LSV Asset Management Cuts Stake in Bank of New York Mellon Corporation $BNY

LSV Asset Management lowered its stake in Bank of New York Mellon Corporation (NYSE:BNY) by 12.8% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 4,942,656 shares of the bank’s stock after selling 726,382 shares during the quarter. Bank of New York Mellon comprises approximately 1.3% of LSV Asset Management’s investment portfolio, making the stock its 6th biggest holding. LSV Asset Management’s holdings in Bank of New York Mellon were worth $573,793,000 as of its most recent SEC filing.

Other institutional investors have also recently bought and sold shares of the company. Thurston Springer Miller Herd & Titak Inc. bought a new position in Bank of New York Mellon in the fourth quarter valued at approximately $27,000. Marquette Asset Management LLC raised its holdings in shares of 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 valued at $30,000 after purchasing an additional 166 shares during the last quarter. Valley Wealth Managers Inc. acquired a new stake in shares of Bank of New York Mellon in the third quarter valued at approximately $33,000. Westside Investment Management Inc. raised its holdings in shares of Bank of New York Mellon by 44.1% in the third quarter. Westside Investment Management Inc. now owns 415 shares of the bank’s stock valued at $45,000 after purchasing an additional 127 shares during the last quarter. Finally, Kohmann Bosshard Financial Services LLC acquired a new stake in shares of Bank of New York Mellon in the fourth quarter valued at approximately $46,000. Institutional investors own 85.31% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on the stock. Morgan Stanley lifted their price objective on shares of Bank of New York Mellon from $135.00 to $139.00 and gave the company an “equal weight” rating in a report on Friday, April 17th. Citigroup assumed coverage on shares of Bank of New York Mellon in a report on Monday, February 23rd. They issued a “neutral” rating on the stock. Wall Street Zen upgraded shares of Bank of New York Mellon to a “hold” rating in a report on Saturday. Keefe, Bruyette & Woods lifted their price objective on shares of Bank of New York Mellon from $143.00 to $150.00 and gave the company an “outperform” rating in a report on Friday, April 17th. Finally, JPMorgan Chase & Co. lifted their price objective on shares of Bank of New York Mellon from $130.50 to $140.00 and gave the company an “overweight” rating in a report on Monday, May 11th. One research analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and five have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, Bank of New York Mellon has a consensus rating of “Moderate Buy” and a consensus price target of $138.08.

Insider Activity

In related news, insider Kurtis R. Kurimsky sold 5,290 shares of the business’s stock in a transaction on Friday, April 17th. The shares were sold at an average price of $136.02, for a total transaction of $719,545.80. Following the transaction, the insider directly owned 17,259 shares in the company, valued at approximately $2,347,569.18. The trade was a 23.46% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP J Kevin Mccarthy sold 30,000 shares of the business’s stock in a transaction on Friday, April 17th. The stock was sold at an average price of $136.50, for a total transaction of $4,095,000.00. Following the transaction, the executive vice president owned 50,238 shares in the company, valued at approximately $6,857,487. The trade was a 37.39% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 48,091 shares of company stock valued at $6,568,423 in the last ninety days. Corporate insiders own 0.17% of the company’s stock.

Bank of New York Mellon Price Performance

Shares of BNY opened at $137.67 on Friday. The company has a market cap of $94.75 billion, a price-to-earnings ratio of 17.06, a PEG ratio of 1.00 and a beta of 1.08. Bank of New York Mellon Corporation has a 1-year low of $87.41 and a 1-year high of $139.15. The company’s fifty day simple moving average is $127.66 and its 200 day simple moving average is $120.37. The company has a current ratio of 0.75, a quick ratio of 0.75 and a debt-to-equity ratio of 0.82.

Bank of New York Mellon (NYSE:BNY) last issued its earnings results on Thursday, April 16th. The bank reported $2.25 earnings per share for the quarter, topping analysts’ consensus estimates of $1.94 by $0.31. The business 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 net margin of 14.60% and a return on equity of 15.29%. The firm’s revenue for the quarter was up 12.9% on a year-over-year basis. During the same period in the previous year, the company earned $1.58 earnings per share. On average, research analysts forecast that Bank of New York Mellon Corporation will post 8.78 earnings per share for the current fiscal year.

Bank of New York Mellon Announces Dividend

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

Bank of New York Mellon 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.