Zurich Insurance Group Ltd FI Lowers Holdings in The Bank of New York Mellon Corporation $BK

Key Points

• Zurich Insurance Group Ltd FI has reduced its holdings in The Bank of New York Mellon Corporation by 53.3%, selling 377,751 shares and retaining 331,116 shares worth approximately $27.77 million.
• The Bank of New York Mellon reported $1.94 earnings per share for its last quarter, exceeding estimates by $0.21, despite revenues being slightly below analyst expectations at $4.77 billion.
• Recently, the company increased its quarterly dividend from $0.47 to $0.53, resulting in a 2.0% annual yield and a payout ratio of 32.37%.

Zurich Insurance Group Ltd FI trimmed its position in shares of The Bank of New York Mellon Corporation (NYSE:BK - Free Report) by 53.3% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 331,116 shares of the bank's stock after selling 377,751 shares during the period. Zurich Insurance Group Ltd FI's holdings in Bank of New York Mellon were worth $27,771,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of BK. Sax Wealth Advisors LLC raised its position in Bank of New York Mellon by 2.3% during the first quarter. Sax Wealth Advisors LLC now owns 5,278 shares of the bank's stock worth $443,000 after acquiring an additional 117 shares during the period. Hemington Wealth Management grew its holdings in shares of Bank of New York Mellon by 8.0% in the first quarter. Hemington Wealth Management now owns 1,628 shares of the bank's stock valued at $136,000 after purchasing an additional 121 shares during the period. Y.D. More Investments Ltd grew its holdings in shares of Bank of New York Mellon by 13.8% in the first quarter. Y.D. More Investments Ltd now owns 1,030 shares of the bank's stock valued at $86,000 after purchasing an additional 125 shares during the period. Resources Management Corp CT ADV grew its holdings in shares of Bank of New York Mellon by 5.9% in the first quarter. Resources Management Corp CT ADV now owns 2,260 shares of the bank's stock valued at $190,000 after purchasing an additional 125 shares during the period. Finally, Haverford Trust Co grew its holdings in shares of Bank of New York Mellon by 4.3% in the first quarter. Haverford Trust Co now owns 3,133 shares of the bank's stock valued at $263,000 after purchasing an additional 130 shares during the period. 85.31% of the stock is currently owned by institutional investors.

Insider Activity at Bank of New York Mellon

In other news, EVP J Kevin Mccarthy sold 20,000 shares of Bank of New York Mellon 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 transaction, the executive vice president directly owned 35,115 shares of the company's stock, valued at $3,457,071.75. The trade was a 36.29% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. 0.14% of the stock is owned by insiders.

Bank of New York Mellon Stock Up 0.8%

NYSE:BK traded up $0.86 during mid-day trading on Friday, hitting $106.46. The stock had a trading volume of 2,609,349 shares, compared to its average volume of 2,833,322. The company has a current ratio of 0.72, a quick ratio of 0.72 and a debt-to-equity ratio of 0.86. The Bank of New York Mellon Corporation has a twelve month low of $68.51 and a twelve month high of $106.57. The stock has a 50-day simple moving average of $101.15 and a two-hundred day simple moving average of $90.49. The company has a market capitalization of $75.08 billion, a PE ratio of 16.25, a PEG ratio of 1.00 and a beta of 1.14.

Bank of New York Mellon (NYSE:BK - Get Free Report) last released its quarterly earnings data on Tuesday, July 15th. The bank reported $1.94 earnings per share for the quarter, topping analysts' consensus estimates 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 analysts' expectations of $4.80 billion. During the same quarter last year, the company earned $1.51 earnings per share. The firm's revenue for the quarter was up 9.4% on a year-over-year basis. On average, equities research analysts anticipate 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. Stockholders of record on Friday, July 25th were issued a $0.53 dividend. This represents a $2.12 dividend on an annualized basis and a dividend yield of 2.0%. The ex-dividend date of this dividend was Friday, July 25th. This is a positive change from Bank of New York Mellon's previous quarterly dividend of $0.47. Bank of New York Mellon's dividend payout ratio is presently 32.37%.

Analysts Set New Price Targets

A number of brokerages recently issued reports on BK. Morgan Stanley upped their price objective on shares of Bank of New York Mellon from $95.00 to $101.00 and gave the company an "overweight" rating in a report on Wednesday, July 16th. Keefe, Bruyette & Woods increased 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 research note on Wednesday, July 16th. Wells Fargo & Company increased 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 research note on Wednesday, July 16th. Truist Financial increased their target price on shares of Bank of New York Mellon from $100.00 to $109.00 and gave the stock a "hold" rating in a research note on Thursday, August 14th. Finally, Evercore ISI increased 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 research note on Wednesday, July 2nd. Eight research analysts have rated the stock with a Buy rating and six have given a Hold rating to the stock. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $96.62.

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.