Cove Street Capital LLC Sells 2,500 Shares of The Bank of New York Mellon Co. (NYSE:BK)

Cove Street Capital LLC trimmed its holdings in The Bank of New York Mellon Co. (NYSE:BK – Get Rating) by 8.2% in the 4th quarter, Holdings Channel reports. The fund owned 27,915 shares of the bank’s stock after selling 2,500 shares during the quarter. Cove Street Capital LLC’s holdings in Bank of New York Mellon were worth $1,271,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Brown Brothers Harriman & Co. lifted its stake in Bank of New York Mellon by 97.1% in the first quarter. Brown Brothers Harriman & Co. now owns 609 shares of the bank’s stock worth $30,000 after acquiring an additional 300 shares during the period. Exos TFP Holdings LLC acquired a new position in shares of Bank of New York Mellon during the fourth quarter valued at about $32,000. MV Capital Management Inc. increased its holdings in Bank of New York Mellon by 38.3% in the 4th quarter. MV Capital Management Inc. now owns 747 shares of the bank’s stock worth $34,000 after buying an additional 207 shares during the period. EverSource Wealth Advisors LLC increased its holdings in Bank of New York Mellon by 238.6% in the 3rd quarter. EverSource Wealth Advisors LLC now owns 948 shares of the bank’s stock worth $36,000 after buying an additional 668 shares during the period. Finally, Glass Jacobson Investment Advisors llc acquired a new position in Bank of New York Mellon in the 4th quarter worth approximately $36,000. Hedge funds and other institutional investors own 82.29% of the company’s stock.

Bank of New York Mellon Stock Up 1.3 %

Shares of BK traded up $0.51 during midday trading on Friday, hitting $40.89. The company had a trading volume of 1,463,386 shares, compared to its average volume of 5,658,372. The company’s 50-day simple moving average is $43.01 and its 200-day simple moving average is $45.83. The company has a debt-to-equity ratio of 0.92, a quick ratio of 0.69 and a current ratio of 0.69. The firm has a market capitalization of $32.27 billion, a P/E ratio of 12.96, a P/E/G ratio of 1.07 and a beta of 1.07. The Bank of New York Mellon Co. has a 1 year low of $36.22 and a 1 year high of $52.26.

Bank of New York Mellon (NYSE:BK – Get Rating) last posted its earnings results on Tuesday, April 18th. The bank reported $1.12 earnings per share for the quarter, topping the consensus estimate of $1.09 by $0.03. The firm had revenue of $4.36 billion during the quarter, compared to analysts’ expectations of $4.40 billion. Bank of New York Mellon had a return on equity of 11.45% and a net margin of 11.98%. The firm’s revenue was up 11.1% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.86 earnings per share. As a group, sell-side analysts expect that The Bank of New York Mellon Co. will post 4.73 EPS for the current year.

Bank of New York Mellon Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, May 11th. Shareholders of record on Friday, April 28th were paid a $0.37 dividend. This represents a $1.48 dividend on an annualized basis and a yield of 3.62%. The ex-dividend date of this dividend was Thursday, April 27th. Bank of New York Mellon’s dividend payout ratio is currently 46.84%.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on BK. Wells Fargo & Company dropped their price objective on shares of Bank of New York Mellon from $52.00 to $51.00 and set an “equal weight” rating on the stock in a research note on Wednesday, April 19th. Morgan Stanley raised their price objective on Bank of New York Mellon from $46.00 to $47.00 and gave the company an “underweight” rating in a report on Wednesday, April 19th. StockNews.com initiated coverage on Bank of New York Mellon in a report on Thursday, May 18th. They issued a “hold” rating on the stock. Evercore ISI reduced their price target on Bank of New York Mellon from $49.00 to $46.00 in a report on Friday, May 12th. Finally, Barclays reduced their price target on Bank of New York Mellon from $64.00 to $62.00 in a report on Wednesday, April 12th. One analyst has rated the stock with a sell rating, six have given a hold rating and six have given a buy rating to the company. According to data from MarketBeat.com, Bank of New York Mellon presently has an average rating of “Hold” and an average price target of $51.61.

Bank of New York Mellon Company Profile

(Get Rating)

The Bank of New York Mellon Corp. is a bank holding company, which engages in the provision of financial services. It operates through the following segments: Securities Services, Market and Wealth Services, Investment and Wealth Management, and Other segment. The Securities Services segment includes Asset Servicing business, which provides global custody, fund accounting, integrated middle-office solutions, transfer agency and data and analytics solutions.