Zurcher Kantonalbank Zurich Cantonalbank Sells 52,574 Shares of The Bank of New York Mellon Corporation (NYSE:BK)

Key Points

• Zurcher Kantonalbank Zurich Cantonalbank has reduced its holdings in The Bank of New York Mellon Corporation (NYSE:BK) by 2.9%, selling 52,574 shares and now owning 1,730,946 shares worth approximately $145.17 million.
• Several analysts have increased their target prices for Bank of New York Mellon, with estimates ranging from $90.00 to $113.00 and a consensus rating of "Moderate Buy."
• The Bank of New York Mellon declared a quarterly dividend of $0.53, increasing from the previous dividend of $0.47, with an annualized yield of 2.10%.

Zurcher Kantonalbank Zurich Cantonalbank lowered its holdings in The Bank of New York Mellon Corporation (NYSE:BK - Free Report) by 2.9% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,730,946 shares of the bank's stock after selling 52,574 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank owned approximately 0.24% of Bank of New York Mellon worth $145,174,000 as of its most recent SEC filing.

Other large investors also recently made changes to their positions in the company. Alpine Bank Wealth Management acquired a new stake in Bank of New York Mellon during the 1st quarter valued at $25,000. Opal Wealth Advisors LLC acquired a new stake in Bank of New York Mellon during the 1st quarter valued at $25,000. Parvin Asset Management LLC acquired a new stake in Bank of New York Mellon during the 4th quarter valued at $25,000. Bellwether Advisors LLC acquired a new stake in Bank of New York Mellon during the 4th quarter valued at $28,000. Finally, Cornerstone Planning Group LLC boosted its stake in Bank of New York Mellon by 100.0% during the 1st quarter. Cornerstone Planning Group LLC now owns 392 shares of the bank's stock valued at $30,000 after acquiring an additional 196 shares during the last quarter. Institutional investors and hedge funds own 85.31% of the company's stock.

Bank of New York Mellon Stock Performance

BK stock traded up $0.98 on Wednesday, reaching $102.85. 979,099 shares of the company were exchanged, compared to its average volume of 4,290,404. The firm has a market capitalization of $73.58 billion, a PE ratio of 15.71, a PEG ratio of 0.98 and a beta of 1.07. The company has a debt-to-equity ratio of 0.86, a current ratio of 0.72 and a quick ratio of 0.69. The stock's fifty day moving average price is $92.41 and its 200 day moving average price is $86.39. The Bank of New York Mellon Corporation has a 12 month low of $60.93 and a 12 month high of $102.91.

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 the consensus estimate of $1.73 by $0.21. The company had revenue of $4.77 billion for 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 firm's revenue for the quarter was up 9.4% compared to the same quarter last year. During the same quarter in the previous year, the company earned $1.51 EPS. On average, research analysts anticipate 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 business also recently declared a quarterly dividend, which will be paid on Thursday, August 7th. Investors of record on Friday, July 25th will be given a dividend of $0.53 per share. This is an increase from Bank of New York Mellon's previous quarterly dividend of $0.47. The ex-dividend date is Friday, July 25th. This represents a $2.12 annualized dividend and a yield of 2.06%. Bank of New York Mellon's dividend payout ratio is 32.37%.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on BK shares. Truist Financial lifted their price objective on shares of Bank of New York Mellon from $97.00 to $100.00 and gave the company a "hold" rating in a research report on Wednesday, July 16th. Wells Fargo & Company lifted their price objective 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 report on Wednesday, July 16th. Evercore ISI raised their target price on shares of Bank of New York Mellon from $88.00 to $90.00 and gave the company an "in-line" rating in a research note on Wednesday, July 2nd. Morgan Stanley raised 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, Keefe, Bruyette & Woods raised 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. Seven investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $94.38.

Insider Transactions at Bank of New York Mellon

In other Bank of New York Mellon news, EVP J Kevin Mccarthy sold 20,000 shares of the company's stock in a transaction dated 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 directly owned 35,115 shares in the company, valued at approximately $3,457,071.75. This represents a 36.29% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 0.14% of the stock is currently owned by company insiders.

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.