BOCHK Asset Management Ltd Decreases Stake in The Bank of New York Mellon Corporation (NYSE:BK)

BOCHK Asset Management Ltd reduced its holdings in The Bank of New York Mellon Corporation (NYSE:BK - Free Report) by 82.0% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 13,000 shares of the bank's stock after selling 59,400 shares during the quarter. Bank of New York Mellon makes up approximately 0.6% of BOCHK Asset Management Ltd's holdings, making the stock its 16th largest holding. BOCHK Asset Management Ltd's holdings in Bank of New York Mellon were worth $1,090,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also modified their holdings of the company. TrueMark Investments LLC bought a new stake in shares of Bank of New York Mellon during the 1st quarter valued at $4,282,000. O Shaughnessy Asset Management LLC increased its holdings in Bank of New York Mellon by 11.7% during the 4th quarter. O Shaughnessy Asset Management LLC now owns 786,496 shares of the bank's stock worth $60,426,000 after purchasing an additional 82,671 shares in the last quarter. Wealth Enhancement Advisory Services LLC boosted its stake in shares of Bank of New York Mellon by 29.1% during the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 223,438 shares of the bank's stock worth $18,740,000 after buying an additional 50,368 shares during the last quarter. Sumitomo Mitsui DS Asset Management Company Ltd boosted its stake in shares of Bank of New York Mellon by 121.8% during the 1st quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 183,602 shares of the bank's stock worth $15,399,000 after buying an additional 100,810 shares during the last quarter. Finally, Natixis Advisors LLC boosted its stake in shares of Bank of New York Mellon by 6.5% during the 4th quarter. Natixis Advisors LLC now owns 285,965 shares of the bank's stock worth $21,971,000 after buying an additional 17,457 shares during the last quarter. 85.31% of the stock is owned by institutional investors and hedge funds.

Bank of New York Mellon Trading Up 0.5%

BK stock traded up $0.50 during midday trading on Wednesday, hitting $93.19. The stock had a trading volume of 1,695,335 shares, compared to its average volume of 4,122,467. The firm has a market cap of $66.67 billion, a P/E ratio of 15.17, a price-to-earnings-growth ratio of 1.04 and a beta of 1.07. The company has a current ratio of 0.69, a quick ratio of 0.69 and a debt-to-equity ratio of 0.81. The Bank of New York Mellon Corporation has a 1-year low of $59.41 and a 1-year high of $93.80. The business has a fifty day moving average price of $88.86 and a two-hundred day moving average price of $84.29.

Bank of New York Mellon (NYSE:BK - Get Free Report) last released its earnings results on Friday, April 11th. The bank reported $1.58 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.50 by $0.08. The business had revenue of $4.79 billion for the quarter, compared to analyst estimates of $4.76 billion. Bank of New York Mellon had a net margin of 11.78% and a return on equity of 12.96%. Bank of New York Mellon's revenue for the quarter was up 5.9% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.29 earnings per share. On average, sell-side analysts predict 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 Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, May 2nd. Shareholders of record on Monday, April 21st were paid a $0.47 dividend. This represents a $1.88 annualized dividend and a yield of 2.02%. The ex-dividend date was Monday, April 21st. Bank of New York Mellon's dividend payout ratio (DPR) is currently 30.62%.

Insider Buying and Selling at Bank of New York Mellon

In related news, VP Catherine Keating sold 65,473 shares of the company's stock in a transaction dated Monday, April 14th. The shares were sold at an average price of $77.31, for a total value of $5,061,717.63. Following the sale, the vice president owned 87,542 shares in the company, valued at $6,767,872.02. This represents a 42.79% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP J Kevin Mccarthy sold 30,000 shares of the company's stock in a transaction dated Tuesday, April 29th. The stock was sold at an average price of $79.03, for a total transaction of $2,370,900.00. Following the completion of the sale, the executive vice president owned 55,115 shares in the company, valued at $4,355,738.45. This represents a 35.25% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 101,114 shares of company stock valued at $7,869,795. Corporate insiders own 0.14% of the company's stock.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on the stock. Truist Financial downgraded shares of Bank of New York Mellon from a "buy" rating to a "hold" rating and raised their target price for the company from $87.00 to $97.00 in a research note on Wednesday, May 28th. Evercore ISI raised their target price on shares of Bank of New York Mellon from $88.00 to $90.00 and gave the stock an "in-line" rating in a report on Wednesday, July 2nd. Morgan Stanley raised their target price on shares of Bank of New York Mellon from $94.00 to $95.00 and gave the stock an "overweight" rating in a report on Tuesday, June 3rd. Royal Bank Of Canada reissued a "sector perform" rating and issued a $90.00 price objective on shares of Bank of New York Mellon in a research note on Monday, March 17th. Finally, Citigroup raised their target price 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. Seven equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. According to data from MarketBeat, Bank of New York Mellon currently has a consensus rating of "Moderate Buy" and a consensus target price of $92.08.

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.