Sequoia Financial Advisors LLC decreased its stake in shares of The Bank of New York Mellon Co. (NYSE:BK – Free Report) by 40.7% during the first quarter, HoldingsChannel.com reports. The institutional investor owned 17,053 shares of the bank’s stock after selling 11,721 shares during the quarter. Sequoia Financial Advisors LLC’s holdings in Bank of New York Mellon were worth $983,000 at the end of the most recent quarter.
Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Norges Bank purchased a new position in shares of Bank of New York Mellon during the 4th quarter worth $813,701,000. Vanguard Group Inc. boosted its holdings in Bank of New York Mellon by 6.1% in the 4th quarter. Vanguard Group Inc. now owns 74,501,451 shares of the bank’s stock valued at $3,877,801,000 after purchasing an additional 4,293,751 shares during the last quarter. KBC Group NV grew its stake in shares of Bank of New York Mellon by 217.0% in the 4th quarter. KBC Group NV now owns 1,528,492 shares of the bank’s stock valued at $79,558,000 after buying an additional 1,046,298 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank increased its holdings in shares of Bank of New York Mellon by 153.5% during the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 1,554,532 shares of the bank’s stock worth $80,913,000 after buying an additional 941,193 shares during the last quarter. Finally, Putnam Investments LLC raised its position in shares of Bank of New York Mellon by 224.9% during the 4th quarter. Putnam Investments LLC now owns 1,001,056 shares of the bank’s stock valued at $52,105,000 after buying an additional 692,910 shares during the period. Institutional investors and hedge funds own 85.31% of the company’s stock.
Analyst Ratings Changes
BK has been the subject of several recent analyst reports. Morgan Stanley raised their target price on Bank of New York Mellon from $62.00 to $63.00 and gave the stock an “equal weight” rating in a research note on Thursday, April 18th. Keefe, Bruyette & Woods upgraded shares of Bank of New York Mellon from a “market perform” rating to an “outperform” rating and boosted their price objective for the company from $60.00 to $70.00 in a report on Thursday, June 27th. Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $58.00 target price on shares of Bank of New York Mellon in a research report on Wednesday, March 27th. Jefferies Financial Group lifted their price target on shares of Bank of New York Mellon from $67.00 to $68.00 and gave the company a “buy” rating in a research report on Thursday, April 18th. Finally, Bank of America upped their price objective on shares of Bank of New York Mellon from $64.00 to $66.00 and gave the stock a “buy” rating in a report on Wednesday, April 17th. Five investment analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $61.15.
Check Out Our Latest Research Report on Bank of New York Mellon
Insider Transactions at Bank of New York Mellon
In related news, EVP J Kevin Mccarthy sold 40,000 shares of the firm’s stock in a transaction that occurred on Friday, April 19th. The shares were sold at an average price of $56.15, for a total value of $2,246,000.00. Following the sale, the executive vice president now owns 100,404 shares of the company’s stock, valued at $5,637,684.60. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In related news, EVP J Kevin Mccarthy sold 40,000 shares of the stock in a transaction on Friday, April 19th. The stock was sold at an average price of $56.15, for a total value of $2,246,000.00. Following the transaction, the executive vice president now owns 100,404 shares of the company’s stock, valued at $5,637,684.60. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Kurtis R. Kurimsky sold 6,215 shares of the firm’s stock in a transaction on Tuesday, May 7th. The shares were sold at an average price of $57.93, for a total value of $360,034.95. Following the completion of the sale, the insider now owns 24,346 shares in the company, valued at $1,410,363.78. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 115,928 shares of company stock valued at $6,475,216. 0.14% of the stock is currently owned by corporate insiders.
Bank of New York Mellon Stock Performance
Shares of BK stock opened at $59.88 on Friday. The firm has a 50 day moving average of $58.74 and a two-hundred day moving average of $56.34. The stock has a market capitalization of $44.78 billion, a PE ratio of 14.60, a P/E/G ratio of 1.19 and a beta of 1.09. The company has a quick ratio of 0.71, a current ratio of 0.71 and a debt-to-equity ratio of 0.90. The Bank of New York Mellon Co. has a 52 week low of $39.66 and a 52 week high of $60.91.
Bank of New York Mellon (NYSE:BK – Get Free Report) last announced its quarterly earnings data on Tuesday, April 16th. The bank reported $1.29 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.19 by $0.10. Bank of New York Mellon had a return on equity of 11.80% and a net margin of 9.48%. The business had revenue of $4.53 billion for the quarter, compared to analysts’ expectations of $4.39 billion. During the same period last year, the firm earned $1.13 earnings per share. The company’s revenue for the quarter was up 3.8% compared to the same quarter last year. On average, research analysts predict that The Bank of New York Mellon Co. will post 5.47 EPS for the current fiscal year.
Bank of New York Mellon Dividend Announcement
The business also recently disclosed a quarterly dividend, which was paid on Thursday, May 9th. Stockholders of record on Friday, April 26th were paid a $0.42 dividend. This represents a $1.68 annualized dividend and a dividend yield of 2.81%. The ex-dividend date of this dividend was Thursday, April 25th. Bank of New York Mellon’s payout ratio is presently 40.98%.
About Bank of New York Mellon
(Free Report)
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.
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