Prudential PLC Cuts Stake in Bank of New York Mellon Corporation $BNY

Prudential PLC reduced its stake in Bank of New York Mellon Corporation (NYSE:BNY) by 4.3% during the fourth quarter, according to its most recent filing with the SEC. The fund owned 186,875 shares of the bank’s stock after selling 8,412 shares during the quarter. Prudential PLC’s holdings in Bank of New York Mellon were worth $21,694,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. Jones Financial Companies Lllp lifted its holdings in Bank of New York Mellon by 35.1% during the third quarter. Jones Financial Companies Lllp now owns 31,848 shares of the bank’s stock valued at $3,487,000 after purchasing an additional 8,277 shares during the last quarter. First National Bank of Omaha purchased a new stake in Bank of New York Mellon during the third quarter valued at about $3,044,000. Cullen Investment Group LTD. lifted its holdings in Bank of New York Mellon by 1,691.4% during the fourth quarter. Cullen Investment Group LTD. now owns 38,730 shares of the bank’s stock valued at $4,610,000 after purchasing an additional 36,568 shares during the last quarter. Todd Asset Management LLC lifted its holdings in Bank of New York Mellon by 37.5% during the fourth quarter. Todd Asset Management LLC now owns 370,998 shares of the bank’s stock valued at $43,069,000 after purchasing an additional 101,142 shares during the last quarter. Finally, Cibc World Market Inc. lifted its holdings in Bank of New York Mellon by 8.6% during the third quarter. Cibc World Market Inc. now owns 130,795 shares of the bank’s stock valued at $14,251,000 after purchasing an additional 10,377 shares during the last quarter. 85.31% of the stock is owned by hedge funds and other institutional investors.

Bank of New York Mellon Trading Up 2.6%

Shares of BNY opened at $144.24 on Friday. The business’s 50-day moving average price is $132.20 and its 200-day moving average price is $122.43. Bank of New York Mellon Corporation has a twelve month low of $87.41 and a twelve month high of $144.98. The stock has a market cap of $99.00 billion, a PE ratio of 17.87, a P/E/G ratio of 1.03 and a beta of 1.07. The company has a quick ratio of 0.75, a current ratio of 0.75 and a debt-to-equity ratio of 0.82.

Bank of New York Mellon (NYSE:BNY) last announced its quarterly earnings results on Thursday, April 16th. The bank reported $2.25 earnings per share for the quarter, beating the consensus estimate of $1.94 by $0.31. Bank of New York Mellon had a return on equity of 15.29% and a net margin of 14.60%.The firm had revenue of $5.41 billion for the quarter, compared to analysts’ expectations of $5.14 billion. During the same period in the prior year, the business posted $1.58 earnings per share. The company’s revenue was up 12.9% on a year-over-year basis. On average, equities analysts forecast 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 business also recently declared a quarterly dividend, which was paid on Friday, May 8th. Stockholders of record on Monday, April 27th were given a dividend of $0.53 per share. The ex-dividend date was Monday, April 27th. This represents a $2.12 annualized dividend and a dividend yield of 1.5%. Bank of New York Mellon’s dividend payout ratio is currently 26.27%.

Analyst Ratings Changes

Several equities research analysts have commented on the stock. Keefe, Bruyette & Woods upped 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. 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 report on Monday, May 11th. Evercore set a $136.00 price objective on shares of Bank of New York Mellon in a report on Friday, April 17th. Truist Financial upped their price objective on shares of Bank of New York Mellon from $140.00 to $148.00 and gave the company a “buy” rating in a report on Friday, April 17th. Finally, 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 report on Friday, April 17th. One 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. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $138.08.

Insider Buying and Selling

In other news, insider Kurtis R. Kurimsky sold 5,290 shares of the company’s stock in a transaction dated Friday, April 17th. The stock was sold at an average price of $136.02, for a total transaction of $719,545.80. Following the sale, the insider directly owned 17,259 shares in the company, valued at $2,347,569.18. This represents a 23.46% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, EVP J Kevin Mccarthy sold 30,000 shares of the company’s stock in a transaction that occurred 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 completion of the transaction, the executive vice president owned 50,238 shares in the company, valued at approximately $6,857,487. This trade represents a 37.39% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders have sold 48,091 shares of company stock valued at $6,568,423. Corporate insiders own 0.17% of the company’s stock.

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.