The Bank of New York Mellon Corporation $BK Shares Sold by Anchor Investment Management LLC

Anchor Investment Management LLC reduced its holdings in The Bank of New York Mellon Corporation (NYSE:BK) by 2.1% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 19,531 shares of the bank’s stock after selling 429 shares during the quarter. Anchor Investment Management LLC’s holdings in Bank of New York Mellon were worth $1,638,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also recently added to or reduced their stakes in the company. TrueMark Investments LLC acquired a new position in Bank of New York Mellon in the first quarter valued at $4,282,000. Wealth Enhancement Advisory Services LLC increased its stake in Bank of New York Mellon by 29.1% in the first quarter. Wealth Enhancement Advisory Services LLC now owns 223,438 shares of the bank’s stock valued at $18,740,000 after purchasing an additional 50,368 shares during the last quarter. Formidable Asset Management LLC acquired a new stake in Bank of New York Mellon during the first quarter worth about $247,000. Sumitomo Mitsui DS Asset Management Company Ltd increased its stake in Bank of New York Mellon by 121.8% during the first quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 183,602 shares of the bank’s stock worth $15,399,000 after acquiring an additional 100,810 shares during the last quarter. Finally, Benson Investment Management Company Inc. acquired a new stake in Bank of New York Mellon during the first quarter worth about $5,259,000. 85.31% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several equities research analysts have commented on BK shares. Citigroup upped their price target on Bank of New York Mellon from $92.00 to $105.00 and gave the stock a “neutral” rating in a research note on Friday, September 5th. Keefe, Bruyette & Woods upped their price target on Bank of New York Mellon from $105.00 to $113.00 and gave the stock an “outperform” rating in a research note on Wednesday, July 16th. Evercore ISI upped their price target on Bank of New York Mellon from $88.00 to $90.00 and gave the stock an “in-line” rating in a research note on Wednesday, July 2nd. Morgan Stanley upped their price target on Bank of New York Mellon from $95.00 to $101.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 16th. Finally, Truist Financial upped 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 note on Thursday, August 14th. Eight analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company. According to data from MarketBeat.com, Bank of New York Mellon presently has an average rating of “Moderate Buy” and an average price target of $96.62.

Insider Buying and Selling

In related news, EVP J Kevin Mccarthy sold 20,000 shares of the stock in a transaction dated Tuesday, July 22nd. The stock was sold at an average price of $98.45, for a total value of $1,969,000.00. Following the completion of the transaction, the executive vice president owned 35,115 shares of the company’s stock, valued at approximately $3,457,071.75. This represents 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 link. Corporate insiders own 0.14% of the company’s stock.

Bank of New York Mellon Price Performance

BK stock opened at $103.96 on Thursday. The company has a debt-to-equity ratio of 0.86, a quick ratio of 0.72 and a current ratio of 0.72. The Bank of New York Mellon Corporation has a 1 year low of $66.01 and a 1 year high of $106.57. The firm has a market cap of $73.32 billion, a P/E ratio of 15.87, a price-to-earnings-growth ratio of 0.99 and a beta of 1.14. The stock has a 50-day simple moving average of $100.59 and a 200-day simple moving average of $90.23.

Bank of New York Mellon (NYSE:BK) last posted its earnings results on Tuesday, July 15th. The bank reported $1.94 earnings per share (EPS) 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 during the quarter, compared to analyst estimates of $4.80 billion. During the same quarter last year, the firm earned $1.51 earnings per share. The company’s revenue for the quarter was up 9.4% compared to the same quarter last year. On average, equities analysts predict 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 issued a $0.53 dividend. This is an increase from Bank of New York Mellon’s previous quarterly dividend of $0.47. This represents a $2.12 dividend on an annualized basis and a yield of 2.0%. The ex-dividend date of this dividend was Friday, July 25th. Bank of New York Mellon’s dividend payout ratio (DPR) is currently 32.37%.

Bank of New York Mellon Profile

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.