Vestcor Inc Sells 16,322 Shares of The Bank of New York Mellon Corporation (NYSE:BK)

Key Points

• Vestcor Inc significantly reduced its stake in The Bank of New York Mellon Corporation by 55.1%, selling 16,322 shares, leaving it with 13,293 shares valued at approximately $1,115,000.
• Recent analyst reports have led to target price adjustments for the bank's stock, with Evercore ISI increasing the target from $88.00 to $90.00 and several others rating it with "buy" or "hold" ratings.
• The Bank of New York Mellon announced a quarterly dividend increase to $0.53 per share, up from the previous $0.47, representing a dividend yield of 2.1%.

Vestcor Inc lowered its stake in The Bank of New York Mellon Corporation (NYSE:BK - Free Report) by 55.1% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 13,293 shares of the bank's stock after selling 16,322 shares during the quarter. Vestcor Inc's holdings in Bank of New York Mellon were worth $1,115,000 as of its most recent SEC filing.

Other hedge funds also recently made changes to their positions in the company. Parvin Asset Management LLC bought a new position in Bank of New York Mellon in the fourth quarter valued at about $25,000. Opal Wealth Advisors LLC bought a new stake in Bank of New York Mellon during the 1st quarter worth approximately $25,000. Alpine Bank Wealth Management bought a new position in shares of Bank of New York Mellon during the first quarter valued at $25,000. Bellwether Advisors LLC bought a new position in shares of Bank of New York Mellon during the fourth quarter valued at $28,000. Finally, REAP Financial Group LLC lifted its holdings in shares of Bank of New York Mellon by 123.2% during the fourth quarter. REAP Financial Group LLC now owns 395 shares of the bank's stock worth $30,000 after purchasing an additional 218 shares during the period. 85.31% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research analysts recently issued reports on BK shares. Evercore ISI raised their target price on Bank of New York Mellon from $88.00 to $90.00 and gave the stock an "in-line" rating in a research report on Wednesday, July 2nd. Keefe, Bruyette & Woods lifted their price objective on Bank of New York Mellon from $105.00 to $113.00 and gave the stock an "outperform" rating in a research note on Wednesday, July 16th. Truist Financial upped their target price on Bank of New York Mellon from $97.00 to $100.00 and gave the company a "hold" rating in a report on Wednesday, July 16th. Wells Fargo & Company lifted their target price on shares of Bank of New York Mellon from $96.00 to $100.00 and gave the stock an "equal weight" rating in a research note on Wednesday, July 16th. Finally, Morgan Stanley upped 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 research report on Wednesday, July 16th. Seven equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to MarketBeat, Bank of New York Mellon currently has a consensus rating of "Moderate Buy" and a consensus price target of $94.38.

Bank of New York Mellon Stock Down 1.6%

Shares of NYSE:BK opened at $99.78 on Friday. The company has a debt-to-equity ratio of 0.86, a quick ratio of 0.69 and a current ratio of 0.72. The Bank of New York Mellon Corporation has a 52-week low of $60.93 and a 52-week high of $103.16. The business's 50 day simple moving average is $93.13 and its two-hundred day simple moving average is $86.84. The firm has a market cap of $71.39 billion, a P/E ratio of 15.23, a PEG ratio of 0.99 and a beta of 1.12.

Bank of New York Mellon (NYSE:BK - Get Free Report) last issued its 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 return on equity of 13.46% and a net margin of 12.27%. The company had revenue of $4.77 billion for the quarter, compared to analysts' expectations of $4.80 billion. During the same period last year, the business earned $1.51 EPS. Bank of New York Mellon's quarterly revenue was up 9.4% compared to the same quarter last year. As a group, research analysts forecast 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 firm also recently announced a quarterly dividend, which will be paid on Thursday, August 7th. Stockholders of record on Friday, July 25th will be given a dividend of $0.53 per share. The ex-dividend date of this dividend is Friday, July 25th. This is a boost from Bank of New York Mellon's previous quarterly dividend of $0.47. This represents a $2.12 annualized dividend and a dividend yield of 2.1%. Bank of New York Mellon's payout ratio is presently 32.37%.

Insider Activity at Bank of New York Mellon

In related news, EVP J Kevin Mccarthy sold 20,000 shares of the company's stock in a transaction dated 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 sale, the executive vice president owned 35,115 shares in the company, valued at $3,457,071.75. This represents a 36.29% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 0.14% of the stock is currently owned by insiders.

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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