The Bank of New York Mellon Co. (NYSE:BK) Stock Position Reduced by Biechele Royce Advisors

Biechele Royce Advisors cut its position in shares of The Bank of New York Mellon Co. (NYSE:BK) by 2.0% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 337,854 shares of the bank’s stock after selling 6,776 shares during the period. Bank of New York Mellon makes up 6.5% of Biechele Royce Advisors’ holdings, making the stock its 2nd biggest holding. Biechele Royce Advisors’ holdings in Bank of New York Mellon were worth $19,468,000 at the end of the most recent quarter.

A number of other institutional investors also recently bought and sold shares of BK. Wetzel Investment Advisors Inc. increased its position in shares of Bank of New York Mellon by 82.1% during the first quarter. Wetzel Investment Advisors Inc. now owns 510 shares of the bank’s stock valued at $28,000 after acquiring an additional 230 shares during the last quarter. Atlantic Edge Private Wealth Management LLC acquired a new stake in shares of Bank of New York Mellon during the fourth quarter valued at about $28,000. Able Wealth Management LLC acquired a new stake in shares of Bank of New York Mellon during the fourth quarter valued at about $32,000. Kathleen S. Wright Associates Inc. acquired a new stake in shares of Bank of New York Mellon during the first quarter valued at about $32,000. Finally, Hartford Financial Management Inc. increased its position in shares of Bank of New York Mellon by 41.4% during the fourth quarter. Hartford Financial Management Inc. now owns 625 shares of the bank’s stock valued at $33,000 after acquiring an additional 183 shares during the last quarter. 85.31% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Bank of New York Mellon

In other news, insider Kurtis R. Kurimsky sold 6,215 shares of the business’s stock in a transaction that occurred on Tuesday, May 7th. The shares were sold at an average price of $57.93, for a total transaction of $360,034.95. Following the completion of the sale, the insider now owns 24,346 shares in the company, valued at approximately $1,410,363.78. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In related news, VP Senthilkumar Santhanakrishnan sold 15,643 shares of the company’s stock in a transaction on Wednesday, May 8th. The shares were sold at an average price of $57.65, for a total value of $901,818.95. Following the completion of the sale, the vice president now owns 144,721 shares in the company, valued at approximately $8,343,165.65. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, insider Kurtis R. Kurimsky sold 6,215 shares of the company’s stock in a transaction on Tuesday, May 7th. The shares were sold at an average price of $57.93, for a total transaction of $360,034.95. Following the completion of the sale, the insider now owns 24,346 shares of the company’s stock, valued at approximately $1,410,363.78. The disclosure for this sale can be found here. In the last quarter, insiders sold 115,928 shares of company stock worth $6,475,216. 0.14% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on BK. Royal Bank of Canada restated a “sector perform” rating and issued a $58.00 price objective on shares of Bank of New York Mellon in a report on Wednesday, March 27th. Evercore ISI restated an “in-line” rating and issued a $61.00 price objective on shares of Bank of New York Mellon in a report on Wednesday, July 3rd. Morgan Stanley lifted their price objective on shares of Bank of New York Mellon from $62.00 to $63.00 and gave the company an “equal weight” rating in a report on Thursday, April 18th. Keefe, Bruyette & Woods upgraded shares of Bank of New York Mellon from a “market perform” rating to an “outperform” rating and lifted their price objective for the company from $60.00 to $70.00 in a report on Thursday, June 27th. Finally, Jefferies Financial Group lifted their price objective on shares of Bank of New York Mellon from $67.00 to $68.00 and gave the company a “buy” rating in a report on Thursday, April 18th. Five equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $61.15.

Bank of New York Mellon Stock Up 1.3 %

NYSE BK traded up $0.77 on Thursday, hitting $61.47. 4,172,000 shares of the stock were exchanged, compared to its average volume of 3,687,227. The company has a quick ratio of 0.71, a current ratio of 0.71 and a debt-to-equity ratio of 0.90. The Bank of New York Mellon Co. has a fifty-two week low of $39.66 and a fifty-two week high of $61.55. The company has a market cap of $45.97 billion, a PE ratio of 14.91, a PEG ratio of 1.19 and a beta of 1.09. The company has a 50-day moving average price of $58.95 and a 200-day moving average price of $56.52.

Bank of New York Mellon (NYSE:BK) last posted its quarterly earnings results on Tuesday, April 16th. The bank reported $1.29 EPS for the quarter, topping the consensus estimate of $1.19 by $0.10. The company had revenue of $4.53 billion during the quarter, compared to analysts’ expectations of $4.39 billion. Bank of New York Mellon had a net margin of 9.48% and a return on equity of 11.80%. The firm’s revenue was up 3.8% on a year-over-year basis. During the same quarter in the previous year, the business posted $1.13 EPS. Sell-side analysts anticipate that The Bank of New York Mellon Co. will post 5.47 EPS for the current fiscal year.

Bank of New York Mellon Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, May 9th. Stockholders of record on Friday, April 26th were given a dividend of $0.42 per share. The ex-dividend date of this dividend was Thursday, April 25th. This represents a $1.68 annualized dividend and a dividend yield of 2.73%. Bank of New York Mellon’s dividend payout ratio is presently 40.98%.

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.