The Bank of New York Mellon Corporation (NYSE:BK) Shares Sold by Wakefield Asset Management LLLP

Wakefield Asset Management LLLP cut its holdings in The Bank of New York Mellon Corporation (NYSE:BK - Free Report) by 16.3% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 53,292 shares of the bank's stock after selling 10,391 shares during the quarter. Bank of New York Mellon comprises approximately 1.4% of Wakefield Asset Management LLLP's holdings, making the stock its 9th largest position. Wakefield Asset Management LLLP's holdings in Bank of New York Mellon were worth $4,470,000 at the end of the most recent quarter.

A number of other institutional investors have also recently added to or reduced their stakes in BK. Parvin Asset Management LLC bought a new position in shares of Bank of New York Mellon in the fourth quarter valued at approximately $25,000. Opal Wealth Advisors LLC acquired a new stake in Bank of New York Mellon during the first quarter worth $25,000. Alpine Bank Wealth Management acquired a new stake in Bank of New York Mellon during the first quarter worth $25,000. Bellwether Advisors LLC acquired a new stake in Bank of New York Mellon during the fourth quarter worth $28,000. Finally, REAP Financial Group LLC boosted its stake in 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 buying an additional 218 shares in the last quarter. 85.31% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on BK shares. Evercore ISI lifted their price target on shares of Bank of New York Mellon from $88.00 to $90.00 and gave the stock an "in-line" rating in a research note on Wednesday, July 2nd. Keefe, Bruyette & Woods boosted their target price on shares of Bank of New York Mellon from $105.00 to $113.00 and gave the company an "outperform" rating in a research note on Wednesday, July 16th. Truist Financial boosted their target price on shares of Bank of New York Mellon from $97.00 to $100.00 and gave the company a "hold" rating in a research note on Wednesday, July 16th. Morgan Stanley boosted their target price on shares of Bank of New York Mellon from $95.00 to $101.00 and gave the company an "overweight" rating in a research note on Wednesday, July 16th. Finally, Wells Fargo & Company boosted their target price on shares of Bank of New York Mellon from $96.00 to $100.00 and gave the company an "equal weight" rating in a research note on Wednesday, July 16th. Seven investment analysts have rated the stock with a hold rating and eight have given a buy rating to the company's stock. According to data from MarketBeat.com, Bank of New York Mellon currently has a consensus rating of "Moderate Buy" and an average price target of $94.38.

Bank of New York Mellon Trading Up 1.0%

Shares of BK stock traded up $0.99 on Friday, reaching $100.96. The company had a trading volume of 4,123,316 shares, compared to its average volume of 4,583,163. The company has a current ratio of 0.72, a quick ratio of 0.69 and a debt-to-equity ratio of 0.86. The stock has a market cap of $72.23 billion, a PE ratio of 15.41, a PEG ratio of 0.98 and a beta of 1.07. The company has a 50-day moving average of $91.96 and a 200-day moving average of $85.99. The Bank of New York Mellon Corporation has a 12 month low of $60.93 and a 12 month high of $101.16.

Bank of New York Mellon (NYSE:BK - Get Free Report) last announced its quarterly 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 company had revenue of $4.77 billion during the quarter, compared to analysts' expectations of $4.80 billion. Bank of New York Mellon had a return on equity of 13.46% and a net margin of 12.27%. Bank of New York Mellon's revenue was up 9.4% on a year-over-year basis. During the same period in the prior year, the business posted $1.51 EPS. On average, equities 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 business also recently announced a quarterly dividend, which will be paid on Thursday, August 7th. Shareholders of record on Friday, July 25th will be 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 annualized dividend and a yield of 2.10%. The ex-dividend date of this dividend is Friday, July 25th. Bank of New York Mellon's dividend payout ratio (DPR) is 28.70%.

Insider Buying and Selling

In related news, EVP J Kevin Mccarthy sold 20,000 shares of the company's stock in a transaction 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 of the company's stock, valued at approximately $3,457,071.75. This represents a 36.29% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 0.14% of the company's stock.

About Bank of New York Mellon

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.