Nissay Asset Management Corp Japan ADV Reduces Stock Holdings in The Bank of New York Mellon Corporation $BK

Nissay Asset Management Corp Japan ADV lowered its holdings in The Bank of New York Mellon Corporation (NYSE:BK) by 1.4% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 90,474 shares of the bank’s stock after selling 1,287 shares during the quarter. Nissay Asset Management Corp Japan ADV’s holdings in Bank of New York Mellon were worth $7,588,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in BK. Nuveen LLC purchased a new stake in Bank of New York Mellon in the first quarter valued at $773,627,000. GAMMA Investing LLC boosted its stake in Bank of New York Mellon by 9,538.9% during the first quarter. GAMMA Investing LLC now owns 1,399,958 shares of the bank’s stock worth $117,414,000 after buying an additional 1,385,434 shares during the period. AustralianSuper Pty Ltd purchased a new position in Bank of New York Mellon during the first quarter worth about $92,502,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its stake in Bank of New York Mellon by 15.9% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 7,689,477 shares of the bank’s stock worth $590,783,000 after buying an additional 1,055,389 shares during the period. Finally, Goldman Sachs Group Inc. boosted its stake in Bank of New York Mellon by 26.3% during the first quarter. Goldman Sachs Group Inc. now owns 5,053,744 shares of the bank’s stock worth $423,858,000 after buying an additional 1,052,145 shares during the period. Hedge funds and other institutional investors own 85.31% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts have weighed in on BK shares. Wells Fargo & Company increased their target price on shares of Bank of New York Mellon from $96.00 to $100.00 and gave the stock an “equal weight” rating in a research note on Wednesday, July 16th. Truist Financial increased their target price on shares of 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. Keefe, Bruyette & Woods increased their target price on shares of 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. Morgan Stanley increased their target price on shares of 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, Evercore ISI increased their target price on shares of 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. Eight research analysts have rated the stock with a Buy rating and six have given a Hold rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $96.62.

Insiders Place Their Bets

In related news, EVP J Kevin Mccarthy sold 20,000 shares of the firm’s stock in a transaction that occurred 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 of the company’s stock, valued at $3,457,071.75. This trade represents a 36.29% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.14% of the stock is currently owned by company insiders.

Bank of New York Mellon Stock Down 1.8%

Shares of BK opened at $103.69 on Friday. The stock has a market capitalization of $73.12 billion, a PE ratio of 15.83, a P/E/G ratio of 0.98 and a beta of 1.14. The Bank of New York Mellon Corporation has a 1 year low of $66.01 and a 1 year high of $106.57. 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 company’s 50-day simple moving average is $99.81 and its 200-day simple moving average is $89.89.

Bank of New York Mellon (NYSE:BK) last issued its quarterly earnings results on Tuesday, July 15th. The bank reported $1.94 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.73 by $0.21. The business had revenue of $4.77 billion for the quarter, compared to analysts’ expectations of $4.80 billion. Bank of New York Mellon had a net margin of 12.27% and a return on equity of 13.46%. The business’s quarterly revenue was up 9.4% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.51 earnings per share. Analysts forecast 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 company also recently announced a quarterly dividend, which was paid on Thursday, August 7th. Investors of record on Friday, July 25th were issued a $0.53 dividend. This represents a $2.12 annualized dividend and a yield of 2.0%. This is a positive change from Bank of New York Mellon’s previous quarterly dividend of $0.47. The ex-dividend date of this dividend was Friday, July 25th. Bank of New York Mellon’s dividend payout ratio is 32.37%.

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.