The Bank of New York Mellon Corporation $BK Shares Sold by Kestra Investment Management LLC

Kestra Investment Management LLC decreased its holdings in The Bank of New York Mellon Corporation (NYSE:BK) by 49.8% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 672 shares of the bank’s stock after selling 667 shares during the period. Kestra Investment Management LLC’s holdings in Bank of New York Mellon were worth $56,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also made changes to their positions in BK. Resources Management Corp CT ADV grew its position 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 in the last quarter. Cape Investment Advisory Inc. boosted its stake in Bank of New York Mellon by 11.2% during the first quarter. Cape Investment Advisory Inc. now owns 1,303 shares of the bank’s stock worth $109,000 after buying an additional 131 shares during the last quarter. Jones Financial Companies Lllp boosted its stake in Bank of New York Mellon by 96.7% during the first quarter. Jones Financial Companies Lllp now owns 33,660 shares of the bank’s stock worth $2,823,000 after buying an additional 16,545 shares during the last quarter. UniSuper Management Pty Ltd grew its holdings in Bank of New York Mellon by 2.0% in the 1st quarter. UniSuper Management Pty Ltd now owns 56,634 shares of the bank’s stock valued at $4,750,000 after buying an additional 1,103 shares in the last quarter. Finally, Rise Advisors LLC increased its stake in shares of Bank of New York Mellon by 41.7% in the 1st quarter. Rise Advisors LLC now owns 469 shares of the bank’s stock worth $39,000 after acquiring an additional 138 shares during the last quarter. 85.31% of the stock is currently owned by institutional investors and hedge funds.

Bank of New York Mellon Stock Performance

Shares of BK stock opened at $103.96 on Thursday. 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 firm has a market cap of $73.32 billion, a P/E ratio of 15.87, a P/E/G ratio of 0.99 and a beta of 1.14. The firm’s 50 day moving average price is $100.59 and its 200-day moving average price is $90.23. The Bank of New York Mellon Corporation has a one year low of $66.01 and a one year high of $106.57.

Bank of New York Mellon (NYSE:BK) last released its quarterly earnings results on Tuesday, July 15th. The bank reported $1.94 EPS for the quarter, topping analysts’ consensus estimates of $1.73 by $0.21. Bank of New York Mellon had a return on equity of 13.46% and a net margin of 12.27%.The company had revenue of $4.77 billion for the quarter, compared to analysts’ expectations of $4.80 billion. During the same period in the prior year, the firm earned $1.51 earnings per share. The firm’s revenue was up 9.4% compared to the same quarter last year. As a group, equities research analysts predict 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 was paid on Thursday, August 7th. Investors of record on Friday, July 25th were issued a dividend of $0.53 per share. This is a positive change from Bank of New York Mellon’s previous quarterly dividend of $0.47. The ex-dividend date was Friday, July 25th. This represents a $2.12 dividend on an annualized basis and a yield of 2.0%. Bank of New York Mellon’s dividend payout ratio (DPR) is 32.37%.

Analyst Ratings Changes

Several research analysts have recently weighed in on BK shares. Keefe, Bruyette & Woods boosted their price target on shares of Bank of New York Mellon from $105.00 to $113.00 and gave the company an “outperform” rating in a research report on Wednesday, July 16th. Morgan Stanley boosted 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 report on Wednesday, July 16th. Truist Financial raised 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, August 14th. Wells Fargo & Company upped their price objective on Bank of New York Mellon from $96.00 to $100.00 and gave the company an “equal weight” rating in a report on Wednesday, July 16th. Finally, Evercore ISI increased their price objective on 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. Eight analysts have rated the stock with a Buy rating and six have given a Hold rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $96.62.

Insiders Place Their Bets

In other Bank of New York Mellon news, EVP J Kevin Mccarthy sold 20,000 shares of the business’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 sale, the executive vice president directly owned 35,115 shares in the company, valued at $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 is available at the SEC website. 0.14% of the stock is currently owned by corporate 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.