Empowered Funds LLC Trims Holdings in The Bank of New York Mellon Corporation $BK

Empowered Funds LLC reduced its stake in The Bank of New York Mellon Corporation (NYSE:BK) by 6.4% during the 1st quarter, according to the company in its most recent filing with the SEC. The fund owned 108,625 shares of the bank’s stock after selling 7,460 shares during the quarter. Empowered Funds LLC’s holdings in Bank of New York Mellon were worth $9,110,000 at the end of the most recent reporting period.

Other institutional investors have also recently added to or reduced their stakes in the company. Dean Capital Management raised its position in Bank of New York Mellon by 2.3% in the first quarter. Dean Capital Management now owns 32,339 shares of the bank’s stock valued at $2,712,000 after purchasing an additional 723 shares during the period. MBB Public Markets I LLC acquired a new stake in shares of Bank of New York Mellon in the first quarter valued at $316,000. Ascent Group LLC grew its stake in shares of Bank of New York Mellon by 52.4% in the first quarter. Ascent Group LLC now owns 23,477 shares of the bank’s stock valued at $1,969,000 after buying an additional 8,072 shares in the last quarter. Canada Post Corp Registered Pension Plan purchased a new stake in shares of Bank of New York Mellon in the 1st quarter valued at $1,035,000. Finally, Arete Wealth Advisors LLC acquired a new position in Bank of New York Mellon during the 1st quarter worth about $228,000. Institutional investors and hedge funds own 85.31% of the company’s stock.

Analyst Ratings Changes

Several equities analysts have weighed in on BK shares. Citigroup lifted their target price on Bank of New York Mellon from $92.00 to $105.00 and gave the company a “neutral” rating in a research report on Friday, September 5th. Evercore ISI raised their price objective 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. Truist Financial upped 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. 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 report on Wednesday, July 16th. Finally, Morgan Stanley boosted 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 note on Wednesday, July 16th. Eight analysts have rated the stock with a Buy rating and six have given a Hold rating to the company’s stock. According to MarketBeat.com, Bank of New York Mellon presently has a consensus rating of “Moderate Buy” and an average price target of $96.62.

Insider Transactions 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 dated Tuesday, July 22nd. The stock was sold at an average price of $98.45, for a total transaction of $1,969,000.00. Following the completion of the transaction, the executive vice president directly owned 35,115 shares of the company’s stock, valued at approximately $3,457,071.75. This represents a 36.29% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. 0.14% of the stock is owned by company insiders.

Bank of New York Mellon Stock Up 0.7%

Shares of Bank of New York Mellon stock opened at $104.80 on Wednesday. The company has a quick ratio of 0.72, a current ratio of 0.72 and a debt-to-equity ratio of 0.86. The Bank of New York Mellon Corporation has a 52-week low of $66.01 and a 52-week high of $106.57. The company has a market capitalization of $73.91 billion, a P/E ratio of 16.00, a P/E/G ratio of 0.98 and a beta of 1.14. The company has a 50 day moving average of $100.35 and a 200 day moving average of $90.13.

Bank of New York Mellon (NYSE:BK) last announced its quarterly earnings data on Tuesday, July 15th. The bank reported $1.94 EPS for the quarter, beating analysts’ consensus estimates 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 company’s quarterly revenue was up 9.4% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.51 EPS. As a group, research analysts forecast 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 firm also recently declared a quarterly dividend, which was paid on Thursday, August 7th. Shareholders of record on Friday, July 25th were paid a $0.53 dividend. This is a boost from Bank of New York Mellon’s previous quarterly dividend of $0.47. This represents a $2.12 dividend on an annualized basis and a yield of 2.0%. The ex-dividend date was Friday, July 25th. Bank of New York Mellon’s payout ratio is 32.37%.

Bank of New York Mellon Company 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.