Retirement Systems of Alabama Sells 3,198 Shares of The Bank of New York Mellon Corporation (NYSE:BK)

Retirement Systems of Alabama trimmed its holdings in shares of The Bank of New York Mellon Corporation (NYSE:BK) by 2.0% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 154,222 shares of the bank’s stock after selling 3,198 shares during the period. Retirement Systems of Alabama’s holdings in Bank of New York Mellon were worth $12,935,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in BK. Parvin Asset Management LLC bought a new stake in Bank of New York Mellon in the 4th quarter valued at about $25,000. Opal Wealth Advisors LLC bought a new stake in Bank of New York Mellon in the 1st quarter valued at about $25,000. Bellwether Advisors LLC bought a new stake in Bank of New York Mellon in the 4th quarter valued at about $28,000. REAP Financial Group LLC raised its stake in Bank of New York Mellon by 123.2% in the 4th quarter. REAP Financial Group LLC now owns 395 shares of the bank’s stock valued at $30,000 after acquiring an additional 218 shares during the period. Finally, Transce3nd LLC bought a new stake in Bank of New York Mellon in the 4th quarter valued at about $33,000. 85.31% of the stock is currently owned by institutional investors.

Bank of New York Mellon Stock Down 0.0%

Shares of BK opened at $91.58 on Monday. The firm has a market cap of $65.52 billion, a P/E ratio of 14.92, a P/E/G ratio of 1.02 and a beta of 1.08. The stock has a 50 day simple moving average of $85.50 and a two-hundred day simple moving average of $83.28. The company has a debt-to-equity ratio of 0.81, a current ratio of 0.69 and a quick ratio of 0.69. The Bank of New York Mellon Corporation has a 1 year low of $58.19 and a 1 year high of $92.64.

Bank of New York Mellon (NYSE:BK) last issued its earnings results on Friday, April 11th. The bank reported $1.58 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.50 by $0.08. Bank of New York Mellon had a return on equity of 12.96% and a net margin of 11.78%. The business had revenue of $4.79 billion during the quarter, compared to analyst estimates of $4.76 billion. During the same quarter in the prior year, the firm earned $1.29 earnings per share. Bank of New York Mellon’s revenue for the quarter was up 5.9% on a year-over-year basis. On average, 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 Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, May 2nd. Shareholders of record on Monday, April 21st were given a $0.47 dividend. The ex-dividend date of this dividend was Monday, April 21st. This represents a $1.88 annualized dividend and a yield of 2.05%. Bank of New York Mellon’s payout ratio is currently 30.62%.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently issued reports on the company. Morgan Stanley boosted their price objective on Bank of New York Mellon from $94.00 to $95.00 and gave the company an “overweight” rating in a research note on Tuesday, June 3rd. Citigroup lifted their target price on Bank of New York Mellon from $82.00 to $85.00 and gave the company a “neutral” rating in a report on Monday, March 24th. Royal Bank Of Canada reaffirmed a “sector perform” rating and set a $90.00 target price on shares of Bank of New York Mellon in a report on Monday, March 17th. Truist Financial lowered Bank of New York Mellon from a “buy” rating to a “hold” rating and lifted their target price for the company from $87.00 to $97.00 in a report on Wednesday, May 28th. Finally, Evercore ISI lifted their target price on Bank of New York Mellon from $83.00 to $87.00 and gave the company an “in-line” rating in a report on Tuesday, April 1st. Seven equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $91.85.

Insider Buying and Selling at Bank of New York Mellon

In related news, EVP J Kevin Mccarthy sold 30,000 shares of the company’s stock in a transaction that occurred on Tuesday, April 29th. The stock was sold at an average price of $79.03, for a total transaction of $2,370,900.00. Following the completion of the transaction, the executive vice president now owns 55,115 shares in the company, valued at $4,355,738.45. This represents a 35.25% 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. Also, insider Kurtis R. Kurimsky sold 5,641 shares of the company’s stock in a transaction that occurred on Monday, April 14th. The shares were sold at an average price of $77.50, for a total value of $437,177.50. Following the transaction, the insider now owns 21,679 shares of the company’s stock, valued at approximately $1,680,122.50. This represents a 20.65% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 101,114 shares of company stock worth $7,869,795. 0.14% of the stock is currently owned by insiders.

Bank of New York Mellon Company 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.