Pekin Hardy Strauss Inc. Reduces Stock Holdings in The Bank of New York Mellon Co. (NYSE:BK)

Pekin Hardy Strauss Inc. lowered its stake in shares of The Bank of New York Mellon Co. (NYSE:BK) by 5.2% during the 4th quarter, according to the company in its most recent filing with the SEC. The fund owned 24,716 shares of the bank’s stock after selling 1,350 shares during the quarter. Pekin Hardy Strauss Inc.’s holdings in Bank of New York Mellon were worth $1,286,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently bought and sold shares of BK. Hartford Financial Management Inc. raised its holdings in shares of Bank of New York Mellon by 41.4% in the fourth quarter. Hartford Financial Management Inc. now owns 625 shares of the bank’s stock worth $33,000 after buying an additional 183 shares during the period. Blue Trust Inc. lifted its position in shares of Bank of New York Mellon by 159.2% during the fourth quarter. Blue Trust Inc. now owns 858 shares of the bank’s stock worth $45,000 after purchasing an additional 527 shares during the last quarter. Addison Advisors LLC boosted its stake in shares of Bank of New York Mellon by 603.2% during the third quarter. Addison Advisors LLC now owns 879 shares of the bank’s stock valued at $37,000 after purchasing an additional 754 shares during the period. First Command Advisory Services Inc. bought a new position in shares of Bank of New York Mellon in the third quarter worth about $38,000. Finally, Stonehage Fleming Financial Services Holdings Ltd purchased a new position in Bank of New York Mellon in the 3rd quarter worth about $49,000. Hedge funds and other institutional investors own 85.31% of the company’s stock.

Bank of New York Mellon Stock Down 1.5 %

NYSE:BK opened at $56.49 on Wednesday. The company has a current ratio of 0.71, a quick ratio of 0.72 and a debt-to-equity ratio of 0.90. The Bank of New York Mellon Co. has a twelve month low of $39.65 and a twelve month high of $58.28. The company has a market cap of $42.53 billion, a PE ratio of 13.78, a P/E/G ratio of 1.23 and a beta of 1.12. The company’s 50 day moving average is $56.08 and its two-hundred day moving average is $52.13.

Bank of New York Mellon (NYSE:BK) last announced its quarterly earnings data on Tuesday, April 16th. The bank reported $1.29 earnings per share for the quarter, beating analysts’ consensus estimates of $1.19 by $0.10. Bank of New York Mellon had a net margin of 9.48% and a return on equity of 11.80%. The firm had revenue of $4.53 billion for the quarter, compared to analyst estimates of $4.39 billion. During the same period in the previous year, the company earned $1.13 earnings per share. The business’s quarterly revenue was up 3.8% compared to the same quarter last year. Analysts anticipate that The Bank of New York Mellon Co. will post 5.43 EPS for the current year.

Bank of New York Mellon Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, May 9th. Shareholders of record on Friday, April 26th will be paid a dividend of $0.42 per share. The ex-dividend date of this dividend is Thursday, April 25th. This represents a $1.68 annualized dividend and a yield of 2.97%. Bank of New York Mellon’s payout ratio is presently 40.98%.

Insider Activity

In other Bank of New York Mellon news, EVP J Kevin Mccarthy sold 40,000 shares of Bank of New York Mellon stock in a transaction that occurred on Friday, April 19th. The shares were sold at an average price of $56.15, for a total transaction of $2,246,000.00. Following the completion of the sale, the executive vice president now directly owns 100,404 shares in the company, valued at approximately $5,637,684.60. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In related news, VP Catherine Keating sold 54,070 shares of Bank of New York Mellon stock in a transaction that occurred on Thursday, April 18th. The stock was sold at an average price of $54.88, for a total transaction of $2,967,361.60. Following the completion of the transaction, the vice president now directly owns 78,350 shares in the company, valued at $4,299,848. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP J Kevin Mccarthy sold 40,000 shares of the company’s stock in a transaction that occurred on Friday, April 19th. The stock was sold at an average price of $56.15, for a total value of $2,246,000.00. Following the completion of the sale, the executive vice president now owns 100,404 shares in the company, valued at approximately $5,637,684.60. The disclosure for this sale can be found here. Over the last three months, insiders have sold 98,568 shares of company stock valued at $5,459,897. Company insiders own 0.14% of the company’s stock.

Analyst Ratings Changes

Several brokerages recently issued reports on BK. Royal Bank of Canada reissued a “sector perform” rating and issued a $58.00 price objective on shares of Bank of New York Mellon in a research note on Wednesday, March 27th. UBS Group raised their price target on Bank of New York Mellon from $54.00 to $62.00 and gave the company a “buy” rating in a research note on Tuesday, January 9th. Evercore ISI upped their price objective on shares of Bank of New York Mellon from $57.00 to $61.00 and gave the stock an “in-line” rating in a research note on Thursday, April 4th. Morgan Stanley raised their target price on shares of Bank of New York Mellon from $62.00 to $63.00 and gave the company an “equal weight” rating in a research report on Thursday, April 18th. Finally, Bank of America lifted their price objective on shares of Bank of New York Mellon from $64.00 to $66.00 and gave the company a “buy” rating in a report on Wednesday, April 17th. Five research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $60.17.

Bank of New York Mellon Profile

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.