Davis Capital Management Reduces Stock Position in The Bank of New York Mellon Co. (NYSE:BK)

Davis Capital Management reduced its holdings in shares of The Bank of New York Mellon Co. (NYSE:BK) by 1.6% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 32,325 shares of the bank’s stock after selling 509 shares during the quarter. Bank of New York Mellon comprises 1.7% of Davis Capital Management’s investment portfolio, making the stock its 12th biggest position. Davis Capital Management’s holdings in Bank of New York Mellon were worth $1,943,000 as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of the business. Norges Bank purchased a new stake in Bank of New York Mellon in the 4th quarter worth approximately $813,701,000. Vanguard Group Inc. lifted its stake in Bank of New York Mellon by 6.1% in the 4th quarter. Vanguard Group Inc. now owns 74,501,451 shares of the bank’s stock worth $3,877,801,000 after purchasing an additional 4,293,751 shares in the last quarter. KBC Group NV raised its position in shares of Bank of New York Mellon by 217.0% during the 4th quarter. KBC Group NV now owns 1,528,492 shares of the bank’s stock valued at $79,558,000 after buying an additional 1,046,298 shares in the last quarter. M&G Plc purchased a new stake in shares of Bank of New York Mellon during the 1st quarter valued at $55,543,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank raised its position in shares of Bank of New York Mellon by 153.5% during the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 1,554,532 shares of the bank’s stock valued at $80,913,000 after buying an additional 941,193 shares in the last quarter. 85.31% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several analysts have recently weighed in on the stock. Deutsche Bank Aktiengesellschaft raised their price objective on shares of Bank of New York Mellon from $61.00 to $63.00 and gave the company a “hold” rating in a research report on Monday, July 15th. Citigroup cut shares of Bank of New York Mellon from a “buy” rating to a “neutral” rating and set a $65.00 price objective on the stock. in a research report on Monday, July 15th. Jefferies Financial Group raised 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 research report on Thursday, April 18th. Bank of America raised 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 research report on Wednesday, April 17th. Finally, Keefe, Bruyette & Woods reaffirmed an “outperform” rating and set a $75.00 target price (up previously from $70.00) on shares of Bank of New York Mellon in a report on Monday, July 15th. Six equities research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to data from MarketBeat.com, Bank of New York Mellon presently has an average rating of “Moderate Buy” and an average price target of $65.86.

Insider Activity

In other news, VP Senthilkumar Santhanakrishnan sold 15,643 shares of Bank of New York Mellon stock in a transaction dated Wednesday, May 8th. The shares were sold at an average price of $57.65, for a total transaction of $901,818.95. Following the sale, the vice president now owns 144,721 shares of the company’s stock, valued at approximately $8,343,165.65. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, VP Senthilkumar Santhanakrishnan sold 15,643 shares of Bank of New York Mellon stock in a transaction dated Wednesday, May 8th. The shares were sold at an average price of $57.65, for a total transaction of $901,818.95. Following the sale, the vice president now owns 144,721 shares of the company’s stock, valued at approximately $8,343,165.65. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Hanneke Smits sold 15,000 shares of Bank of New York Mellon stock in a transaction dated Thursday, July 18th. The shares were sold at an average price of $64.11, for a total transaction of $961,650.00. Following the sale, the vice president now directly owns 173,930 shares in the company, valued at approximately $11,150,652.30. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 36,858 shares of company stock valued at $2,223,504. Corporate insiders own 0.14% of the company’s stock.

Bank of New York Mellon Trading Down 2.4 %

Bank of New York Mellon stock traded down $1.52 during trading hours on Friday, reaching $63.12. The stock had a trading volume of 6,162,182 shares, compared to its average volume of 4,774,799. The stock has a market cap of $47.20 billion, a PE ratio of 14.61, a PEG ratio of 1.14 and a beta of 1.09. The Bank of New York Mellon Co. has a 52 week low of $39.66 and a 52 week high of $65.90. The company has a debt-to-equity ratio of 0.85, a current ratio of 0.70 and a quick ratio of 0.71. The company has a fifty day simple moving average of $60.95 and a 200-day simple moving average of $57.90.

Bank of New York Mellon (NYSE:BK) last announced its quarterly earnings results on Friday, July 12th. The bank reported $1.51 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.43 by $0.08. The business had revenue of $4.60 billion for the quarter, compared to analyst estimates of $4.53 billion. Bank of New York Mellon had a net margin of 9.40% and a return on equity of 11.87%. The company’s revenue was up 2.1% on a year-over-year basis. During the same quarter last year, the firm earned $1.38 EPS. Analysts forecast that The Bank of New York Mellon Co. will post 5.6 EPS for the current fiscal year.

Bank of New York Mellon Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, August 2nd. Stockholders of record on Monday, July 22nd were paid a dividend of $0.47 per share. This is a positive change from Bank of New York Mellon’s previous quarterly dividend of $0.42. The ex-dividend date of this dividend was Monday, July 22nd. This represents a $1.88 dividend on an annualized basis and a dividend yield of 2.98%. Bank of New York Mellon’s payout ratio is presently 43.52%.

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.