The Bank of New York Mellon Corporation (NYSE:BK) Holdings Lowered by Twin Capital Management Inc.

Twin Capital Management Inc. trimmed its stake in shares of The Bank of New York Mellon Corporation (NYSE:BK) by 1.0% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 29,716 shares of the bank’s stock after selling 315 shares during the quarter. Twin Capital Management Inc.’s holdings in Bank of New York Mellon were worth $2,492,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors also recently made changes to their positions in BK. TrueMark Investments LLC bought a new stake in Bank of New York Mellon in the first quarter worth about $4,282,000. O Shaughnessy Asset Management LLC raised its position in Bank of New York Mellon by 11.7% in the fourth quarter. O Shaughnessy Asset Management LLC now owns 786,496 shares of the bank’s stock worth $60,426,000 after acquiring an additional 82,671 shares in the last quarter. Wealth Enhancement Advisory Services LLC raised its position in Bank of New York Mellon by 29.1% in the first quarter. Wealth Enhancement Advisory Services LLC now owns 223,438 shares of the bank’s stock worth $18,740,000 after acquiring an additional 50,368 shares in the last quarter. Sumitomo Mitsui DS Asset Management Company Ltd raised its position in Bank of New York Mellon by 121.8% in the first quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 183,602 shares of the bank’s stock worth $15,399,000 after acquiring an additional 100,810 shares in the last quarter. Finally, Benson Investment Management Company Inc. bought a new stake in Bank of New York Mellon in the first quarter worth about $5,259,000. 85.31% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several brokerages have commented on BK. Wells Fargo & Company raised 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. Truist Financial raised their target price on shares of Bank of New York Mellon from $97.00 to $100.00 and gave the stock a “hold” rating in a report on Wednesday. Keefe, Bruyette & Woods raised 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 report on Wednesday. Citigroup raised their target price on shares of Bank of New York Mellon from $82.00 to $85.00 and gave the stock a “neutral” rating in a report on Monday, March 24th. Finally, Evercore ISI raised 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 report on Wednesday, July 2nd. Seven research analysts have rated the stock with a hold rating and eight have given a buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $94.38.

Insider Buying and Selling

In other news, EVP J Kevin Mccarthy sold 30,000 shares of the stock in a transaction that occurred on Tuesday, April 29th. The stock was sold at an average price of $79.03, for a total value of $2,370,900.00. Following the completion of the sale, the executive vice president directly owned 55,115 shares of the company’s stock, valued at approximately $4,355,738.45. This represents a 35.25% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.14% of the stock is currently owned by company insiders.

Bank of New York Mellon Trading Up 0.9%

NYSE:BK opened at $98.81 on Friday. The stock’s 50 day moving average price is $90.84 and its 200 day moving average price is $85.28. The Bank of New York Mellon Corporation has a 52 week low of $60.93 and a 52 week high of $99.04. The company has a market capitalization of $70.69 billion, a P/E ratio of 15.09, a P/E/G ratio of 0.97 and a beta of 1.07. The company has a debt-to-equity ratio of 0.86, a quick ratio of 0.69 and a current ratio of 0.72.

Bank of New York Mellon (NYSE:BK) last released its quarterly earnings data 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 firm had revenue of $4.77 billion for the quarter, compared to the consensus estimate of $4.80 billion. During the same quarter in the prior year, the company posted $1.51 earnings per share. The firm’s revenue was up 9.4% on a year-over-year basis. On average, 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 business also recently declared a quarterly dividend, which will be paid on Thursday, August 7th. Shareholders of record on Friday, July 25th will be issued a dividend of $0.53 per share. This represents a $2.12 annualized dividend and a yield of 2.15%. The ex-dividend date of this dividend is Friday, July 25th. This is an increase from Bank of New York Mellon’s previous quarterly dividend of $0.47. Bank of New York Mellon’s dividend payout ratio (DPR) is 28.70%.

Bank of New York Mellon 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.