First PREMIER Bank Sells 188 Shares of The Bank of New York Mellon Co. (NYSE:BK)

First PREMIER Bank lowered its position in The Bank of New York Mellon Co. (NYSE:BK) by 28.3% in the 2nd quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 476 shares of the bank’s stock after selling 188 shares during the period. First PREMIER Bank’s holdings in Bank of New York Mellon were worth $29,000 as of its most recent SEC filing.

Other hedge funds also recently made changes to their positions in the company. Norges Bank bought a new stake in shares of Bank of New York Mellon in the 4th quarter worth approximately $813,701,000. Vanguard Group Inc. increased its holdings in shares of Bank of New York Mellon by 6.1% during the fourth quarter. Vanguard Group Inc. now owns 74,501,451 shares of the bank’s stock valued at $3,877,801,000 after acquiring 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% in the 4th quarter. KBC Group NV now owns 1,528,492 shares of the bank’s stock worth $79,558,000 after purchasing an additional 1,046,298 shares during the last quarter. M&G Plc bought a new position in Bank of New York Mellon in the 1st quarter worth about $55,543,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank increased its stake in 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 purchasing an additional 941,193 shares in the last quarter. 85.31% of the stock is currently owned by institutional investors.

Bank of New York Mellon Price Performance

NYSE BK traded up $0.89 during trading on Thursday, hitting $65.00. 3,808,831 shares of the stock traded hands, compared to its average volume of 3,846,434. The company has a market capitalization of $48.61 billion, a P/E ratio of 15.05, a price-to-earnings-growth ratio of 1.14 and a beta of 1.09. The Bank of New York Mellon Co. has a 12-month low of $39.66 and a 12-month high of $65.90. The firm has a 50-day simple moving average of $61.71 and a 200-day simple moving average of $58.37. The company has a quick ratio of 0.71, a current ratio of 0.70 and a debt-to-equity ratio of 0.85.

Bank of New York Mellon (NYSE:BK) last announced its earnings results on Friday, July 12th. The bank reported $1.51 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.43 by $0.08. The firm had revenue of $4.60 billion for the quarter, compared to analysts’ expectations 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 business’s revenue was up 2.1% compared to the same quarter last year. During the same period in the prior year, the company earned $1.38 EPS. As a group, analysts predict that The Bank of New York Mellon Co. will post 5.6 EPS for the current year.

Bank of New York Mellon Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, August 2nd. Stockholders of record on Monday, July 22nd were issued a $0.47 dividend. This represents a $1.88 annualized dividend and a dividend yield of 2.89%. This is an increase from Bank of New York Mellon’s previous quarterly dividend of $0.42. The ex-dividend date of this dividend was Monday, July 22nd. Bank of New York Mellon’s dividend payout ratio is presently 43.52%.

Insider Buying and Selling

In related news, VP Hanneke Smits sold 15,000 shares of the firm’s stock in a transaction dated Thursday, July 18th. The shares were sold at an average price of $64.11, for a total value of $961,650.00. Following the transaction, the vice president now owns 173,930 shares of the company’s stock, valued at approximately $11,150,652.30. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. 0.14% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of research firms have commented on BK. Deutsche Bank Aktiengesellschaft lifted their target price on Bank of New York Mellon from $63.00 to $66.00 and gave the stock a “hold” rating in a report on Thursday. Bank of America upped their target price on shares of Bank of New York Mellon from $64.00 to $66.00 and gave the company a “buy” rating in a research note on Wednesday, April 17th. Evercore ISI boosted their price objective on shares of Bank of New York Mellon from $61.00 to $66.00 and gave the company an “in-line” rating in a report on Monday, July 15th. Jefferies Financial Group raised their target price on shares of Bank of New York Mellon from $67.00 to $68.00 and gave the stock a “buy” rating in a report on Thursday, April 18th. Finally, Keefe, Bruyette & Woods reaffirmed an “outperform” rating and issued a $75.00 target price (up previously from $70.00) on shares of Bank of New York Mellon in a research report on Monday, July 15th. Six analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $66.14.

Bank of New York Mellon Company 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.