The Bank of New York Mellon Corporation (NYSE:BK) Shares Sold by Trust Asset Management LLC

Trust Asset Management LLC trimmed its holdings in The Bank of New York Mellon Corporation (NYSE:BK) by 2.2% during the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 8,388 shares of the bank’s stock after selling 193 shares during the quarter. Trust Asset Management LLC’s holdings in Bank of New York Mellon were worth $704,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Parvin Asset Management LLC purchased a new position in Bank of New York Mellon during the fourth quarter valued at approximately $25,000. Opal Wealth Advisors LLC purchased a new stake in Bank of New York Mellon during the first quarter worth $25,000. Alpine Bank Wealth Management purchased a new stake in Bank of New York Mellon during the first quarter worth $25,000. Bellwether Advisors LLC acquired a new stake in Bank of New York Mellon during the fourth quarter valued at $28,000. Finally, REAP Financial Group LLC increased its holdings in Bank of New York Mellon by 123.2% in the fourth quarter. REAP Financial Group LLC now owns 395 shares of the bank’s stock valued at $30,000 after buying an additional 218 shares in the last quarter. 85.31% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Bank of New York Mellon

In other Bank of New York Mellon news, EVP J Kevin Mccarthy sold 20,000 shares of the business’s stock in a transaction on 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 transaction, the executive vice president owned 35,115 shares of the company’s stock, valued at approximately $3,457,071.75. The trade was a 36.29% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Corporate insiders own 0.14% of the company’s stock.

Bank of New York Mellon Price Performance

Shares of NYSE BK opened at $103.22 on Monday. The firm has a 50-day simple moving average of $94.41 and a 200-day simple moving average of $87.52. 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 stock has a market capitalization of $72.79 billion, a price-to-earnings ratio of 15.76, a price-to-earnings-growth ratio of 0.99 and a beta of 1.12. The Bank of New York Mellon Corporation has a 52 week low of $62.83 and a 52 week high of $103.98.

Bank of New York Mellon (NYSE:BK) last announced its quarterly earnings data on Tuesday, July 15th. The bank reported $1.94 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.73 by $0.21. The company had revenue of $4.77 billion during the quarter, compared to analysts’ expectations of $4.80 billion. Bank of New York Mellon had a net margin of 12.27% and a return on equity of 13.46%. Bank of New York Mellon’s revenue was up 9.4% compared to the same quarter last year. During the same quarter in the prior year, the company earned $1.51 EPS. On average, equities analysts predict that The Bank of New York Mellon Corporation will post 6.96 earnings per share for the current fiscal year.

Bank of New York Mellon Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, August 7th. Investors of record on Friday, July 25th were issued 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 annualized dividend and a dividend yield of 2.1%. The ex-dividend date of this dividend was Friday, July 25th. Bank of New York Mellon’s payout ratio is 32.37%.

Analyst Upgrades and Downgrades

BK has been the topic of a number of analyst reports. Morgan Stanley raised their target price on Bank of New York Mellon from $95.00 to $101.00 and gave the company an “overweight” rating in a research report on Wednesday, July 16th. Evercore ISI raised their price objective on 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 boosted their price objective on 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. Wells Fargo & Company increased their target price on Bank of New York Mellon from $96.00 to $100.00 and gave the company an “equal weight” rating in a research report on Wednesday, July 16th. Finally, Truist Financial lifted 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. Seven analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock 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.