Russell Investments Group Ltd. Sells 294,330 Shares of The Bank of New York Mellon Corporation (NYSE:BK)

Key Points

• Russell Investments Group Ltd. has reduced its stake in The Bank of New York Mellon Corporation by 35.1% to 543,183 shares, now representing 0.08% of the bank's stock valued at approximately $45.5 million.
• The Bank of New York Mellon has recently announced a quarterly dividend increase from $0.47 to $0.53 per share, resulting in a current annualized dividend of $2.12 and a yield of 2.1%.
• Several analysts have revised their price targets for the bank, with Keefe, Bruyette & Woods raising it to $113.00, while the consensus rating remains a "Moderate Buy" with an average price target of $94.38.

Russell Investments Group Ltd. decreased its holdings in shares of The Bank of New York Mellon Corporation (NYSE:BK - Free Report) by 35.1% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 543,183 shares of the bank's stock after selling 294,330 shares during the period. Russell Investments Group Ltd. owned 0.08% of Bank of New York Mellon worth $45,457,000 at the end of the most recent reporting period.

Several other large investors have also added to or reduced their stakes in the business. Ameriprise Financial Inc. grew its position in Bank of New York Mellon by 0.3% during the fourth quarter. Ameriprise Financial Inc. now owns 11,821,988 shares of the bank's stock valued at $908,281,000 after buying an additional 35,413 shares during the period. Northern Trust Corp increased its position in Bank of New York Mellon by 19.1% in the fourth quarter. Northern Trust Corp now owns 9,533,615 shares of the bank's stock worth $732,468,000 after buying an additional 1,526,686 shares during the last quarter. Nuveen LLC bought a new stake in shares of Bank of New York Mellon in the first quarter valued at $773,627,000. Invesco Ltd. lifted its holdings in Bank of New York Mellon by 8.8% during the first quarter. Invesco Ltd. now owns 8,264,176 shares of the bank's stock valued at $693,116,000 after purchasing an additional 667,966 shares during the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its stake in shares of Bank of New York Mellon by 15.9% in the fourth 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. Institutional investors and hedge funds own 85.31% of the company's stock.

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 transaction of $1,969,000.00. Following the completion of the sale, the executive vice president directly owned 35,115 shares in the company, valued at approximately $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 can be accessed through the SEC website. 0.14% of the stock is currently owned by company insiders.

Bank of New York Mellon Trading Down 2.4%

BK traded down $2.44 during trading on Friday, hitting $100.91. 3,736,893 shares of the stock traded hands, compared to its average volume of 3,571,795. The firm has a market capitalization of $71.17 billion, a P/E ratio of 15.41, a price-to-earnings-growth ratio of 0.97 and a beta of 1.12. The Bank of New York Mellon Corporation has a 12-month low of $65.01 and a 12-month high of $104.47. The company has a debt-to-equity ratio of 0.86, a current ratio of 0.72 and a quick ratio of 0.72. The firm has a 50-day moving average of $95.77 and a 200 day moving average of $88.09.

Bank of New York Mellon (NYSE:BK - Get Free Report) last issued its quarterly earnings data 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 business had revenue of $4.77 billion during the quarter, compared to analyst estimates of $4.80 billion. During the same period last year, the business posted $1.51 earnings per share. Bank of New York Mellon's quarterly revenue was up 9.4% compared to the same quarter last year. Equities research analysts anticipate that The Bank of New York Mellon Corporation will post 6.96 EPS for the current year.

Bank of New York Mellon Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, August 7th. Stockholders of record on Friday, July 25th were paid a $0.53 dividend. This is an increase from Bank of New York Mellon's previous quarterly dividend of $0.47. The ex-dividend date was Friday, July 25th. This represents a $2.12 dividend on an annualized basis and a dividend yield of 2.1%. Bank of New York Mellon's dividend payout ratio (DPR) is 32.37%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on BK shares. Keefe, Bruyette & Woods boosted their target price on shares of Bank of New York Mellon from $105.00 to $113.00 and gave the company an "outperform" rating in a report on Wednesday, July 16th. Truist Financial increased their price objective on Bank of New York Mellon from $100.00 to $109.00 and gave the stock a "hold" rating in a report on Thursday. Evercore ISI lifted their target price 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. Wells Fargo & Company raised their price objective on shares of Bank of New York Mellon from $96.00 to $100.00 and gave the company an "equal weight" rating in a research report on Wednesday, July 16th. Finally, 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 note on Wednesday, July 16th. Seven analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $95.08.

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.