Avestar Capital LLC Trims Holdings in The Bank of New York Mellon Co. (NYSE:BK)

Avestar Capital LLC reduced its stake in shares of The Bank of New York Mellon Co. (NYSE:BK) by 10.2% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 5,012 shares of the bank’s stock after selling 570 shares during the quarter. Avestar Capital LLC’s holdings in Bank of New York Mellon were worth $360,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in the stock. McClarren Financial Advisors Inc. raised its holdings 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 valued at $29,000 after acquiring an additional 346 shares in the last quarter. Olistico Wealth LLC bought a new stake in Bank of New York Mellon during the 2nd quarter valued at $30,000. Clearstead Trust LLC purchased a new position in shares of Bank of New York Mellon in the 2nd quarter valued at $32,000. Family Firm Inc. bought a new position in shares of Bank of New York Mellon in the 2nd quarter worth $40,000. Finally, Fortitude Family Office LLC lifted its stake in shares of Bank of New York Mellon by 130.6% during the 3rd quarter. Fortitude Family Office LLC now owns 611 shares of the bank’s stock worth $44,000 after purchasing an additional 346 shares during the last quarter. 85.31% of the stock is currently owned by institutional investors.

Bank of New York Mellon Price Performance

NYSE:BK opened at $81.75 on Thursday. The company has a 50 day moving average price of $75.67 and a 200-day moving average price of $67.20. The Bank of New York Mellon Co. has a 1-year low of $46.81 and a 1-year high of $82.08. The firm has a market cap of $59.44 billion, a price-to-earnings ratio of 17.77, a price-to-earnings-growth ratio of 0.93 and a beta of 1.07. The company has a debt-to-equity ratio of 0.89, a current ratio of 0.70 and a quick ratio of 0.70.

Bank of New York Mellon (NYSE:BK) last issued its quarterly earnings data on Friday, October 11th. The bank reported $1.52 earnings per share for the quarter, topping analysts’ consensus estimates of $1.41 by $0.11. Bank of New York Mellon had a net margin of 9.44% and a return on equity of 12.06%. The business had revenue of $4.65 billion during the quarter, compared to the consensus estimate of $4.52 billion. Equities research analysts forecast that The Bank of New York Mellon Co. will post 5.82 EPS for the current year.

Bank of New York Mellon Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, November 1st. Shareholders of record on Monday, October 21st were given a dividend of $0.47 per share. The ex-dividend date of this dividend was Monday, October 21st. This represents a $1.88 dividend on an annualized basis and a yield of 2.30%. Bank of New York Mellon’s dividend payout ratio is currently 40.87%.

Insider Buying and Selling at Bank of New York Mellon

In other news, VP Hanneke Smits sold 16,475 shares of Bank of New York Mellon stock in a transaction dated Tuesday, October 15th. The shares were sold at an average price of $76.47, for a total value of $1,259,843.25. Following the sale, the vice president now owns 157,455 shares in the company, valued at $12,040,583.85. This trade represents a 9.47 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, EVP J Kevin Mccarthy sold 25,000 shares of the company’s stock in a transaction dated Tuesday, October 15th. The stock was sold at an average price of $76.31, for a total transaction of $1,907,750.00. Following the transaction, the executive vice president now owns 75,404 shares of the company’s stock, valued at approximately $5,754,079.24. This trade represents a 24.90 % decrease in their position. The disclosure for this sale can be found here. 0.14% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

BK has been the subject of several analyst reports. Deutsche Bank Aktiengesellschaft increased their price target on shares of Bank of New York Mellon from $82.00 to $85.00 and gave the company a “buy” rating in a research report on Monday, November 11th. StockNews.com raised Bank of New York Mellon from a “hold” rating to a “buy” rating in a research report on Tuesday, November 19th. Citigroup upped their price objective on shares of Bank of New York Mellon from $75.00 to $82.00 and gave the company a “neutral” rating in a report on Monday. Morgan Stanley lifted their target price on shares of Bank of New York Mellon from $72.00 to $78.00 and gave the stock an “equal weight” rating in a research note on Monday, September 30th. Finally, Royal Bank of Canada reiterated a “sector perform” rating and set a $79.00 price objective on shares of Bank of New York Mellon in a research note on Monday, October 14th. Five investment analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $78.15.

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.