US Bancorp DE Sells 7,152 Shares of The Bank of New York Mellon Corporation $BK

Key Points

• US Bancorp DE has reduced its stake in The Bank of New York Mellon Corporation by 3.3%, now holding 207,391 shares worth approximately $18.9 million.
• The Bank of New York Mellon recently announced a dividend increase, raising it from $0.47 to $0.53 per share, equating to an annual yield of 2.0%.
• Various analysts have updated their ratings on the stock, with Truist Financial adjusting its price target from $109 to $118, indicating a generally positive outlook for the company.

US Bancorp DE decreased its stake in shares of The Bank of New York Mellon Corporation (NYSE:BK - Free Report) by 3.3% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 207,391 shares of the bank's stock after selling 7,152 shares during the period. US Bancorp DE's holdings in Bank of New York Mellon were worth $18,896,000 as of its most recent SEC filing.

Several other hedge funds have also bought and sold shares of the business. Confluence Wealth Services Inc. boosted its stake in Bank of New York Mellon by 1.0% during the second quarter. Confluence Wealth Services Inc. now owns 11,761 shares of the bank's stock worth $1,072,000 after acquiring an additional 111 shares in the last quarter. Leonard Rickey Investment Advisors P.L.L.C. boosted its stake in Bank of New York Mellon by 2.2% during the second quarter. Leonard Rickey Investment Advisors P.L.L.C. now owns 5,094 shares of the bank's stock worth $464,000 after acquiring an additional 112 shares in the last quarter. Sax Wealth Advisors LLC boosted its stake in Bank of New York Mellon by 2.3% during the first quarter. Sax Wealth Advisors LLC now owns 5,278 shares of the bank's stock worth $443,000 after acquiring an additional 117 shares in the last quarter. Hemington Wealth Management boosted its stake in Bank of New York Mellon by 8.0% during the first quarter. Hemington Wealth Management now owns 1,628 shares of the bank's stock worth $136,000 after acquiring an additional 121 shares in the last quarter. Finally, Y.D. More Investments Ltd boosted its stake in Bank of New York Mellon by 13.8% during the first quarter. Y.D. More Investments Ltd now owns 1,030 shares of the bank's stock worth $86,000 after acquiring an additional 125 shares in the last quarter. Institutional investors own 85.31% of the company's stock.

Bank of New York Mellon Stock Down 2.1%

BK opened at $104.63 on Friday. 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 firm has a 50 day moving average price of $105.10 and a 200-day moving average price of $93.68. The Bank of New York Mellon Corporation has a twelve month low of $70.46 and a twelve month high of $110.87. The stock has a market capitalization of $73.79 billion, a price-to-earnings ratio of 15.97, a PEG ratio of 1.00 and a beta of 1.13.

Bank of New York Mellon (NYSE:BK - Get Free Report) last released its quarterly earnings data on Tuesday, March 26th. The bank reported $1.30 earnings per share for the quarter. Bank of New York Mellon had a net margin of 12.27% and a return on equity of 13.46%. The firm had revenue of $4.38 billion during the quarter. Equities research analysts forecast 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 announced a quarterly dividend, which was paid on Thursday, August 7th. Shareholders of record on Friday, July 25th were issued a dividend of $0.53 per share. This is an increase from Bank of New York Mellon's previous quarterly dividend of $0.47. This represents a $2.12 dividend on an annualized basis and a yield of 2.0%. The ex-dividend date of this dividend was Friday, July 25th. Bank of New York Mellon's dividend payout ratio is currently 32.37%.

Insider Buying and Selling at Bank of New York Mellon

In other Bank of New York Mellon news, EVP J Kevin Mccarthy sold 20,000 shares of the company's stock in a transaction that occurred on Tuesday, July 22nd. The shares were sold at an average price of $98.45, for a total value of $1,969,000.00. Following the completion of the transaction, the executive vice president directly owned 35,115 shares in the company, valued at $3,457,071.75. This represents a 36.29% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 0.14% of the stock is currently owned by insiders.

Analyst Ratings Changes

BK has been the topic of several research reports. Truist Financial boosted their price objective on shares of Bank of New York Mellon from $109.00 to $118.00 and gave the stock a "hold" rating in a research note on Thursday, October 2nd. Weiss Ratings reiterated a "buy (b+)" rating on shares of Bank of New York Mellon in a research note on Wednesday. BMO Capital Markets began coverage on shares of Bank of New York Mellon in a research note on Friday, October 3rd. They issued an "outperform" rating and a $125.00 target price on the stock. Citigroup upped their target price on shares of Bank of New York Mellon from $92.00 to $105.00 and gave the stock a "neutral" rating in a research note on Friday, September 5th. Finally, TD Cowen began coverage on shares of Bank of New York Mellon in a research note on Thursday, September 25th. They issued a "buy" rating on the stock. Ten analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company's stock. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $106.77.

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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