 1,526,686 shares during the period. GAMMA Investing LLC raised its stake in Bank of New York Mellon by 9,538.9% during the 1st quarter. GAMMA Investing LLC now owns 1,399,958 shares of the bank's stock valued at $117,414,000 after buying an additional 1,385,434 shares during the last quarter. AustralianSuper Pty Ltd bought a new position in shares of Bank of New York Mellon during the 1st quarter valued at $92,502,000. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its stake in shares of Bank of New York Mellon by 15.9% in 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 buying an additional 1,055,389 shares during the last quarter. 85.31% of the stock is currently owned by institutional investors.

Insider Activity

In related news, EVP J Kevin Mccarthy sold 20,000 shares of the business's stock in a transaction that occurred on Tuesday, July 22nd. The shares were sold at an average price of $98.45, for a total value of $1,969,000.00. Following the completion of the transaction, the executive vice president owned 35,115 shares of the company's stock, valued at $3,457,071.75. The trade was a 36.29% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Corporate insiders own 0.14% of the company's stock.

Wall Street Analyst Weigh In

A number of analysts have commented on the stock. Truist Financial upped their target price on shares of Bank of New York Mellon from $97.00 to $100.00 and gave the company a "hold" rating in a report on Wednesday, July 16th. Morgan Stanley raised their target price 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. Evercore ISI boosted their price target on 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. Keefe, Bruyette & Woods raised their price objective on Bank of New York Mellon from $105.00 to $113.00 and gave the stock an "outperform" rating in a research note on Wednesday, July 16th. Finally, Wells Fargo & Company upped 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. Seven analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and an average price target of $94.38.

Bank of New York Mellon Stock Down 1.6%

NYSE BK traded down $1.67 on Friday, reaching $99.78. 3,665,800 shares of the stock traded hands, compared to its average volume of 4,486,280. The Bank of New York Mellon Corporation has a 12 month low of $60.93 and a 12 month high of $103.16. The company has a market cap of $71.39 billion, a price-to-earnings ratio of 15.23, a PEG ratio of 0.97 and a beta of 1.12. The company has a fifty day moving average price of $93.13 and a 200-day moving average price of $86.90. The company has a debt-to-equity ratio of 0.86, a quick ratio of 0.69 and a current ratio of 0.72.

Bank of New York Mellon (NYSE:BK - Get Free Report) last released 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. Bank of New York Mellon had a return on equity of 13.46% and a net margin of 12.27%. The firm had revenue of $4.77 billion during the quarter, compared to the consensus estimate of $4.80 billion. During the same period in the previous year, the company posted $1.51 earnings per share. The firm's quarterly revenue was up 9.4% on a year-over-year basis. As a group, research analysts forecast that The Bank of New York Mellon Corporation will post 6.96 EPS for the current fiscal year.

Bank of New York Mellon Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, August 7th. Stockholders of record on Friday, July 25th will be paid a dividend of $0.53 per share. This is a boost from Bank of New York Mellon's previous quarterly dividend of $0.47. This represents a $2.12 dividend on an annualized basis and a dividend yield of 2.1%. The ex-dividend date is Friday, July 25th. Bank of New York Mellon's payout ratio is 32.37%.

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.