M&R Capital Management Inc. Trims Stake in The Bank of New York Mellon Co. (NYSE:BK)

M&R Capital Management Inc. lessened its holdings in shares of The Bank of New York Mellon Co. (NYSE:BKFree Report) by 1.9% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 15,045 shares of the bank’s stock after selling 284 shares during the period. M&R Capital Management Inc.’s holdings in Bank of New York Mellon were worth $865,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently modified their holdings of BK. HighPoint Advisor Group LLC bought a new stake in Bank of New York Mellon during the 4th quarter valued at about $360,000. PNC Financial Services Group Inc. increased its position in shares of Bank of New York Mellon by 1.9% during the fourth quarter. PNC Financial Services Group Inc. now owns 251,344 shares of the bank’s stock worth $13,082,000 after acquiring an additional 4,619 shares during the period. Rovin Capital UT ADV raised its stake in shares of Bank of New York Mellon by 27.2% during the fourth quarter. Rovin Capital UT ADV now owns 6,239 shares of the bank’s stock valued at $325,000 after acquiring an additional 1,333 shares in the last quarter. Spartan Planning & Wealth Management boosted its holdings in shares of Bank of New York Mellon by 53,000.0% in the fourth quarter. Spartan Planning & Wealth Management now owns 2,655 shares of the bank’s stock valued at $138,000 after purchasing an additional 2,650 shares during the period. Finally, Vanguard Group Inc. grew its stake in Bank of New York Mellon by 6.1% in the fourth quarter. Vanguard Group Inc. now owns 74,501,451 shares of the bank’s stock worth $3,877,801,000 after purchasing an additional 4,293,751 shares in the last quarter. Institutional investors own 85.31% of the company’s stock.

Insiders Place Their Bets

In related news, VP Catherine Keating sold 54,070 shares of the company’s stock in a transaction that occurred on Thursday, April 18th. The stock was sold at an average price of $54.88, for a total value of $2,967,361.60. Following the sale, 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 through this link. In related news, VP Catherine Keating sold 54,070 shares of the business’s stock in a transaction 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 completion of the transaction, the vice president now directly owns 78,350 shares in the company, valued at $4,299,848. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Kurtis R. Kurimsky sold 6,215 shares of the stock in a transaction dated Tuesday, May 7th. The stock was sold at an average price of $57.93, for a total value of $360,034.95. Following the sale, the insider now directly owns 24,346 shares in the company, valued at $1,410,363.78. The disclosure for this sale can be found here. In the last 90 days, insiders sold 115,928 shares of company stock valued at $6,475,216. 0.14% of the stock is owned by company insiders.

Analysts Set New Price Targets

BK has been the subject of several research reports. Royal Bank of Canada reiterated 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. Morgan Stanley raised their target price on shares of Bank of New York Mellon from $62.00 to $63.00 and gave the company an “equal weight” rating in a research report on Thursday, April 18th. Bank of America upped their price target on shares of Bank of New York Mellon from $64.00 to $66.00 and gave the stock a “buy” rating in a research report on Wednesday, April 17th. Jefferies Financial Group increased their price objective on shares of Bank of New York Mellon from $67.00 to $68.00 and gave the company a “buy” rating in a research note on Thursday, April 18th. Finally, Evercore ISI boosted their price objective on shares of Bank of New York Mellon from $57.00 to $61.00 and gave the stock an “in-line” rating in a research note on Thursday, April 4th. Five analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $60.17.

Read Our Latest Research Report on BK

Bank of New York Mellon Stock Up 0.4 %

Shares of BK traded up $0.24 during midday trading on Tuesday, hitting $58.41. 1,539,639 shares of the company’s stock traded hands, compared to its average volume of 3,641,903. 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 stock has a market capitalization of $43.68 billion, a price-to-earnings ratio of 14.22, a price-to-earnings-growth ratio of 1.19 and a beta of 1.08. The Bank of New York Mellon Co. has a 1 year low of $39.66 and a 1 year high of $60.87. The firm’s fifty day moving average is $57.79 and its 200-day moving average is $55.43.

Bank of New York Mellon (NYSE:BKGet Free Report) last released its quarterly earnings results on Tuesday, April 16th. The bank reported $1.29 EPS for the quarter, beating analysts’ consensus estimates 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 company had revenue of $4.53 billion during the quarter, compared to analysts’ expectations of $4.39 billion. During the same period last year, the business posted $1.13 earnings per share. The firm’s revenue was up 3.8% compared to the same quarter last year. As a group, sell-side analysts anticipate that The Bank of New York Mellon Co. will post 5.45 earnings per share for the current year.

Bank of New York Mellon Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, May 9th. Shareholders of record on Friday, April 26th were issued a $0.42 dividend. The ex-dividend date of this dividend was Thursday, April 25th. This represents a $1.68 dividend on an annualized basis and a dividend yield of 2.88%. Bank of New York Mellon’s dividend payout ratio is currently 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.

See Also

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

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