ProVise Management Group LLC Grows Stock Holdings in The Bank of New York Mellon Co. (NYSE:BK)

ProVise Management Group LLC lifted its position in The Bank of New York Mellon Co. (NYSE:BK) by 2.3% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 96,899 shares of the bank’s stock after buying an additional 2,157 shares during the quarter. ProVise Management Group LLC’s holdings in Bank of New York Mellon were worth $5,044,000 at the end of the most recent reporting period.

Several other hedge funds have also recently bought and sold shares of the company. Norges Bank acquired a new stake in shares of Bank of New York Mellon in the fourth quarter valued at $813,701,000. Northern Trust Corp increased its stake in shares of Bank of New York Mellon by 8.2% during the third quarter. Northern Trust Corp now owns 9,453,880 shares of the bank’s stock worth $403,208,000 after buying an additional 715,421 shares during the period. Victory Capital Management Inc. raised its holdings in Bank of New York Mellon by 1.5% in the third quarter. Victory Capital Management Inc. now owns 8,757,443 shares of the bank’s stock valued at $373,505,000 after acquiring an additional 129,929 shares in the last quarter. LSV Asset Management lifted its stake in Bank of New York Mellon by 1.0% in the fourth quarter. LSV Asset Management now owns 7,372,209 shares of the bank’s stock worth $383,723,000 after acquiring an additional 72,880 shares during the last quarter. Finally, Dimensional Fund Advisors LP grew its holdings in Bank of New York Mellon by 3.4% during the 4th quarter. Dimensional Fund Advisors LP now owns 6,758,152 shares of the bank’s stock worth $351,775,000 after acquiring an additional 223,867 shares in the last quarter. Institutional investors and hedge funds own 85.31% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have recently issued reports on the stock. Royal Bank of Canada restated a “sector perform” rating and issued a $58.00 target price on shares of Bank of New York Mellon in a report on Wednesday, March 27th. Evercore ISI lifted their target price on Bank of New York Mellon from $57.00 to $61.00 and gave the stock an “in-line” rating in a research report on Thursday, April 4th. Bank of America upped their target price on Bank of New York Mellon from $64.00 to $66.00 and gave the company a “buy” rating in a research report on Wednesday, April 17th. Citigroup lifted their price target on Bank of New York Mellon from $60.00 to $65.00 and gave the stock a “buy” rating in a research report on Wednesday, February 14th. Finally, Morgan Stanley increased their price objective on Bank of New York Mellon from $62.00 to $63.00 and gave the company an “equal weight” rating in a report on Thursday, April 18th. Five analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $60.17.

Insiders Place Their Bets

In other Bank of New York Mellon news, VP Catherine Keating sold 54,070 shares of Bank of New York Mellon stock in a transaction that occurred on Thursday, April 18th. The shares were sold at an average price of $54.88, for a total transaction of $2,967,361.60. Following the transaction, the vice president now directly owns 78,350 shares of the company’s stock, valued at $4,299,848. The sale was disclosed in a filing with the SEC, which is available at this link. In other Bank of New York Mellon news, VP Catherine Keating sold 54,070 shares of the business’s stock in a transaction dated Thursday, April 18th. The stock was sold at an average price of $54.88, for a total transaction of $2,967,361.60. Following the transaction, the vice president now owns 78,350 shares in the company, valued at $4,299,848. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, EVP J Kevin Mccarthy sold 40,000 shares of the company’s stock in a transaction dated 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 completion of the sale, the executive vice president now directly owns 100,404 shares of the company’s stock, valued at approximately $5,637,684.60. The disclosure for this sale can be found here. Insiders sold 115,928 shares of company stock worth $6,475,216 over the last three months. 0.14% of the stock is owned by insiders.

Bank of New York Mellon Trading Up 1.3 %

Shares of NYSE BK traded up $0.76 during midday trading on Friday, reaching $59.09. 2,098,327 shares of the stock were exchanged, compared to its average volume of 3,729,456. The stock has a 50 day moving average price of $56.98 and a 200-day moving average price of $53.83. The company has a current ratio of 0.71, a quick ratio of 0.71 and a debt-to-equity ratio of 0.90. The company has a market capitalization of $44.19 billion, a P/E ratio of 14.23, a P/E/G ratio of 1.21 and a beta of 1.11. The Bank of New York Mellon Co. has a 52-week low of $39.66 and a 52-week high of $59.70.

Bank of New York Mellon (NYSE:BK) last released its earnings results on Tuesday, April 16th. The bank reported $1.29 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 firm had revenue of $4.53 billion during the quarter, compared to analyst estimates of $4.39 billion. During the same period in the prior year, the firm posted $1.13 earnings per share. The business’s quarterly revenue was up 3.8% compared to the same quarter last year. Equities research analysts expect that The Bank of New York Mellon Co. will post 5.45 earnings per share for the current fiscal year.

Bank of New York Mellon Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, May 9th. Shareholders of record on Friday, April 26th were given a dividend of $0.42 per share. This represents a $1.68 dividend on an annualized basis and a yield of 2.84%. The ex-dividend date was Thursday, April 25th. Bank of New York Mellon’s dividend payout ratio (DPR) is presently 40.98%.

Bank of New York Mellon Company Profile

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.