Tranquilli Financial Advisor LLC Cuts Stock Holdings in The Bank of New York Mellon Corporation (NYSE:BK)

Key Points

• Tranquilli Financial Advisor LLC reduced its holdings in The Bank of New York Mellon Corporation by 32.7%, selling 3,276 shares and retaining a total of 6,745 shares valued at approximately $566,000.
• Several brokerages have increased their price targets for Bank of New York Mellon, with Morgan Stanley raising its target from $95.00 to $101.00, resulting in a consensus rating of "Moderate Buy."
• The Bank of New York Mellon recently declared a quarterly dividend of $0.53 per share, marking an increase from the previous dividend of $0.47, which reflects a 2.1% annual yield.

Tranquilli Financial Advisor LLC trimmed its holdings in shares of The Bank of New York Mellon Corporation (NYSE:BK - Free Report) by 32.7% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 6,745 shares of the bank's stock after selling 3,276 shares during the period. Tranquilli Financial Advisor LLC's holdings in Bank of New York Mellon were worth $566,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Ameriprise Financial Inc. grew its holdings in Bank of New York Mellon by 0.3% during the 4th quarter. Ameriprise Financial Inc. now owns 11,821,988 shares of the bank's stock worth $908,281,000 after acquiring an additional 35,413 shares in the last quarter. Northern Trust Corp boosted its holdings in shares of 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 valued at $732,468,000 after buying an additional 1,526,686 shares in the last quarter. Nuveen LLC bought a new stake in shares of Bank of New York Mellon in the 1st quarter valued at about $773,627,000. Invesco Ltd. boosted its holdings in shares of Bank of New York Mellon by 8.8% in the 1st quarter. Invesco Ltd. now owns 8,264,176 shares of the bank's stock valued at $693,116,000 after buying an additional 667,966 shares in the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its holdings 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 valued at $590,783,000 after buying an additional 1,055,389 shares in the last quarter. 85.31% of the stock is currently owned by institutional investors.

Bank of New York Mellon Stock Performance

BK stock traded up $1.59 during trading on Thursday, reaching $103.50. The company had a trading volume of 2,943,075 shares, compared to its average volume of 4,244,615. The Bank of New York Mellon Corporation has a twelve month low of $64.50 and a twelve month high of $104.47. The company has a debt-to-equity ratio of 0.86, a quick ratio of 0.72 and a current ratio of 0.72. The company has a market cap of $72.99 billion, a price-to-earnings ratio of 15.80, a price-to-earnings-growth ratio of 1.00 and a beta of 1.12. The firm has a 50-day simple moving average of $95.25 and a 200-day simple moving average of $87.86.

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 earnings per share (EPS) for the quarter, topping analysts' consensus estimates 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 company had revenue of $4.77 billion during the quarter, compared to analyst estimates of $4.80 billion. During the same period last year, the firm posted $1.51 EPS. Bank of New York Mellon's revenue for the quarter was up 9.4% compared to the same quarter last year. As a group, sell-side analysts expect that The Bank of New York Mellon Corporation will post 6.96 earnings per share for the current year.

Bank of New York Mellon Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, August 7th. Shareholders of record on Friday, July 25th were given a dividend of $0.53 per share. The ex-dividend date of this dividend was Friday, July 25th. This represents a $2.12 dividend on an annualized basis and a yield of 2.0%. This is a boost from Bank of New York Mellon's previous quarterly dividend of $0.47. Bank of New York Mellon's payout ratio is 32.37%.

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on BK. Evercore ISI raised their price target on shares of 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. Morgan Stanley raised their price target on shares of 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. Wells Fargo & Company raised their price target on shares of Bank of New York Mellon from $96.00 to $100.00 and gave the company an "equal weight" rating in a report on Wednesday, July 16th. Truist Financial raised their price target on shares of Bank of New York Mellon from $100.00 to $109.00 and gave the company a "hold" rating in a report on Thursday. Finally, Keefe, Bruyette & Woods raised their price target 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. Seven research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $95.08.

Insider Transactions at Bank of New York Mellon

In other news, EVP J Kevin Mccarthy sold 20,000 shares of Bank of New York Mellon 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 transaction, the executive vice president directly owned 35,115 shares of the company's stock, valued at $3,457,071.75. The trade was a 36.29% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 0.14% of the company's stock.

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.