Westpac Banking Corp Reduces Stock Position in The Bank of New York Mellon Corporation (NYSE:BK)

Key Points

• Westpac Banking Corp reduced its holdings in The Bank of New York Mellon by 16.3%, selling 11,842 shares, leaving it with 60,973 shares valued at approximately $5.1 million.
• Bank of New York Mellon reported a quarterly earnings per share of $1.94, exceeding analysts' expectations, and saw a 9.4% increase in revenue year-over-year.
• The company announced a dividend increase to $0.53 per share, resulting in an annualized yield of 2.1%, up from the previous dividend of $0.47.

Westpac Banking Corp decreased its holdings in The Bank of New York Mellon Corporation (NYSE:BK - Free Report) by 16.3% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 60,973 shares of the bank's stock after selling 11,842 shares during the period. Westpac Banking Corp's holdings in Bank of New York Mellon were worth $5,114,000 at the end of the most recent reporting period.

A number of other institutional investors also recently modified their holdings of the business. Nuveen LLC bought a new position in shares of Bank of New York Mellon in the first quarter valued at approximately $773,627,000. Northern Trust Corp increased its holdings in Bank of New York Mellon by 19.1% during the 4th quarter. Northern Trust Corp now owns 9,533,615 shares of the bank's stock worth $732,468,000 after acquiring an additional 1,526,686 shares during the period. GAMMA Investing LLC increased 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 acquiring an additional 1,385,434 shares during the period. AustralianSuper Pty Ltd bought a new stake in Bank of New York Mellon during the 1st quarter worth approximately $92,502,000. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased 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 acquiring an additional 1,055,389 shares during the period. 85.31% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of research firms recently weighed in on BK. Morgan Stanley upped their target price on shares of 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 upped their target price on shares of 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 upped their target price on shares of 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. Wells Fargo & Company upped 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 report on Wednesday, July 16th. Finally, Truist Financial increased their price target on shares of Bank of New York Mellon from $100.00 to $109.00 and gave the stock a "hold" rating in a report on Thursday. Seven investment analysts have rated the stock with a hold rating and eight have given a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $95.08.

Bank of New York Mellon Trading Up 1.6%

Shares of BK stock traded up $1.59 on Thursday, hitting $103.50. 2,943,077 shares of the company's stock traded hands, compared to its average volume of 4,244,689. The company has a debt-to-equity ratio of 0.86, a quick ratio of 0.72 and a current ratio of 0.72. The Bank of New York Mellon Corporation has a one year low of $64.50 and a one year high of $104.47. The company's fifty day simple moving average is $95.25 and its 200 day simple moving average is $87.86. The stock has a market capitalization of $72.99 billion, a price-to-earnings ratio of 15.80, a P/E/G ratio of 1.00 and a beta of 1.12.

Bank of New York Mellon (NYSE:BK - Get Free Report) last released its earnings results on Tuesday, July 15th. The bank reported $1.94 EPS for the quarter, beating the consensus estimate of $1.73 by $0.21. Bank of New York Mellon had a net margin of 12.27% and a return on equity of 13.46%. The company had revenue of $4.77 billion for the quarter, compared to analyst estimates of $4.80 billion. During the same quarter last year, the firm earned $1.51 EPS. The firm's quarterly revenue was up 9.4% compared to the same quarter last year. Equities analysts forecast that The Bank of New York Mellon Corporation will post 6.96 EPS 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. Investors of record on Friday, July 25th were issued a dividend of $0.53 per share. The ex-dividend date of this dividend was Friday, July 25th. This represents a $2.12 annualized dividend and a dividend yield of 2.0%. This is an increase from Bank of New York Mellon's previous quarterly dividend of $0.47. Bank of New York Mellon's payout ratio is 32.37%.

Insider Activity at Bank of New York Mellon

In related news, EVP J Kevin Mccarthy sold 20,000 shares of the stock in a transaction on Tuesday, July 22nd. The shares were sold at an average price of $98.45, for a total transaction of $1,969,000.00. Following the transaction, the executive vice president owned 35,115 shares of the company's stock, valued at approximately $3,457,071.75. This trade represents a 36.29% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 0.14% of the company's stock.

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.