Y Intercept Hong Kong Ltd Sells 6,947 Shares of The Bank of New York Mellon Corporation (NYSE:BK)

Y Intercept Hong Kong Ltd decreased its stake in The Bank of New York Mellon Corporation (NYSE:BK) by 42.8% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 9,274 shares of the bank’s stock after selling 6,947 shares during the period. Y Intercept Hong Kong Ltd’s holdings in Bank of New York Mellon were worth $778,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Alpine Bank Wealth Management bought a new position in Bank of New York Mellon in the 1st quarter valued at approximately $25,000. Opal Wealth Advisors LLC bought a new position in Bank of New York Mellon in the 1st quarter valued at approximately $25,000. Parvin Asset Management LLC bought a new position in Bank of New York Mellon in the 4th quarter valued at approximately $25,000. Bellwether Advisors LLC bought a new position in Bank of New York Mellon in the 4th quarter valued at approximately $28,000. Finally, Cornerstone Planning Group LLC lifted its stake in Bank of New York Mellon by 100.0% in the 1st quarter. Cornerstone Planning Group LLC now owns 392 shares of the bank’s stock valued at $30,000 after purchasing an additional 196 shares during the last quarter. Institutional investors own 85.31% of the company’s stock.

Bank of New York Mellon Stock Up 1.0%

Shares of NYSE BK opened at $100.96 on Friday. 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 company has a 50-day moving average price of $91.96 and a 200-day moving average price of $85.99. The Bank of New York Mellon Corporation has a 1 year low of $60.93 and a 1 year high of $101.16. The stock has a market capitalization of $72.23 billion, a P/E ratio of 15.41, a P/E/G ratio of 0.98 and a beta of 1.07.

Bank of New York Mellon (NYSE:BK) last released its quarterly earnings results on Tuesday, July 15th. The bank reported $1.94 earnings per share for the quarter, beating 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 analyst estimates of $4.80 billion. During the same period last year, the firm earned $1.51 earnings per share. The firm’s revenue was up 9.4% on a year-over-year basis. On average, equities 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 company 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 a positive change 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 dividend yield of 2.10%. The ex-dividend date is Friday, July 25th. Bank of New York Mellon’s dividend payout ratio (DPR) is presently 28.70%.

Insider Buying and Selling at Bank of New York Mellon

In related news, EVP J Kevin Mccarthy sold 30,000 shares of the firm’s stock in a transaction dated Tuesday, April 29th. The shares were sold at an average price of $79.03, for a total transaction of $2,370,900.00. Following the transaction, the executive vice president directly owned 55,115 shares of the company’s stock, valued at $4,355,738.45. This trade represents a 35.25% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.14% of the stock is owned by insiders.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on the stock. Keefe, Bruyette & Woods raised 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 note on Wednesday, July 16th. Truist Financial raised their price target on shares of Bank of New York Mellon from $97.00 to $100.00 and gave the company a “hold” rating in a research note on Wednesday, July 16th. Morgan Stanley raised their price target 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. Evercore ISI raised their price target 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. Finally, Wells Fargo & Company raised their price target 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 note on Wednesday, July 16th. Seven equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $94.38.

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.