Geode Capital Management LLC Sells 368,424 Shares of Bank of New York Mellon Corporation $BNY

Geode Capital Management LLC trimmed its position in shares of Bank of New York Mellon Corporation (NYSE:BNY) by 2.0% in the 4th quarter, HoldingsChannel.com reports. The fund owned 18,466,278 shares of the bank’s stock after selling 368,424 shares during the quarter. Geode Capital Management LLC’s holdings in Bank of New York Mellon were worth $2,136,749,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Thurston Springer Miller Herd & Titak Inc. bought a new position in shares of Bank of New York Mellon during the fourth quarter valued at about $27,000. Marquette Asset Management LLC raised its stake in shares of Bank of New York Mellon by 174.7% during the fourth quarter. Marquette Asset Management LLC now owns 261 shares of the bank’s stock valued at $30,000 after acquiring an additional 166 shares during the last quarter. Valley Wealth Managers Inc. bought a new position in shares of Bank of New York Mellon during the third quarter valued at about $33,000. Westside Investment Management Inc. raised its stake in shares of Bank of New York Mellon by 44.1% during the third quarter. Westside Investment Management Inc. now owns 415 shares of the bank’s stock valued at $45,000 after acquiring an additional 127 shares during the last quarter. Finally, Kohmann Bosshard Financial Services LLC bought a new position in shares of Bank of New York Mellon during the fourth quarter valued at about $46,000. 85.31% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on BNY. JPMorgan Chase & Co. upped 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 research note on Monday, May 11th. Weiss Ratings raised shares of Bank of New York Mellon from a “buy (a-)” rating to a “buy (a)” rating in a research note on Monday, May 4th. Wall Street Zen raised shares of Bank of New York Mellon to a “hold” rating in a research note on Saturday, May 23rd. Barclays upped their price objective on shares of Bank of New York Mellon from $143.00 to $149.00 and gave the company an “overweight” rating in a research note on Friday, April 17th. Finally, Truist Financial increased their price target on shares of Bank of New York Mellon from $140.00 to $148.00 and gave the stock a “buy” rating in a research note on Friday, April 17th. One equities research analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and five have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $138.08.

Bank of New York Mellon Price Performance

Shares of NYSE BNY opened at $140.60 on Friday. Bank of New York Mellon Corporation has a fifty-two week low of $87.41 and a fifty-two week high of $141.65. The company has a 50 day simple moving average of $129.58 and a two-hundred day simple moving average of $121.35. The company has a market capitalization of $96.51 billion, a price-to-earnings ratio of 17.42, a P/E/G ratio of 1.02 and a beta of 1.08. The company has a debt-to-equity ratio of 0.82, a quick ratio of 0.75 and a current ratio of 0.75.

Bank of New York Mellon (NYSE:BNY) last announced its earnings results on Thursday, April 16th. The bank reported $2.25 earnings per share for the quarter, beating analysts’ consensus estimates of $1.94 by $0.31. Bank of New York Mellon had a net margin of 14.60% and a return on equity of 15.29%. The business had revenue of $5.41 billion during the quarter, compared to the consensus estimate of $5.14 billion. During the same quarter last year, the firm earned $1.58 earnings per share. The business’s revenue for the quarter was up 12.9% on a year-over-year basis. Analysts expect that Bank of New York Mellon Corporation will post 8.78 EPS for the current fiscal year.

Bank of New York Mellon Dividend Announcement

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

Insider Buying and Selling at Bank of New York Mellon

In other Bank of New York Mellon news, EVP J Kevin Mccarthy sold 30,000 shares of the firm’s stock in a transaction that occurred on Friday, April 17th. The shares were sold at an average price of $136.50, for a total transaction of $4,095,000.00. Following the completion of the transaction, the executive vice president owned 50,238 shares of the company’s stock, valued at approximately $6,857,487. This trade represents a 37.39% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Kurtis R. Kurimsky sold 5,290 shares of the firm’s stock in a transaction that occurred 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 of the company’s stock, valued at $2,347,569.18. This represents a 23.46% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 48,091 shares of company stock worth $6,568,423 over the last three months. Company insiders own 0.17% of the company’s stock.

Bank of New York Mellon Company 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.