Advisors Asset Management Inc. lowered its position in The Bank of New York Mellon Co. (NYSE:BK) by 75.0% during the first quarter, Holdings Channel.com reports. The fund owned 811 shares of the bank’s stock after selling 2,435 shares during the quarter. Advisors Asset Management Inc.’s holdings in The Bank of New York Mellon were worth $38,000 at the end of the most recent quarter.
A number of other hedge funds have also recently bought and sold shares of BK. Regent Peak Wealth Advisors LLC acquired a new position in The Bank of New York Mellon during the fourth quarter valued at approximately $26,000. RWM Asset Management LLC acquired a new position in shares of The Bank of New York Mellon during the 4th quarter valued at $30,000. CVA Family Office LLC purchased a new stake in The Bank of New York Mellon during the 1st quarter worth $34,000. Cranbrook Wealth Management LLC acquired a new stake in The Bank of New York Mellon in the 1st quarter valued at $43,000. Finally, Piscataqua Savings Bank purchased a new position in The Bank of New York Mellon in the first quarter valued at about $46,000. 82.08% of the stock is owned by hedge funds and other institutional investors.
A number of research firms have recently issued reports on BK. Citigroup lowered their target price on The Bank of New York Mellon from $58.00 to $56.00 in a research note on Wednesday, April 21st. Bank of America raised shares of The Bank of New York Mellon from an “underperform” rating to a “buy” rating and boosted their target price for the stock from $43.00 to $50.00 in a research report on Wednesday, March 24th. Barclays upped their target price on shares of The Bank of New York Mellon from $55.00 to $57.00 and gave the company an “overweight” rating in a research note on Wednesday, April 7th. Deutsche Bank Aktiengesellschaft lifted their price target on shares of The Bank of New York Mellon from $50.00 to $54.00 and gave the stock a “buy” rating in a research note on Friday, April 9th. Finally, Morgan Stanley lowered their target price on The Bank of New York Mellon from $50.00 to $46.00 and set an “equal weight” rating for the company in a research note on Monday, April 19th. Four investment analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. The company has a consensus rating of “Buy” and an average target price of $50.00.
The Bank of New York Mellon (NYSE:BK) last posted its quarterly earnings results on Thursday, April 15th. The bank reported $0.97 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.87 by $0.10. The Bank of New York Mellon had a return on equity of 9.19% and a net margin of 22.24%. The business had revenue of $3.92 billion for the quarter, compared to analyst estimates of $3.83 billion. During the same period in the prior year, the company posted $1.05 EPS. The business’s revenue was down 4.6% compared to the same quarter last year. As a group, research analysts anticipate that The Bank of New York Mellon Co. will post 4.06 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which was paid on Tuesday, May 11th. Shareholders of record on Wednesday, April 28th were issued a dividend of $0.31 per share. The ex-dividend date was Tuesday, April 27th. This represents a $1.24 dividend on an annualized basis and a dividend yield of 2.49%. The Bank of New York Mellon’s dividend payout ratio (DPR) is 30.92%.
In related news, insider Kurtis R. Kurimsky sold 10,878 shares of the business’s stock in a transaction that occurred on Monday, April 19th. The stock was sold at an average price of $46.89, for a total transaction of $510,069.42. Following the completion of the transaction, the insider now owns 25,034 shares in the company, valued at approximately $1,173,844.26. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP J Kevin Mccarthy sold 12,500 shares of the company’s stock in a transaction on Thursday, May 6th. The stock was sold at an average price of $51.65, for a total value of $645,625.00. Following the transaction, the executive vice president now owns 102,214 shares of the company’s stock, valued at $5,279,353.10. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 58,378 shares of company stock worth $2,793,344. Insiders own 0.12% of the company’s stock.
About The Bank of New York Mellon
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 three segments: Investment Services, Investment and Wealth Management, and Other. The Investment Service segment offers custody, trust and depositary, accounting, exchange-traded funds services, middle-office solutions, transfer agency, services for private equity and real estate funds, foreign exchange, securities lending, liquidity/lending services, brokerage and data analytics, clearing, investment, wealth and retirement solutions, technology and enterprise data management, trading, corporate trust, depositary receipts, payments, foreign exchange, liquidity management, receivables processing and payables management, trade finance and processing, collateral management, and tri-party services.
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