Ellevest Inc. decreased its position in shares of The Bank of New York Mellon Co. (NYSE:BK – Get Rating) by 6.5% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 4,081 shares of the bank's stock after selling 284 shares during the period. Ellevest Inc.'s holdings in Bank of New York Mellon were worth $170,000 at the end of the most recent reporting period.
A number of other institutional investors have also recently bought and sold shares of BK. Brown Brothers Harriman & Co. raised its holdings in Bank of New York Mellon by 97.1% during the first quarter. Brown Brothers Harriman & Co. now owns 609 shares of the bank's stock valued at $30,000 after buying an additional 300 shares in the last quarter. Bank of New Hampshire bought a new position in Bank of New York Mellon during the first quarter valued at about $31,000. Dividend Assets Capital LLC bought a new position in Bank of New York Mellon during the first quarter valued at about $32,000. Bromfield Sneider Wealth Advisors bought a new position in Bank of New York Mellon during the first quarter valued at about $33,000. Finally, Comprehensive Financial Consultants Institutional Inc. bought a new position in Bank of New York Mellon during the fourth quarter valued at about $38,000. Institutional investors and hedge funds own 83.00% of the company's stock.
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Analyst Upgrades and Downgrades
Several equities analysts have weighed in on the company. The Goldman Sachs Group cut their target price on Bank of New York Mellon from $51.50 to $45.00 and set a "neutral" rating on the stock in a report on Wednesday, June 29th. UBS Group dropped their price objective on Bank of New York Mellon from $56.00 to $52.00 in a research note on Monday, July 11th. Royal Bank of Canada dropped their price objective on Bank of New York Mellon from $56.00 to $49.00 and set a "sector perform" rating on the stock in a research note on Friday, July 1st. JPMorgan Chase & Co. dropped their price objective on Bank of New York Mellon from $51.50 to $46.50 in a research note on Monday, July 11th. Finally, Barclays set a $61.00 price objective on Bank of New York Mellon in a research note on Tuesday, July 19th. Eleven research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company's stock. According to MarketBeat, the stock presently has an average rating of "Hold" and an average target price of $50.58.
Bank of New York Mellon Trading Up 1.7 %
Shares of BK opened at $39.59 on Thursday. The Bank of New York Mellon Co. has a 12-month low of $38.30 and a 12-month high of $64.63. The company has a quick ratio of 0.67, a current ratio of 0.67 and a debt-to-equity ratio of 0.78. The firm has a market capitalization of $31.99 billion, a price-to-earnings ratio of 10.05, a P/E/G ratio of 1.56 and a beta of 1.11. The stock's 50-day moving average price is $42.88 and its 200 day moving average price is $44.51.
Bank of New York Mellon (NYSE:BK – Get Rating) last released its quarterly earnings data on Friday, July 15th. The bank reported $1.03 earnings per share for the quarter, missing analysts' consensus estimates of $1.12 by ($0.09). The company had revenue of $4.25 billion for the quarter, compared to analyst estimates of $4.17 billion. Bank of New York Mellon had a net margin of 20.61% and a return on equity of 9.49%. The firm's revenue for the quarter was up 7.4% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.13 earnings per share. As a group, research analysts predict that The Bank of New York Mellon Co. will post 4.22 earnings per share for the current year.
Bank of New York Mellon Increases Dividend
The business also recently disclosed a quarterly dividend, which was paid on Friday, August 5th. Shareholders of record on Monday, July 25th were issued a dividend of $0.37 per share. This represents a $1.48 dividend on an annualized basis and a yield of 3.74%. This is an increase from Bank of New York Mellon's previous quarterly dividend of $0.34. The ex-dividend date was Friday, July 22nd. Bank of New York Mellon's payout ratio is presently 37.56%.
Insider Buying and Selling at Bank of New York Mellon
In other Bank of New York Mellon news, CEO Thomas P. Gibbons sold 105,062 shares of Bank of New York Mellon stock in a transaction that occurred on Monday, August 8th. The stock was sold at an average price of $43.24, for a total transaction of $4,542,880.88. Following the sale, the chief executive officer now directly owns 221,018 shares of the company's stock, valued at $9,556,818.32. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 0.08% of the company's stock.
Bank of New York Mellon Company Profile
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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, prime brokerage, and data analytics.
Further Reading
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