Parnassus Investments LLC Sells 145,919 Shares of Bank of New York Mellon Corporation $BNY

Parnassus Investments LLC decreased its position in Bank of New York Mellon Corporation (NYSE:BNY) by 5.8% in the fourth quarter, Holdings Channel.com reports. The firm owned 2,359,440 shares of the bank’s stock after selling 145,919 shares during the quarter. Parnassus Investments LLC’s holdings in Bank of New York Mellon were worth $273,907,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. Thurston Springer Miller Herd & Titak Inc. bought a new position in Bank of New York Mellon in the fourth quarter worth $27,000. MCF Advisors LLC raised its holdings in Bank of New York Mellon by 74.8% in the fourth quarter. MCF Advisors LLC now owns 236 shares of the bank’s stock worth $27,000 after purchasing an additional 101 shares in the last quarter. Marquette Asset Management LLC raised its holdings in Bank of New York Mellon by 174.7% in the fourth quarter. Marquette Asset Management LLC now owns 261 shares of the bank’s stock worth $30,000 after purchasing an additional 166 shares in the last quarter. Kohmann Bosshard Financial Services LLC bought a new position in shares of Bank of New York Mellon during the fourth quarter valued at $46,000. Finally, Dunhill Financial LLC increased its holdings in shares of Bank of New York Mellon by 130.8% during the third quarter. Dunhill Financial LLC now owns 427 shares of the bank’s stock valued at $47,000 after acquiring an additional 242 shares in the last quarter. Institutional investors own 85.31% of the company’s stock.

Insiders Place Their Bets

In related news, EVP J Kevin Mccarthy sold 30,000 shares of Bank of New York Mellon stock in a transaction dated Friday, April 17th. The stock was sold at an average price of $136.50, for a total value of $4,095,000.00. Following the completion of the sale, the executive vice president directly owned 50,238 shares in the company, valued at approximately $6,857,487. This trade represents a 37.39% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Alejandro Perez sold 12,504 shares of Bank of New York Mellon stock in a transaction dated Friday, April 17th. The stock was sold at an average price of $137.01, for a total value of $1,713,173.04. Following the completion of the sale, the executive vice president owned 62,613 shares of the company’s stock, valued at $8,578,607.13. The trade was a 16.65% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 48,091 shares of company stock valued at $6,568,423 over the last quarter. Corporate insiders own 0.17% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on BNY shares. Weiss Ratings upgraded Bank of New York Mellon from a “buy (a-)” rating to a “buy (a)” rating in a report on Monday, May 4th. Evercore set a $136.00 price target on Bank of New York Mellon in a report on Friday, April 17th. Citigroup started coverage on Bank of New York Mellon in a report on Monday, February 23rd. They set a “neutral” rating for the company. Truist Financial raised their price target on Bank of New York Mellon from $140.00 to $148.00 and gave the company a “buy” rating in a report on Friday, April 17th. Finally, Royal Bank Of Canada raised their price target on Bank of New York Mellon from $130.00 to $142.00 and gave the company a “sector perform” rating in a report on Friday, April 17th. One research analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and five have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $138.08.

Bank of New York Mellon Price Performance

Shares of NYSE:BNY opened at $142.12 on Friday. Bank of New York Mellon Corporation has a 1-year low of $87.41 and a 1-year high of $144.98. The business has a fifty day moving average price of $134.74 and a 200-day moving average price of $123.66. The company has a market capitalization of $97.55 billion, a PE ratio of 17.61, a PEG ratio of 1.02 and a beta of 1.07. The company has a debt-to-equity ratio of 0.82, a current ratio of 0.75 and a quick ratio of 0.75.

Bank of New York Mellon (NYSE:BNY) last released its quarterly earnings data on Thursday, April 16th. The bank reported $2.25 EPS for the quarter, topping the consensus estimate of $1.94 by $0.31. Bank of New York Mellon had a return on equity of 15.29% and a net margin of 14.60%.The company had revenue of $5.41 billion during the quarter, compared to the consensus estimate of $5.14 billion. During the same period last year, the company earned $1.58 EPS. Bank of New York Mellon’s revenue for the quarter was up 12.9% on a year-over-year basis. As a group, equities analysts expect that Bank of New York Mellon Corporation will post 8.78 EPS for the current fiscal year.

Bank of New York Mellon Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, May 8th. Investors of record on Monday, April 27th were issued a $0.53 dividend. This represents a $2.12 annualized dividend and a yield of 1.5%. The ex-dividend date was Monday, April 27th. Bank of New York Mellon’s dividend payout ratio (DPR) is presently 26.27%.

About Bank of New York Mellon

BNY, formerly known as BNY Mellon, is a global financial services company headquartered in New York City. Formed in 2007 through the merger of the Bank of New York and Mellon Financial Corporation, BNY traces its roots back to 1784, making it one of the oldest banking institutions in the United States. It was also the first company listed on the New York Stock Exchange.

BNY operates at the center of the world’s capital markets, partnering with clients to help them operate more efficiently and accelerate growth.