Brandes Investment Partners LP Boosts Stock Position in The Bank of New York Mellon Co. (NYSE:BK)

Brandes Investment Partners LP raised its position in shares of The Bank of New York Mellon Co. (NYSE:BKGet Rating) by 3.3% during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 1,302,297 shares of the bank’s stock after purchasing an additional 42,016 shares during the quarter. Bank of New York Mellon accounts for 1.4% of Brandes Investment Partners LP’s portfolio, making the stock its 25th largest position. Brandes Investment Partners LP owned approximately 0.16% of Bank of New York Mellon worth $64,633,000 at the end of the most recent reporting period.

Several other large investors have also added to or reduced their stakes in the company. Assenagon Asset Management S.A. boosted its stake in shares of Bank of New York Mellon by 5.4% in the first quarter. Assenagon Asset Management S.A. now owns 48,448 shares of the bank’s stock worth $2,404,000 after buying an additional 2,502 shares during the last quarter. Norges Bank purchased a new stake in shares of Bank of New York Mellon in the fourth quarter worth about $555,083,000. Denali Advisors LLC boosted its stake in shares of Bank of New York Mellon by 800.0% in the first quarter. Denali Advisors LLC now owns 6,300 shares of the bank’s stock worth $313,000 after buying an additional 5,600 shares during the last quarter. Advisors Capital Management LLC boosted its stake in shares of Bank of New York Mellon by 19.9% in the first quarter. Advisors Capital Management LLC now owns 4,988 shares of the bank’s stock worth $248,000 after buying an additional 827 shares during the last quarter. Finally, M&T Bank Corp boosted its stake in shares of Bank of New York Mellon by 3.8% in the fourth quarter. M&T Bank Corp now owns 141,742 shares of the bank’s stock worth $8,232,000 after buying an additional 5,174 shares during the last quarter. Hedge funds and other institutional investors own 83.69% of the company’s stock.

Insider Buying and Selling

In other news, CEO Thomas P. Gibbons sold 105,062 shares of the firm’s stock in a transaction on Monday, August 8th. The stock was sold at an average price of $43.24, for a total transaction of $4,542,880.88. Following the completion of the transaction, the chief executive officer now directly owns 221,018 shares in the company, valued at $9,556,818.32. The transaction was disclosed in a document filed with the SEC, which is available at this link. 0.08% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

BK has been the topic of a number of recent analyst reports. Morgan Stanley lowered their price target on Bank of New York Mellon from $53.00 to $45.00 and set an “equal weight” rating on the stock in a research report on Wednesday, July 6th. JPMorgan Chase & Co. lowered their price target on Bank of New York Mellon from $51.50 to $46.50 in a research report on Monday, July 11th. Barclays set a $61.00 price target on Bank of New York Mellon in a research report on Tuesday, July 19th. Piper Sandler lowered their price target on Bank of New York Mellon from $54.00 to $48.00 and set a “neutral” rating on the stock in a research report on Friday, June 24th. Finally, Credit Suisse Group lowered their price target on Bank of New York Mellon from $52.00 to $50.00 and set an “outperform” rating on the stock in a research report on Tuesday, July 19th. Eleven analysts have rated the stock with a hold rating and two have issued a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $50.73.

Bank of New York Mellon Price Performance

Shares of NYSE:BK traded down $0.31 during midday trading on Wednesday, hitting $44.72. The company had a trading volume of 84,924 shares, compared to its average volume of 2,649,890. The Bank of New York Mellon Co. has a twelve month low of $39.78 and a twelve month high of $64.63. The company has a debt-to-equity ratio of 0.78, a current ratio of 0.67 and a quick ratio of 0.67. The stock has a market cap of $36.14 billion, a price-to-earnings ratio of 11.43, a price-to-earnings-growth ratio of 1.76 and a beta of 1.12. The business’s 50-day simple moving average is $42.74 and its 200-day simple moving average is $47.52.

Bank of New York Mellon (NYSE:BKGet Rating) last issued its quarterly earnings data on Friday, July 15th. The bank reported $1.03 earnings per share for the quarter, missing the consensus estimate of $1.12 by ($0.09). The business had revenue of $4.25 billion during the quarter, compared to analysts’ expectations of $4.17 billion. Bank of New York Mellon had a return on equity of 9.49% and a net margin of 20.61%. The company’s revenue was up 7.4% on a year-over-year basis. During the same quarter in the previous year, the company posted $1.13 earnings per share. On average, research analysts predict that The Bank of New York Mellon Co. will post 4.24 earnings per share for the current year.

Bank of New York Mellon Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, August 5th. Investors of record on Monday, July 25th were given a $0.37 dividend. This represents a $1.48 annualized dividend and a yield of 3.31%. This is a positive change from Bank of New York Mellon’s previous quarterly dividend of $0.34. The ex-dividend date was Friday, July 22nd. Bank of New York Mellon’s dividend payout ratio is presently 37.56%.

Bank of New York Mellon Company Profile

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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, prime brokerage, and data analytics.

Further Reading

Institutional Ownership by Quarter for Bank of New York Mellon (NYSE:BK)

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