Morningstar Investment Services LLC Cuts Holdings in The Bank of New York Mellon Corporation (NYSE:BK)

Morningstar Investment Services LLC decreased its holdings in shares of The Bank of New York Mellon Corporation (NYSE:BK - Free Report) by 49.9% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 28,472 shares of the bank's stock after selling 28,384 shares during the quarter. Morningstar Investment Services LLC's holdings in Bank of New York Mellon were worth $2,388,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also made changes to their positions in BK. Revolve Wealth Partners LLC bought a new stake in Bank of New York Mellon in the fourth quarter valued at about $220,000. OVERSEA CHINESE BANKING Corp Ltd bought a new position in shares of Bank of New York Mellon in the 4th quarter valued at about $223,000. iA Global Asset Management Inc. lifted its stake in shares of Bank of New York Mellon by 117.1% during the 4th quarter. iA Global Asset Management Inc. now owns 23,416 shares of the bank's stock worth $1,799,000 after buying an additional 12,629 shares during the last quarter. HUB Investment Partners LLC acquired a new stake in Bank of New York Mellon in the 4th quarter worth about $238,000. Finally, Lee Danner & Bass Inc. acquired a new position in shares of Bank of New York Mellon in the 4th quarter valued at approximately $90,000. Institutional investors and hedge funds own 85.31% of the company's stock.

Bank of New York Mellon Stock Performance

Shares of NYSE:BK traded up $0.08 during trading hours on Monday, hitting $98.92. The stock had a trading volume of 1,724,876 shares, compared to its average volume of 4,124,271. The company has a debt-to-equity ratio of 0.86, a quick ratio of 0.69 and a current ratio of 0.72. The firm has a market capitalization of $70.77 billion, a price-to-earnings ratio of 15.13, a PEG ratio of 0.97 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 $99.56. The stock's fifty day simple moving average is $90.84 and its 200 day simple moving average is $85.34.

Bank of New York Mellon (NYSE:BK - Get Free Report) last posted its quarterly earnings results on Tuesday, July 15th. The bank reported $1.94 EPS for the quarter, topping the consensus estimate of $1.73 by $0.21. Bank of New York Mellon had a net margin of 12.27% and a return on equity of 13.46%. The firm had revenue of $4.77 billion for the quarter, compared to the consensus estimate of $4.80 billion. During the same period last year, the firm posted $1.51 earnings per share. The business's revenue was up 9.4% compared to the same quarter last year. Sell-side analysts anticipate 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 company 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 dividend on an annualized basis and a yield of 2.14%. This is a boost from Bank of New York Mellon's previous quarterly dividend of $0.47. The ex-dividend date of this dividend is Friday, July 25th. Bank of New York Mellon's dividend payout ratio (DPR) is 28.70%.

Analyst Ratings Changes

BK has been the topic of several recent analyst reports. Citigroup increased 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. Keefe, Bruyette & Woods raised their target price 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. Evercore ISI boosted their price objective on 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. Wells Fargo & Company raised their price target on Bank of New York Mellon from $96.00 to $100.00 and gave the stock an "equal weight" rating in a research note on Wednesday, July 16th. Finally, Morgan Stanley boosted their price target on Bank of New York Mellon from $95.00 to $101.00 and gave the company an "overweight" rating in a report on Wednesday, July 16th. Seven investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company's stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $94.38.

Insiders Place Their Bets

In other Bank of New York Mellon news, EVP J Kevin Mccarthy sold 30,000 shares of the firm's stock in a transaction dated Tuesday, April 29th. The stock was sold at an average price of $79.03, for a total value of $2,370,900.00. Following the sale, the executive vice president directly owned 55,115 shares of the company's stock, valued at approximately $4,355,738.45. This trade represents a 35.25% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.14% of the stock is currently owned by insiders.

Bank of New York Mellon 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.