TrueMark Investments LLC Cuts Stock Position in The Bank of New York Mellon Corporation $BK

Key Points

• TrueMark Investments LLC significantly reduced its holdings in The Bank of New York Mellon Corporation by 81.8%, now owning only 9,312 shares worth approximately $848,000.
• Recent insider transactions include EVP J Kevin Mccarthy selling 20,000 shares at an average price of $98.45, leading to a 36.29% decrease in his position.
• The Bank of New York Mellon announced a quarterly dividend of $0.53 per share, set to be paid on November 7th, which represents an annualized yield of 2.0%.

TrueMark Investments LLC lessened its holdings in The Bank of New York Mellon Corporation (NYSE:BK - Free Report) by 81.8% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 9,312 shares of the bank's stock after selling 41,738 shares during the period. TrueMark Investments LLC's holdings in Bank of New York Mellon were worth $848,000 as of its most recent SEC filing.

A number of other hedge funds have also made changes to their positions in the business. VIRGINIA RETIREMENT SYSTEMS ET Al purchased a new position in shares of Bank of New York Mellon in the 2nd quarter valued at $61,851,000. Quotient Wealth Partners LLC raised its stake in shares of Bank of New York Mellon by 20.9% in the 2nd quarter. Quotient Wealth Partners LLC now owns 3,833 shares of the bank's stock valued at $349,000 after acquiring an additional 662 shares during the period. Stordahl Capital Management Inc. purchased a new position in shares of Bank of New York Mellon in the 2nd quarter valued at $201,000. Chevy Chase Trust Holdings LLC raised its stake in shares of Bank of New York Mellon by 0.4% in the 2nd quarter. Chevy Chase Trust Holdings LLC now owns 380,786 shares of the bank's stock valued at $34,693,000 after acquiring an additional 1,480 shares during the period. Finally, Private Trust Co. NA raised its stake in shares of Bank of New York Mellon by 5.8% in the 2nd quarter. Private Trust Co. NA now owns 7,690 shares of the bank's stock valued at $701,000 after acquiring an additional 420 shares during the period. Hedge funds and other institutional investors own 85.31% of the company's stock.

Insiders Place Their Bets

In other Bank of New York Mellon news, EVP J Kevin Mccarthy sold 20,000 shares of the firm's stock in a transaction 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. This trade represents a 36.29% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 0.14% of the stock is currently owned by corporate insiders.

Bank of New York Mellon Price Performance

Shares of BK stock opened at $105.77 on Friday. The firm has a market cap of $74.59 billion, a P/E ratio of 15.26, a P/E/G ratio of 0.99 and a beta of 1.13. The company has a debt-to-equity ratio of 0.83, a current ratio of 0.70 and a quick ratio of 0.72. The Bank of New York Mellon Corporation has a 1-year low of $70.46 and a 1-year high of $110.87. The firm has a fifty day moving average of $105.59 and a two-hundred day moving average of $94.54.

Bank of New York Mellon (NYSE:BK - Get Free Report) last announced its quarterly earnings data on Tuesday, March 26th. The bank reported $1.30 earnings per share for the quarter. The company had revenue of $4.38 billion during the quarter. Bank of New York Mellon had a net margin of 12.86% and a return on equity of 14.03%. As a group, research analysts anticipate 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 disclosed a quarterly dividend, which will be paid on Friday, November 7th. Shareholders of record on Monday, October 27th will be issued a dividend of $0.53 per share. This represents a $2.12 annualized dividend and a yield of 2.0%. The ex-dividend date of this dividend is Monday, October 27th. Bank of New York Mellon's dividend payout ratio (DPR) is currently 30.59%.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on BK. TD Cowen began coverage on shares of Bank of New York Mellon in a report on Thursday, September 25th. They set a "buy" rating for the company. The Goldman Sachs Group raised their price target on shares of Bank of New York Mellon from $106.00 to $120.00 and gave the company a "buy" rating in a report on Monday, October 6th. Truist Financial raised their price target on shares of Bank of New York Mellon from $118.00 to $119.00 and gave the company a "hold" rating in a report on Friday. Keefe, Bruyette & Woods raised their price target on shares of Bank of New York Mellon from $120.00 to $124.00 and gave the company an "outperform" rating in a report on Friday. Finally, Citigroup raised their price target on shares of Bank of New York Mellon from $92.00 to $105.00 and gave the company a "neutral" rating in a report on Friday, September 5th. Ten equities research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $109.62.

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.

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