Zurcher Kantonalbank Zurich Cantonalbank Decreases Stock Position in The Bank of New York Mellon Corporation (NYSE:BK)

Zurcher Kantonalbank Zurich Cantonalbank lowered its stake in The Bank of New York Mellon Corporation (NYSE:BK) by 2.9% during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 1,730,946 shares of the bank’s stock after selling 52,574 shares during the quarter. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in Bank of New York Mellon were worth $145,174,000 as of its most recent SEC filing.

Other hedge funds have also bought and sold shares of the company. FMR LLC increased its holdings in shares of Bank of New York Mellon by 19.3% in the 4th quarter. FMR LLC now owns 23,071,584 shares of the bank’s stock worth $1,772,590,000 after buying an additional 3,732,862 shares during the last quarter. Northern Trust Corp raised its holdings in Bank of New York Mellon by 19.1% during the 4th quarter. Northern Trust Corp now owns 9,533,615 shares of the bank’s stock valued at $732,468,000 after buying an additional 1,526,686 shares during the period. GAMMA Investing LLC raised its holdings in Bank of New York Mellon by 9,538.9% during the 1st quarter. GAMMA Investing LLC now owns 1,399,958 shares of the bank’s stock valued at $117,414,000 after buying an additional 1,385,434 shares during the period. Arrowstreet Capital Limited Partnership raised its holdings in Bank of New York Mellon by 17.0% during the 4th quarter. Arrowstreet Capital Limited Partnership now owns 7,751,219 shares of the bank’s stock valued at $595,526,000 after buying an additional 1,125,493 shares during the period. Finally, AustralianSuper Pty Ltd purchased a new stake in Bank of New York Mellon during the 1st quarter valued at $92,502,000. Hedge funds and other institutional investors own 85.31% of the company’s stock.

Bank of New York Mellon Price Performance

Shares of BK stock 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 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. The company’s 50-day simple moving average is $91.96 and its two-hundred day simple moving average is $86.05. The Bank of New York Mellon Corporation has a one year low of $60.93 and a one year high of $101.16.

Bank of New York Mellon (NYSE:BK) last announced its quarterly earnings results on Tuesday, July 15th. The bank reported $1.94 EPS for the quarter, beating the consensus estimate of $1.73 by $0.21. The firm had revenue of $4.77 billion for the quarter, compared to analyst estimates of $4.80 billion. Bank of New York Mellon had a return on equity of 13.46% and a net margin of 12.27%. The business’s revenue for the quarter was up 9.4% on a year-over-year basis. During the same quarter last year, the firm posted $1.51 earnings per share. As a group, equities 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 company also recently declared a quarterly dividend, which will be paid on Thursday, August 7th. Stockholders of record on Friday, July 25th will be paid a dividend of $0.53 per share. The ex-dividend date is Friday, July 25th. This represents a $2.12 annualized dividend and a dividend yield of 2.10%. 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 (DPR) is currently 28.70%.

Insider Activity at Bank of New York Mellon

In other news, EVP J Kevin Mccarthy sold 30,000 shares of the stock in a transaction that occurred on 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 in the company, valued at approximately $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 accessible through this link. Corporate insiders own 0.14% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts recently weighed in on BK shares. Morgan Stanley increased their price target on 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. Evercore ISI upped 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 report on Wednesday, July 2nd. Keefe, Bruyette & Woods upped 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 report on Wednesday, July 16th. Truist Financial upped 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 report on Wednesday, July 16th. Finally, Wells Fargo & Company upped 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 report on Wednesday, July 16th. Seven equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $94.38.

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.