Trivium Point Advisory LLC Reduces Stock Holdings in The Bank of New York Mellon Corporation $BK

Key Points

• Trivium Point Advisory LLC has reduced its stake in The Bank of New York Mellon Corporation by 26.0%, now holding 8,636 shares valued at approximately $787,000.
• Several hedge funds increased their holdings in the bank, with Wellington Management Group raising theirs by 257.6%, now owning over 1.2 million shares worth $103.7 million.
• The Bank of New York Mellon recently increased its quarterly dividend to $0.53 per share, reflecting an annualized yield of 1.9%.

Trivium Point Advisory LLC reduced its stake in shares of The Bank of New York Mellon Corporation (NYSE:BK - Free Report) by 26.0% during the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 8,636 shares of the bank's stock after selling 3,030 shares during the quarter. Trivium Point Advisory LLC's holdings in Bank of New York Mellon were worth $787,000 as of its most recent filing with the SEC.

Several other hedge funds have also modified their holdings of BK. Nuveen LLC purchased a new stake in shares of Bank of New York Mellon during the 1st quarter valued at about $773,627,000. AustralianSuper Pty Ltd purchased a new stake in Bank of New York Mellon during the 1st quarter worth approximately $92,502,000. Goldman Sachs Group Inc. increased its holdings in Bank of New York Mellon by 26.3% during the 1st quarter. Goldman Sachs Group Inc. now owns 5,053,744 shares of the bank's stock worth $423,858,000 after purchasing an additional 1,052,145 shares during the last quarter. Wellington Management Group LLP increased its holdings in Bank of New York Mellon by 257.6% during the 1st quarter. Wellington Management Group LLP now owns 1,236,255 shares of the bank's stock worth $103,685,000 after purchasing an additional 890,593 shares during the last quarter. Finally, AQR Capital Management LLC increased its holdings in Bank of New York Mellon by 37.7% during the 1st quarter. AQR Capital Management LLC now owns 3,244,204 shares of the bank's stock worth $266,349,000 after purchasing an additional 887,361 shares during the last quarter. 85.31% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Bank of New York Mellon

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 stock was 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 owned 35,115 shares in the company, 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 SEC, which is available through this hyperlink. 0.14% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on the company. Morgan Stanley lifted their price objective on Bank of New York Mellon from $101.00 to $116.00 and gave the stock an "overweight" rating in a report on Monday. Truist Financial lifted 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, August 14th. Wells Fargo & Company lifted their price objective on Bank of New York Mellon from $96.00 to $100.00 and gave the stock an "equal weight" rating in a report on Wednesday, July 16th. TD Cowen began coverage on Bank of New York Mellon in a report on Thursday, September 25th. They set a "buy" rating on the stock. Finally, Keefe, Bruyette & Woods lifted 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 report on Wednesday, July 16th. Eight investment analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $100.92.

Bank of New York Mellon Price Performance

Shares of BK opened at $109.04 on Wednesday. The firm has a market cap of $76.90 billion, a price-to-earnings ratio of 16.65, a PEG ratio of 1.04 and a beta of 1.14. The stock has a 50 day moving average of $104.22 and a 200-day moving average of $92.50. The company has a current ratio of 0.72, a quick ratio of 0.72 and a debt-to-equity ratio of 0.86. The Bank of New York Mellon Corporation has a 52 week low of $70.41 and a 52 week high of $110.87.

Bank of New York Mellon (NYSE:BK - Get Free Report) last issued its 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. The company had revenue of $4.77 billion during the quarter, compared to analyst estimates of $4.80 billion. Bank of New York Mellon had a return on equity of 13.46% and a net margin of 12.27%.The business's revenue was up 9.4% on a year-over-year basis. During the same quarter last year, the firm earned $1.51 EPS. As a group, analysts forecast 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 business also recently disclosed a quarterly dividend, which was paid on Thursday, August 7th. Investors of record on Friday, July 25th were given a dividend of $0.53 per share. The ex-dividend date was Friday, July 25th. This represents a $2.12 dividend on an annualized basis and a yield of 1.9%. This is an increase from Bank of New York Mellon's previous quarterly dividend of $0.47. Bank of New York Mellon's payout ratio is presently 32.37%.

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.

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