Rakuten Investment Management Inc. Lowers Holdings in Bank of New York Mellon Corporation $BNY

Rakuten Investment Management Inc. cut its holdings in Bank of New York Mellon Corporation (NYSE:BNY) by 42.8% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 92,070 shares of the bank’s stock after selling 68,810 shares during the period. Rakuten Investment Management Inc.’s holdings in Bank of New York Mellon were worth $10,815,000 as of its most recent SEC filing.

Other large investors also recently added to or reduced their stakes in the company. Abound Financial LLC purchased a new position in Bank of New York Mellon in the 4th quarter worth approximately $25,000. Thurston Springer Miller Herd & Titak Inc. purchased a new position in Bank of New York Mellon in the 4th quarter worth approximately $27,000. MCF Advisors LLC lifted its holdings in Bank of New York Mellon by 74.8% in the 4th 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 lifted its holdings in Bank of New York Mellon by 174.7% in the 4th 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. Finally, Heritage Wealth Advisors purchased a new position in Bank of New York Mellon in the 4th quarter worth approximately $31,000. 85.31% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of research analysts recently commented on the company. Morgan Stanley boosted their price target on Bank of New York Mellon from $135.00 to $139.00 and gave the stock an “equal weight” rating in a report on Friday, April 17th. JPMorgan Chase & Co. boosted their price target on Bank of New York Mellon from $130.50 to $140.00 and gave the stock an “overweight” rating in a report on Monday, May 11th. Weiss Ratings raised Bank of New York Mellon from a “buy (a-)” rating to a “buy (a)” rating in a report on Monday, May 4th. Citigroup assumed coverage on Bank of New York Mellon in a report on Monday, February 23rd. They set a “neutral” rating on the stock. Finally, Barclays upped their price objective on Bank of New York Mellon from $143.00 to $149.00 and gave the stock an “overweight” rating in a report on Friday, April 17th. One equities research analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and five have assigned a Hold rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $138.08.

Bank of New York Mellon Stock Performance

NYSE BNY opened at $144.32 on Wednesday. The company has a market cap of $99.06 billion, a P/E ratio of 17.88, a P/E/G ratio of 1.04 and a beta of 1.07. The company has a debt-to-equity ratio of 0.82, a quick ratio of 0.75 and a current ratio of 0.75. The business’s 50 day moving average price is $136.04 and its 200-day moving average price is $124.38. Bank of New York Mellon Corporation has a fifty-two week low of $87.41 and a fifty-two week high of $146.45.

Bank of New York Mellon (NYSE:BNY) last released its earnings results on Thursday, April 16th. The bank reported $2.25 earnings per share for the quarter, beating the consensus estimate of $1.94 by $0.31. The firm had revenue of $5.41 billion for the quarter, compared to the consensus estimate of $5.14 billion. Bank of New York Mellon had a return on equity of 15.29% and a net margin of 14.60%.The company’s revenue for the quarter was up 12.9% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.58 EPS. Sell-side analysts predict that Bank of New York Mellon Corporation will post 8.78 earnings per share for the current year.

Bank of New York Mellon Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, May 8th. Stockholders of record on Monday, April 27th were given a dividend of $0.53 per share. The ex-dividend date of this dividend was Monday, April 27th. This represents a $2.12 annualized dividend and a dividend yield of 1.5%. Bank of New York Mellon’s payout ratio is currently 26.27%.

Insider Buying and Selling

In other news, EVP Alejandro Perez sold 12,504 shares of the business’s stock in a transaction that occurred on Friday, April 17th. The stock was sold at an average price of $137.01, for a total transaction of $1,713,173.04. Following the transaction, the executive vice president owned 62,613 shares of the company’s stock, valued at approximately $8,578,607.13. The trade was a 16.65% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Kurtis R. Kurimsky sold 5,290 shares of the business’s stock in a transaction that occurred on Friday, April 17th. The shares were sold at an average price of $136.02, for a total value of $719,545.80. Following the transaction, the insider directly owned 17,259 shares in the company, valued at approximately $2,347,569.18. This represents a 23.46% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders sold 48,091 shares of company stock worth $6,568,423. 0.17% of the stock is owned by company insiders.

Bank of New York Mellon Company Profile

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.