Bank of New York Mellon Corporation $BNY Position Reduced by Private Management Group Inc.

Private Management Group Inc. trimmed its stake in shares of Bank of New York Mellon Corporation (NYSE:BNY) by 15.7% during the fourth quarter, HoldingsChannel reports. The fund owned 350,544 shares of the bank’s stock after selling 65,514 shares during the quarter. Bank of New York Mellon comprises approximately 1.2% of Private Management Group Inc.’s holdings, making the stock its 15th largest position. Private Management Group Inc.’s holdings in Bank of New York Mellon were worth $40,695,000 at the end of the most recent quarter.

A number of other large investors have also recently added to or reduced their stakes in BNY. Revolve Wealth Partners LLC bought a new position in Bank of New York Mellon during the 4th quarter valued at $220,000. Sivia Capital Partners LLC boosted its stake in Bank of New York Mellon by 36.6% during the 2nd quarter. Sivia Capital Partners LLC now owns 3,394 shares of the bank’s stock valued at $309,000 after acquiring an additional 909 shares during the last quarter. Jump Financial LLC bought a new position in Bank of New York Mellon during the 2nd quarter valued at $2,482,000. Treasurer of the State of North Carolina raised its holdings in shares of Bank of New York Mellon by 1.7% during the second quarter. Treasurer of the State of North Carolina now owns 334,388 shares of the bank’s stock worth $30,466,000 after purchasing an additional 5,445 shares during the period. Finally, Osterweis Capital Management Inc. raised its holdings in shares of Bank of New York Mellon by 11,890.0% during the second quarter. Osterweis Capital Management Inc. now owns 1,199 shares of the bank’s stock worth $109,000 after purchasing an additional 1,189 shares during the period. 85.31% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on BNY. Wall Street Zen raised shares of Bank of New York Mellon to a “hold” rating in a report on Saturday, May 23rd. JPMorgan Chase & Co. increased their target price on shares of Bank of New York Mellon from $130.50 to $140.00 and gave the stock an “overweight” rating in a report on Monday, May 11th. Morgan Stanley increased their target price on shares of Bank of New York Mellon from $135.00 to $139.00 and gave the stock an “equal weight” rating in a report on Friday, April 17th. Royal Bank Of Canada increased their target price on shares of Bank of New York Mellon from $130.00 to $142.00 and gave the stock a “sector perform” rating in a report on Friday, April 17th. Finally, Citigroup began coverage on shares of Bank of New York Mellon in a report on Monday, February 23rd. They set a “neutral” rating on the stock. One equities research analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and five have issued a Hold rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $138.08.

Bank of New York Mellon Stock Up 1.7%

BNY stock opened at $142.12 on Friday. The company has a quick ratio of 0.75, a current ratio of 0.75 and a debt-to-equity ratio of 0.82. Bank of New York Mellon Corporation has a fifty-two week low of $87.41 and a fifty-two week high of $144.98. The firm’s 50-day simple moving average is $134.74 and its 200 day simple moving average is $123.66. The stock has a market cap of $97.55 billion, a PE ratio of 17.61, a price-to-earnings-growth ratio of 1.02 and a beta of 1.07.

Bank of New York Mellon (NYSE:BNY) last released its quarterly earnings data on Thursday, April 16th. The bank reported $2.25 earnings per share for the quarter, topping analysts’ consensus estimates of $1.94 by $0.31. Bank of New York Mellon had a net margin of 14.60% and a return on equity of 15.29%. The business had revenue of $5.41 billion for the quarter, compared to analysts’ expectations of $5.14 billion. During the same quarter last year, the company earned $1.58 EPS. The company’s revenue for the quarter was up 12.9% compared to the same quarter last year. As a group, sell-side analysts predict that Bank of New York Mellon Corporation will post 8.78 EPS for the current year.

Bank of New York Mellon Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, May 8th. Investors of record on Monday, April 27th were issued a $0.53 dividend. This represents a $2.12 dividend on an annualized basis and a dividend yield of 1.5%. The ex-dividend date of this dividend was Monday, April 27th. Bank of New York Mellon’s dividend payout ratio (DPR) is 26.27%.

Insider Activity

In related news, VP Shannon Marie Hobbs sold 297 shares of the stock in a transaction dated Friday, April 17th. The shares were sold at an average price of $137.05, for a total value of $40,703.85. Following the sale, the vice president owned 15,206 shares of the company’s stock, valued at $2,083,982.30. This trade represents a 1.92% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Kurtis R. Kurimsky sold 5,290 shares of the stock in a transaction dated Friday, April 17th. The stock was sold at an average price of $136.02, for a total transaction of $719,545.80. Following the completion of the sale, the insider directly owned 17,259 shares in the company, valued at approximately $2,347,569.18. This trade represents a 23.46% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 48,091 shares of company stock worth $6,568,423 in the last 90 days. 0.17% of the stock is currently owned by insiders.

About Bank of New York Mellon

BNY, formerly known as BNY Mellon, is a global financial services company headquartered in New York City. Formed in 2007 through the merger of the Bank of New York and Mellon Financial Corporation, BNY traces its roots back to 1784, making it one of the oldest banking institutions in the United States. It was also the first company listed on the New York Stock Exchange.

BNY operates at the center of the world’s capital markets, partnering with clients to help them operate more efficiently and accelerate growth.