The Bank of New York Mellon Corporation (NYSE:BK) Position Reduced by Y Intercept Hong Kong Ltd

Key Points

• Y Intercept Hong Kong Ltd has reduced its stake in The Bank of New York Mellon Corporation by 42.8%, selling 6,947 shares and owning 9,274 shares worth $778,000 after the transaction.
• The Bank of New York Mellon recently declared an increased quarterly dividend of $0.53 per share, up from $0.47, with an annualized dividend yield of 2.10%.
• The bank's stock price has recently seen a 1.0% increase and analysts have raised their price targets, with several firms projecting targets between $100.00 to $113.00.

Y Intercept Hong Kong Ltd decreased its position in shares of The Bank of New York Mellon Corporation (NYSE:BK - Free Report) by 42.8% during the 1st quarter, according to its most recent disclosure with the SEC. The firm owned 9,274 shares of the bank's stock after selling 6,947 shares during the period. Y Intercept Hong Kong Ltd's holdings in Bank of New York Mellon were worth $778,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also modified their holdings of the company. HighPoint Advisor Group LLC lifted its stake in shares of Bank of New York Mellon by 23.9% during the first quarter. HighPoint Advisor Group LLC now owns 9,365 shares of the bank's stock valued at $750,000 after buying an additional 1,806 shares during the period. Kingsman Wealth Management Inc. acquired a new position in Bank of New York Mellon during the first quarter worth approximately $604,000. Wealth Alliance LLC acquired a new position in Bank of New York Mellon during the first quarter worth approximately $238,000. Teachers Retirement System of The State of Kentucky increased its position in Bank of New York Mellon by 2.6% during the first quarter. Teachers Retirement System of The State of Kentucky now owns 56,103 shares of the bank's stock worth $4,705,000 after purchasing an additional 1,432 shares during the last quarter. Finally, J.W. Cole Advisors Inc. increased its position in Bank of New York Mellon by 213.1% during the first quarter. J.W. Cole Advisors Inc. now owns 15,735 shares of the bank's stock worth $1,320,000 after purchasing an additional 10,709 shares during the last quarter. Hedge funds and other institutional investors own 85.31% of the company's stock.

Wall Street Analysts Forecast Growth

BK has been the subject of several research analyst reports. Morgan Stanley upped their price target on shares of Bank of New York Mellon from $95.00 to $101.00 and gave the stock an "overweight" rating in a research report on Wednesday, July 16th. Wells Fargo & Company upped their price target 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 report on Wednesday, July 16th. Truist Financial upped their price target on shares of Bank of New York Mellon from $97.00 to $100.00 and gave the stock a "hold" rating in a research report on Wednesday, July 16th. Keefe, Bruyette & Woods upped their price target on shares of Bank of New York Mellon from $105.00 to $113.00 and gave the stock an "outperform" rating in a research report on Wednesday, July 16th. Finally, Evercore ISI upped 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 report on Wednesday, July 2nd. Seven investment analysts have rated the stock with a hold rating and eight have given a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $94.38.

Bank of New York Mellon Trading Up 0.7%

Shares of Bank of New York Mellon stock traded up $0.75 during trading hours on Tuesday, hitting $101.38. The company's stock had a trading volume of 1,047,984 shares, compared to its average volume of 4,295,038. The Bank of New York Mellon Corporation has a 1-year low of $60.93 and a 1-year high of $102.02. The business has a fifty day moving average of $92.17 and a 200 day moving average of $86.28. The company has a market capitalization of $72.53 billion, a PE ratio of 15.48, a P/E/G ratio of 0.98 and a beta of 1.07. The company has a quick ratio of 0.69, a current ratio of 0.72 and a debt-to-equity ratio of 0.86.

Bank of New York Mellon (NYSE:BK - Get Free Report) last announced its earnings results on Tuesday, July 15th. The bank reported $1.94 earnings per share for the quarter, beating the consensus estimate of $1.73 by $0.21. The business had revenue of $4.77 billion during the quarter, compared to the consensus estimate of $4.80 billion. Bank of New York Mellon had a net margin of 12.27% and a return on equity of 13.46%. The business's quarterly revenue was up 9.4% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.51 earnings per share. As a group, 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 company also recently announced a quarterly dividend, which will be paid on Thursday, August 7th. Stockholders of record on Friday, July 25th will be paid a $0.53 dividend. The ex-dividend date is Friday, July 25th. 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 dividend yield of 2.09%. Bank of New York Mellon's dividend payout ratio is 32.37%.

Insider Buying and Selling at Bank of New York Mellon

In other 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 in the company, valued at approximately $3,457,071.75. This represents a 36.29% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed 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.