Voya Investment Management LLC Sells 108,819 Shares of The Bank of New York Mellon Corporation $BK

Voya Investment Management LLC decreased its position in shares of The Bank of New York Mellon Corporation (NYSE:BK) by 7.3% during the first quarter, Holdings Channel.com reports. The fund owned 1,378,142 shares of the bank’s stock after selling 108,819 shares during the quarter. Voya Investment Management LLC’s holdings in Bank of New York Mellon were worth $115,585,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Invst LLC bought a new stake in Bank of New York Mellon during the 1st quarter worth approximately $705,000. Strs Ohio bought a new stake in Bank of New York Mellon during the 1st quarter worth approximately $45,888,000. Wealth Management Associates Inc. bought a new stake in Bank of New York Mellon during the 1st quarter worth approximately $210,000. Geneos Wealth Management Inc. raised its stake in Bank of New York Mellon by 11.5% during the 1st quarter. Geneos Wealth Management Inc. now owns 10,690 shares of the bank’s stock worth $897,000 after acquiring an additional 1,101 shares during the period. Finally, Intech Investment Management LLC raised its stake in Bank of New York Mellon by 4.6% during the 1st quarter. Intech Investment Management LLC now owns 455,186 shares of the bank’s stock worth $38,176,000 after acquiring an additional 19,883 shares during the period. Institutional investors own 85.31% of the company’s stock.

Bank of New York Mellon Trading Up 0.8%

Shares of BK opened at $106.46 on Friday. The company’s fifty day moving average is $101.15 and its 200 day moving average is $90.49. The Bank of New York Mellon Corporation has a fifty-two week low of $68.51 and a fifty-two week high of $106.57. The stock has a market capitalization of $75.08 billion, a PE ratio of 16.25, a P/E/G ratio of 1.00 and a beta of 1.14. The company has a debt-to-equity ratio of 0.86, a quick ratio of 0.72 and a current ratio of 0.72.

Bank of New York Mellon (NYSE:BK) last announced its quarterly earnings results on Tuesday, July 15th. The bank reported $1.94 earnings per share for the quarter, topping the consensus estimate 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 analysts’ expectations of $4.80 billion. During the same quarter in the previous year, the business posted $1.51 earnings per share. Bank of New York Mellon’s quarterly revenue was up 9.4% on a year-over-year basis. Sell-side analysts expect 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 firm also recently declared a quarterly dividend, which was paid on Thursday, August 7th. Investors of record on Friday, July 25th were given 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 yield of 2.0%. The ex-dividend date was Friday, July 25th. Bank of New York Mellon’s dividend payout ratio (DPR) is presently 32.37%.

Wall Street Analysts Forecast Growth

Several research firms have recently issued reports on BK. Wells Fargo & Company lifted their price objective 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 report on Wednesday, July 16th. Citigroup lifted their price objective on shares of Bank of New York Mellon from $92.00 to $105.00 and gave the company a “neutral” rating in a research report on Friday, September 5th. Keefe, Bruyette & Woods lifted their price objective on shares of 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. Morgan Stanley lifted their price objective on shares of 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. Finally, Evercore ISI lifted their price objective 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 report on Wednesday, July 2nd. Eight 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, Bank of New York Mellon presently has a consensus rating of “Moderate Buy” and an average price target of $96.62.

Insiders Place Their Bets

In related news, EVP J Kevin Mccarthy sold 20,000 shares of the business’s stock in a transaction on 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 sale, the executive vice president owned 35,115 shares in the company, valued at approximately $3,457,071.75. The trade was a 36.29% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Corporate 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.