BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp Sells 4,071 Shares of The Bank of New York Mellon Corporation $BK

BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp cut its stake in The Bank of New York Mellon Corporation (NYSE:BK) by 2.9% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 137,251 shares of the bank’s stock after selling 4,071 shares during the period. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp’s holdings in Bank of New York Mellon were worth $11,511,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Nuveen LLC acquired a new position in shares of Bank of New York Mellon during the first quarter worth about $773,627,000. Northern Trust Corp raised its position in Bank of New York Mellon by 19.1% in 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 last quarter. GAMMA Investing LLC lifted its stake in Bank of New York Mellon by 9,538.9% in the 1st quarter. GAMMA Investing LLC now owns 1,399,958 shares of the bank’s stock valued at $117,414,000 after acquiring an additional 1,385,434 shares in the last quarter. AustralianSuper Pty Ltd acquired a new position in Bank of New York Mellon during the 1st quarter worth approximately $92,502,000. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its stake in shares of Bank of New York Mellon by 15.9% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 7,689,477 shares of the bank’s stock worth $590,783,000 after acquiring an additional 1,055,389 shares in the last quarter. Institutional investors and hedge funds own 85.31% of the company’s stock.

Bank of New York Mellon Stock Performance

BK opened at $102.5460 on Monday. 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 Bank of New York Mellon Corporation has a 12-month low of $65.50 and a 12-month high of $104.47. The business has a 50 day moving average of $96.97 and a 200-day moving average of $88.66. The stock has a market cap of $72.32 billion, a price-to-earnings ratio of 15.66, a PEG ratio of 0.97 and a beta of 1.12.

Bank of New York Mellon (NYSE:BK) last posted 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 return on equity of 13.46% and a net margin of 12.27%.The business had revenue of $4.77 billion for the quarter, compared to analysts’ expectations of $4.80 billion. During the same quarter in the prior year, the business earned $1.51 EPS. The firm’s revenue for the quarter was up 9.4% on a year-over-year basis. On average, equities research analysts expect that The Bank of New York Mellon Corporation will post 6.96 earnings per share for the current year.

Bank of New York Mellon Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, August 7th. Stockholders of record on Friday, July 25th were paid a dividend of $0.53 per share. The ex-dividend date was Friday, July 25th. This represents a $2.12 dividend on an annualized basis and a dividend yield of 2.1%. This is a boost from Bank of New York Mellon’s previous quarterly dividend of $0.47. Bank of New York Mellon’s dividend payout ratio is 32.37%.

Analyst Upgrades and Downgrades

A number of analysts have recently commented on BK shares. Evercore ISI boosted their price objective on shares of 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. Morgan Stanley lifted 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. Wells Fargo & Company upped their target price on Bank of New York Mellon from $96.00 to $100.00 and gave the stock an “equal weight” rating in a report on Wednesday, July 16th. Keefe, Bruyette & Woods increased their price target 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. Finally, Truist Financial boosted 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. Eight equities research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $95.08.

Insider Activity at Bank of New York Mellon

In related news, EVP J Kevin Mccarthy sold 20,000 shares of the company’s stock in a transaction dated Tuesday, July 22nd. The shares were sold at an average price of $98.45, for a total value of $1,969,000.00. Following the transaction, the executive vice president owned 35,115 shares in the company, valued at approximately $3,457,071.75. This represents a 36.29% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 0.14% of the company’s stock.

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.