The Bank of New York Mellon Co. (NYSE:BK) Stake Lessened by Gofen & Glossberg LLC IL

Gofen & Glossberg LLC IL decreased its stake in The Bank of New York Mellon Co. (NYSE:BKGet Rating) by 2.1% in the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 39,874 shares of the bank’s stock after selling 850 shares during the quarter. Gofen & Glossberg LLC IL’s holdings in Bank of New York Mellon were worth $1,663,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also bought and sold shares of BK. Brown Brothers Harriman & Co. grew its holdings in Bank of New York Mellon by 97.1% during the 1st quarter. Brown Brothers Harriman & Co. now owns 609 shares of the bank’s stock worth $30,000 after acquiring an additional 300 shares during the last quarter. Bank of New Hampshire acquired a new position in shares of Bank of New York Mellon during the first quarter worth approximately $31,000. Dividend Assets Capital LLC bought a new position in Bank of New York Mellon in the 1st quarter valued at $32,000. Bromfield Sneider Wealth Advisors bought a new position in shares of Bank of New York Mellon during the 1st quarter worth $33,000. Finally, Comprehensive Financial Consultants Institutional Inc. purchased a new stake in shares of Bank of New York Mellon in the 4th quarter valued at about $38,000. 83.00% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

BK has been the subject of a number of recent research reports. The Goldman Sachs Group lowered their price objective on Bank of New York Mellon from $51.50 to $45.00 and set a “neutral” rating for the company in a research note on Wednesday, June 29th. Credit Suisse Group dropped their target price on Bank of New York Mellon from $52.00 to $50.00 and set an “outperform” rating on the stock in a research note on Tuesday, July 19th. Wells Fargo & Company reduced their price target on Bank of New York Mellon from $57.00 to $46.00 and set an “equal weight” rating for the company in a report on Friday, July 1st. Morgan Stanley dropped their price target on Bank of New York Mellon from $53.00 to $45.00 and set an “equal weight” rating for the company in a research report on Wednesday, July 6th. Finally, Citigroup lowered their price objective on Bank of New York Mellon from $50.00 to $46.00 in a research report on Tuesday, July 12th. Eleven investment analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $50.73.

Bank of New York Mellon Stock Down 3.2 %

Shares of NYSE:BK opened at $40.93 on Friday. The company has a market capitalization of $33.08 billion, a PE ratio of 10.39, a PEG ratio of 1.67 and a beta of 1.11. The Bank of New York Mellon Co. has a 52 week low of $39.78 and a 52 week high of $64.63. The company has a 50 day moving average price of $43.17 and a two-hundred day moving average price of $44.82. The company has a debt-to-equity ratio of 0.78, a quick ratio of 0.67 and a current ratio of 0.67.

Bank of New York Mellon (NYSE:BKGet Rating) last released its earnings results on Friday, July 15th. The bank reported $1.03 EPS for the quarter, missing the consensus estimate of $1.12 by ($0.09). The firm had revenue of $4.25 billion during the quarter, compared to the consensus estimate of $4.17 billion. Bank of New York Mellon had a net margin of 20.61% and a return on equity of 9.49%. Bank of New York Mellon’s quarterly revenue was up 7.4% compared to the same quarter last year. During the same period in the prior year, the business earned $1.13 earnings per share. Analysts forecast 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. Investors of record on Monday, July 25th were given a $0.37 dividend. This represents a $1.48 annualized dividend and a dividend yield of 3.62%. This is a boost from Bank of New York Mellon’s previous quarterly dividend of $0.34. The ex-dividend date of this dividend was Friday, July 22nd. Bank of New York Mellon’s dividend payout ratio is 37.56%.

Insider Transactions at Bank of New York Mellon

In related news, CEO Thomas P. Gibbons sold 105,062 shares of Bank of New York Mellon stock in a transaction dated Monday, August 8th. The stock was sold at an average price of $43.24, for a total value of $4,542,880.88. Following the completion of the sale, the chief executive officer now directly owns 221,018 shares in the company, valued at approximately $9,556,818.32. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Company insiders own 0.08% of the company’s stock.

Bank of New York Mellon 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.

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Institutional Ownership by Quarter for Bank of New York Mellon (NYSE:BK)

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