Voya Investment Management LLC Sells 108,819 Shares of The Bank of New York Mellon Corporation $BK

Key Points

• Voya Investment Management LLC reduced its stakes in Bank of New York Mellon by 7.3%, selling 108,819 shares and retaining about 1,378,142 shares valued at approximately $115.6 million.
• Other institutional investors have been actively increasing their stakes, with Nuveen LLC acquiring a new position worth about $773.6 million during the same quarter.
• Bank of New York Mellon recently increased its quarterly dividend from $0.47 to $0.53, reflecting a growth trend and a dividend yield of 2.0%.

Voya Investment Management LLC trimmed its position in shares of The Bank of New York Mellon Corporation (NYSE:BK - Free Report) by 7.3% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 1,378,142 shares of the bank's stock after selling 108,819 shares during the quarter. Voya Investment Management LLC owned approximately 0.19% of Bank of New York Mellon worth $115,585,000 as of its most recent SEC filing.

A number of other hedge funds have also recently made changes to their positions in BK. Nuveen LLC acquired a new stake in shares of Bank of New York Mellon during the first quarter valued at about $773,627,000. GAMMA Investing LLC lifted its holdings in Bank of New York Mellon by 9,538.9% during the 1st quarter. GAMMA Investing LLC now owns 1,399,958 shares of the bank's stock worth $117,414,000 after buying an additional 1,385,434 shares during the period. AustralianSuper Pty Ltd acquired a new position in Bank of New York Mellon during the 1st quarter worth about $92,502,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its holdings in Bank of New York Mellon by 15.9% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 7,689,477 shares of the bank's stock worth $590,783,000 after buying an additional 1,055,389 shares during the period. Finally, Goldman Sachs Group Inc. lifted 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 buying an additional 1,052,145 shares during the period. 85.31% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Bank of New York Mellon

In other 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 value of $1,969,000.00. Following 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 sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.14% of the stock is owned by insiders.

Wall Street Analyst Weigh In

BK has been the topic of several recent research reports. Truist Financial lifted their target price 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. Morgan Stanley lifted their target price on Bank of New York Mellon from $95.00 to $101.00 and gave the stock an "overweight" rating in a report on Wednesday, July 16th. Evercore ISI lifted 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 report on Wednesday, July 2nd. 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 report on Wednesday, July 16th. Finally, Wells Fargo & Company lifted their target price 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. Eight analysts have rated the stock with a Buy rating and six have given a Hold rating to the company. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $96.62.

Bank of New York Mellon Stock Up 1.2%

Bank of New York Mellon stock traded up $1.31 during midday trading on Thursday, reaching $108.32. The stock had a trading volume of 1,241,434 shares, compared to its average volume of 4,056,125. The Bank of New York Mellon Corporation has a 12 month low of $70.41 and a 12 month high of $108.55. The company has a market capitalization of $76.39 billion, a P/E ratio of 16.56, a PEG ratio of 1.00 and a beta of 1.14. The company has a fifty day moving average price of $101.95 and a two-hundred day moving average price of $90.88. The company has a current ratio of 0.72, a quick ratio of 0.72 and a debt-to-equity ratio of 0.86.

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, beating analysts' consensus estimates of $1.73 by $0.21. The business 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 firm's revenue was up 9.4% compared to the same quarter last year. During the same period in the previous year, the company posted $1.51 EPS. As a group, 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 firm also recently announced a quarterly dividend, which was paid on Thursday, August 7th. Stockholders of record on Friday, July 25th were paid a $0.53 dividend. This represents a $2.12 dividend on an annualized basis and a dividend yield of 2.0%. The ex-dividend date was Friday, July 25th. This is a boost from Bank of New York Mellon's previous quarterly dividend of $0.47. Bank of New York Mellon's dividend payout ratio (DPR) 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.