Trillium Asset Management LLC Cuts Stake in The Bank of New York Mellon Corporation (NYSE:BK)

Key Points

• Trillium Asset Management LLC reduced its holdings in The Bank of New York Mellon by 6.2%, now owning 166,398 shares valued at approximately $13.96 million.
• The Bank of New York Mellon reported earnings of $1.94 per share for the last quarter, exceeding analysts' estimates, with revenue showing a 9.4% year-over-year increase.
• The company has recently increased its quarterly dividend from $0.47 to $0.53, representing an annual yield of 2.1% and a payout ratio of 32.37%.

Trillium Asset Management LLC reduced its position in The Bank of New York Mellon Corporation (NYSE:BK - Free Report) by 6.2% in the 1st quarter, according to its most recent filing with the SEC. The fund owned 166,398 shares of the bank's stock after selling 11,009 shares during the period. Trillium Asset Management LLC's holdings in Bank of New York Mellon were worth $13,956,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also made changes to their positions in the company. Capital Analysts LLC raised its stake in shares of Bank of New York Mellon by 3.7% during the 4th quarter. Capital Analysts LLC now owns 3,317 shares of the bank's stock worth $255,000 after buying an additional 119 shares in the last quarter. Hemington Wealth Management increased its stake in Bank of New York Mellon by 8.0% in the 1st quarter. Hemington Wealth Management now owns 1,628 shares of the bank's stock valued at $136,000 after purchasing an additional 121 shares in the last quarter. Y.D. More Investments Ltd increased its stake in Bank of New York Mellon by 13.8% in the 1st quarter. Y.D. More Investments Ltd now owns 1,030 shares of the bank's stock valued at $86,000 after purchasing an additional 125 shares in the last quarter. Syon Capital LLC increased its stake in Bank of New York Mellon by 2.5% in the 4th quarter. Syon Capital LLC now owns 5,432 shares of the bank's stock valued at $417,000 after purchasing an additional 132 shares in the last quarter. Finally, Ontario Teachers Pension Plan Board increased its stake in Bank of New York Mellon by 1.1% in the 1st quarter. Ontario Teachers Pension Plan Board now owns 12,504 shares of the bank's stock valued at $1,049,000 after purchasing an additional 138 shares in the last quarter. 85.31% of the stock is owned by hedge funds and other institutional investors.

Bank of New York Mellon Trading Up 1.6%

Shares of BK stock traded up $1.59 during mid-day trading on Thursday, hitting $103.50. 2,943,077 shares of the company's stock were exchanged, compared to its average volume of 4,244,689. The Bank of New York Mellon Corporation has a fifty-two week low of $64.50 and a fifty-two week high of $104.47. The stock has a 50-day simple moving average of $95.25 and a two-hundred day simple moving average of $87.86. The company has a quick ratio of 0.72, a current ratio of 0.72 and a debt-to-equity ratio of 0.86. The stock has a market cap of $72.99 billion, a price-to-earnings ratio of 15.80, a PEG ratio of 1.00 and a beta of 1.12.

Bank of New York Mellon (NYSE:BK - Get Free Report) last posted its quarterly earnings data on Tuesday, July 15th. The bank reported $1.94 earnings per share (EPS) for the quarter, topping 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 business had revenue of $4.77 billion for the quarter, compared to analysts' expectations of $4.80 billion. During the same quarter last year, the firm earned $1.51 earnings per share. The business's revenue was up 9.4% on a year-over-year basis. Equities analysts expect 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 company also recently announced a quarterly dividend, which was paid on Thursday, August 7th. Investors of record on Friday, July 25th were given 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 of this dividend was Friday, July 25th. This represents a $2.12 annualized dividend and a dividend yield of 2.0%. Bank of New York Mellon's dividend payout ratio is 32.37%.

Insider Buying and Selling at Bank of New York Mellon

In related news, EVP J Kevin Mccarthy sold 20,000 shares of the stock in a transaction on Tuesday, July 22nd. The stock was sold at an average price of $98.45, for a total value of $1,969,000.00. Following the transaction, the executive vice president directly owned 35,115 shares of the company's stock, valued at approximately $3,457,071.75. This trade represents a 36.29% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Company insiders own 0.14% of the company's stock.

Analyst Upgrades and Downgrades

BK has been the subject of several research analyst reports. Evercore ISI raised 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 objective on Bank of New York Mellon from $96.00 to $100.00 and gave the company an "equal weight" rating in a research note on Wednesday, July 16th. Keefe, Bruyette & Woods raised their price objective on Bank of New York Mellon from $105.00 to $113.00 and gave the company an "outperform" rating in a research note on Wednesday, July 16th. Morgan Stanley raised their price objective on 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. Finally, Truist Financial increased their target price on Bank of New York Mellon from $100.00 to $109.00 and gave the company a "hold" rating in a report on Thursday. Seven investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the company's stock. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $95.08.

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.