Erste Asset Management GmbH Sells 31,000 Shares of The Bank of New York Mellon Corporation $BK

Erste Asset Management GmbH lessened its holdings in The Bank of New York Mellon Corporation (NYSE:BK) by 28.4% during the 1st quarter, HoldingsChannel.com reports. The fund owned 78,241 shares of the bank’s stock after selling 31,000 shares during the period. Erste Asset Management GmbH’s holdings in Bank of New York Mellon were worth $6,477,000 at the end of the most recent quarter.

Other hedge funds also recently bought and sold shares of the company. TrueMark Investments LLC bought a new position in Bank of New York Mellon in the 1st quarter valued at $4,282,000. Wealth Enhancement Advisory Services LLC grew its position in shares of Bank of New York Mellon by 29.1% during the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 223,438 shares of the bank’s stock worth $18,740,000 after buying an additional 50,368 shares in the last quarter. Formidable Asset Management LLC bought a new position in shares of Bank of New York Mellon during the 1st quarter worth $247,000. Sumitomo Mitsui DS Asset Management Company Ltd grew its position in shares of Bank of New York Mellon by 121.8% during the 1st quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 183,602 shares of the bank’s stock worth $15,399,000 after buying an additional 100,810 shares in the last quarter. Finally, Benson Investment Management Company Inc. bought a new position in shares of Bank of New York Mellon during the 1st quarter worth $5,259,000. Institutional investors own 85.31% of the company’s stock.

Bank of New York Mellon Trading Up 0.1%

Bank of New York Mellon stock opened at $101.20 on Thursday. The stock has a 50-day moving average of $96.45 and a two-hundred day moving average of $88.39. 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 Bank of New York Mellon Corporation has a one year low of $65.01 and a one year high of $104.47. The stock has a market cap of $71.37 billion, a PE ratio of 15.45, a price-to-earnings-growth ratio of 0.95 and a beta of 1.12.

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, beating 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 during the quarter, compared to analysts’ expectations of $4.80 billion. During the same period last year, the business posted $1.51 earnings per share. The firm’s revenue was up 9.4% compared to the same quarter last year. On average, research analysts anticipate 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 firm also recently declared a quarterly dividend, which was paid on Thursday, August 7th. Shareholders of record on Friday, July 25th were paid a $0.53 dividend. This represents a $2.12 dividend on an annualized basis and a yield of 2.1%. This is a boost from Bank of New York Mellon’s previous quarterly dividend of $0.47. The ex-dividend date was Friday, July 25th. Bank of New York Mellon’s dividend payout ratio (DPR) is 32.37%.

Insider Buying and Selling

In other Bank of New York Mellon news, EVP J Kevin Mccarthy sold 20,000 shares of the stock in a transaction dated Tuesday, July 22nd. The stock was sold at an average price of $98.45, for a total value of $1,969,000.00. Following the completion of the sale, the executive vice president directly owned 35,115 shares in the company, valued at approximately $3,457,071.75. This trade represents a 36.29% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Company insiders own 0.14% of the company’s stock.

Analysts Set New Price Targets

A number of research firms have recently issued reports on BK. Keefe, Bruyette & Woods increased their price target on Bank of New York Mellon from $105.00 to $113.00 and gave the stock an “outperform” rating in a research report on Wednesday, July 16th. Morgan Stanley increased their price target on Bank of New York Mellon from $95.00 to $101.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 16th. Truist Financial increased their price target on Bank of New York Mellon from $100.00 to $109.00 and gave the stock a “hold” rating in a research report on Thursday, August 14th. Evercore ISI increased their price target 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. Finally, Wells Fargo & Company increased their price target on Bank of New York Mellon from $96.00 to $100.00 and gave the stock an “equal weight” rating in a research report on Wednesday, July 16th. Eight equities research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $95.08.

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.