Confluence Wealth Services Inc. Sells 1,834 Shares of The Bank of New York Mellon Co. (NYSE:BK)

Confluence Wealth Services Inc. decreased its holdings in The Bank of New York Mellon Co. (NYSE:BK) by 12.0% in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 13,439 shares of the bank’s stock after selling 1,834 shares during the period. Confluence Wealth Services Inc.’s holdings in Bank of New York Mellon were worth $1,139,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently made changes to their positions in BK. McClarren Financial Advisors Inc. lifted its position in shares of Bank of New York Mellon by 586.4% in the third quarter. McClarren Financial Advisors Inc. now owns 405 shares of the bank’s stock worth $29,000 after buying an additional 346 shares in the last quarter. Fortitude Family Office LLC lifted its position in shares of Bank of New York Mellon by 130.6% in the third quarter. Fortitude Family Office LLC now owns 611 shares of the bank’s stock worth $44,000 after buying an additional 346 shares in the last quarter. Grove Bank & Trust lifted its position in shares of Bank of New York Mellon by 28.8% in the third quarter. Grove Bank & Trust now owns 644 shares of the bank’s stock worth $46,000 after buying an additional 144 shares in the last quarter. Ashton Thomas Securities LLC purchased a new stake in shares of Bank of New York Mellon in the third quarter worth about $46,000. Finally, Modus Advisors LLC purchased a new stake in shares of Bank of New York Mellon in the fourth quarter worth about $49,000. Institutional investors own 85.31% of the company’s stock.

Bank of New York Mellon Stock Down 0.3 %

Shares of NYSE:BK opened at $84.90 on Wednesday. The Bank of New York Mellon Co. has a 52-week low of $52.64 and a 52-week high of $87.70. The stock has a market cap of $61.73 billion, a P/E ratio of 14.61, a price-to-earnings-growth ratio of 0.98 and a beta of 1.08. The business’s 50 day moving average is $80.44 and its 200 day moving average is $74.35. The company has a quick ratio of 0.70, a current ratio of 0.69 and a debt-to-equity ratio of 0.83.

Bank of New York Mellon (NYSE:BK) last announced its quarterly earnings data on Wednesday, January 15th. The bank reported $1.72 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.54 by $0.18. Bank of New York Mellon had a return on equity of 12.68% and a net margin of 11.35%. The company had revenue of $4.85 billion for the quarter, compared to analysts’ expectations of $4.66 billion. During the same quarter in the prior year, the firm earned $1.28 earnings per share. Bank of New York Mellon’s revenue was up 11.2% compared to the same quarter last year. Sell-side analysts predict that The Bank of New York Mellon Co. will post 6.86 EPS for the current year.

Bank of New York Mellon Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, February 7th. Shareholders of record on Monday, January 27th will be given a dividend of $0.47 per share. The ex-dividend date is Monday, January 27th. This represents a $1.88 annualized dividend and a yield of 2.21%. Bank of New York Mellon’s dividend payout ratio (DPR) is presently 32.36%.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on BK. UBS Group boosted their target price on Bank of New York Mellon from $88.00 to $94.00 and gave the stock a “buy” rating in a research report on Tuesday, January 21st. Evercore ISI upped their price objective on Bank of New York Mellon from $79.00 to $83.00 and gave the company an “in-line” rating in a research report on Thursday, January 16th. Royal Bank of Canada restated a “sector perform” rating and set a $79.00 price objective on shares of Bank of New York Mellon in a research report on Monday, October 14th. Truist Financial upped their price objective on Bank of New York Mellon from $91.00 to $93.00 and gave the company a “buy” rating in a research report on Thursday, January 16th. Finally, Keefe, Bruyette & Woods upped their price objective on Bank of New York Mellon from $87.00 to $96.00 and gave the company an “outperform” rating in a research report on Tuesday, December 3rd. Five analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $88.00.

About 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 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.