Wells Fargo & Company MN Sells 41,016 Shares of Bank of New York Mellon Corporation $BNY

Key Points

• Wells Fargo & Company MN trimmed its Bank of New York Mellon stake by 0.5% in the fourth quarter, selling 41,016 shares but still holding 8.998 million shares worth about $1.045 billion.
• BNY reported stronger-than-expected quarterly results, with EPS of $2.25 topping estimates of $1.94 and revenue of $5.41 billion exceeding forecasts; revenue rose 12.9% year over year.
• The company recently paid a quarterly dividend of $0.53 per share and currently yields about 1.5%, while analysts maintain a consensus Moderate Buy rating with an average price target of $138.08.

Wells Fargo & Company MN lessened its holdings in Bank of New York Mellon Corporation (NYSE:BNY - Free Report) by 0.5% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 8,998,271 shares of the bank's stock after selling 41,016 shares during the quarter. Wells Fargo & Company MN owned 1.29% of Bank of New York Mellon worth $1,044,609,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in BNY. Northwestern Mutual Wealth Management Co. boosted its stake in shares of Bank of New York Mellon by 18,044.4% in the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 19,670,202 shares of the bank's stock valued at $2,283,514,000 after purchasing an additional 19,561,793 shares in the last quarter. Norges Bank acquired a new stake in shares of Bank of New York Mellon in the 4th quarter valued at $1,398,624,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its stake in shares of Bank of New York Mellon by 639.5% in the 3rd quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 7,076,729 shares of the bank's stock valued at $771,080,000 after purchasing an additional 6,119,749 shares in the last quarter. Ameriprise Financial Inc. boosted its stake in shares of Bank of New York Mellon by 18.0% in the 3rd quarter. Ameriprise Financial Inc. now owns 13,345,266 shares of the bank's stock valued at $1,454,116,000 after purchasing an additional 2,034,781 shares in the last quarter. Finally, Eurizon Capital SGR S.p.A. acquired a new stake in shares of Bank of New York Mellon in the 4th quarter valued at $227,437,000. Institutional investors and hedge funds own 85.31% of the company's stock.

Bank of New York Mellon Trading Up 1.2%

Shares of NYSE BNY opened at $143.74 on Friday. The company's 50 day simple moving average is $135.19 and its 200 day simple moving average is $123.80. Bank of New York Mellon Corporation has a fifty-two week low of $87.41 and a fifty-two week high of $145.02. The firm has a market capitalization of $98.66 billion, a P/E ratio of 17.81, a P/E/G ratio of 1.04 and a beta of 1.07. The company has a debt-to-equity ratio of 0.82, a current ratio of 0.75 and a quick ratio of 0.75.

Bank of New York Mellon (NYSE:BNY - Get Free Report) last announced its quarterly earnings data on Thursday, April 16th. The bank reported $2.25 earnings per share for the quarter, beating the consensus estimate of $1.94 by $0.31. Bank of New York Mellon had a net margin of 14.60% and a return on equity of 15.29%. The business had revenue of $5.41 billion for the quarter, compared to analyst estimates of $5.14 billion. During the same period in the prior year, the business posted $1.58 earnings per share. Bank of New York Mellon's revenue was up 12.9% compared to the same quarter last year. On average, analysts predict that Bank of New York Mellon Corporation will post 8.78 EPS for the current year.

Bank of New York Mellon Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, May 8th. Investors of record on Monday, April 27th were issued a $0.53 dividend. This represents a $2.12 annualized dividend and a yield of 1.5%. The ex-dividend date was Monday, April 27th. Bank of New York Mellon's dividend payout ratio is currently 26.27%.

Analysts Set New Price Targets

Several brokerages have recently commented on BNY. Barclays boosted their target price on shares of Bank of New York Mellon from $143.00 to $149.00 and gave the company an "overweight" rating in a research note on Friday, April 17th. Royal Bank Of Canada upped their price target on shares of Bank of New York Mellon from $130.00 to $142.00 and gave the stock a "sector perform" rating in a research report on Friday, April 17th. Weiss Ratings upgraded shares of Bank of New York Mellon from a "buy (a-)" rating to a "buy (a)" rating in a research report on Monday, May 4th. Morgan Stanley upped their price target on shares of Bank of New York Mellon from $135.00 to $139.00 and gave the stock an "equal weight" rating in a research report on Friday, April 17th. Finally, Citigroup initiated coverage on shares of Bank of New York Mellon in a research report on Monday, February 23rd. They set a "neutral" rating on the stock. One equities research analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and five have issued a Hold rating to the stock. According to MarketBeat.com, Bank of New York Mellon has a consensus rating of "Moderate Buy" and an average target price of $138.08.

Insider Buying and Selling at Bank of New York Mellon

In related news, insider Kurtis R. Kurimsky sold 5,290 shares of the stock in a transaction that occurred on Friday, April 17th. The shares were sold at an average price of $136.02, for a total value of $719,545.80. Following the transaction, the insider directly owned 17,259 shares in the company, valued at $2,347,569.18. This represents a 23.46% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, VP Shannon Marie Hobbs sold 297 shares of the stock in a transaction that occurred on Friday, April 17th. The shares were sold at an average price of $137.05, for a total transaction of $40,703.85. Following the completion of the transaction, the vice president owned 15,206 shares in the company, valued at $2,083,982.30. This represents a 1.92% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders have sold 48,091 shares of company stock valued at $6,568,423. 0.17% of the stock is currently owned by corporate insiders.

About Bank of New York Mellon

BNY, formerly known as BNY Mellon, is a global financial services company headquartered in New York City. Formed in 2007 through the merger of the Bank of New York and Mellon Financial Corporation, BNY traces its roots back to 1784, making it one of the oldest banking institutions in the United States. It was also the first company listed on the New York Stock Exchange.

BNY operates at the center of the world's capital markets, partnering with clients to help them operate more efficiently and accelerate growth.

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