Signet Financial Management LLC Cuts Stock Holdings in The Bank of New York Mellon Co. (NYSE:BK)

Signet Financial Management LLC cut its stake in The Bank of New York Mellon Co. (NYSE:BK) by 3.5% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 8,591 shares of the bank’s stock after selling 313 shares during the period. Signet Financial Management LLC’s holdings in Bank of New York Mellon were worth $447,000 at the end of the most recent reporting period.

Other hedge funds also recently added to or reduced their stakes in the company. Geode Capital Management LLC increased its stake in shares of Bank of New York Mellon by 1.5% during the 1st quarter. Geode Capital Management LLC now owns 15,302,537 shares of the bank’s stock worth $693,747,000 after purchasing an additional 227,602 shares in the last quarter. Norges Bank purchased a new position in shares of Bank of New York Mellon during the 4th quarter worth approximately $503,489,000. Northern Trust Corp increased its stake in shares of Bank of New York Mellon by 8.2% during the 3rd quarter. Northern Trust Corp now owns 9,453,880 shares of the bank’s stock worth $403,208,000 after purchasing an additional 715,421 shares in the last quarter. Victory Capital Management Inc. increased its stake in shares of Bank of New York Mellon by 1.5% during the 3rd quarter. Victory Capital Management Inc. now owns 8,757,443 shares of the bank’s stock worth $373,505,000 after purchasing an additional 129,929 shares in the last quarter. Finally, Morgan Stanley increased its stake in shares of Bank of New York Mellon by 13.2% during the 4th quarter. Morgan Stanley now owns 7,863,929 shares of the bank’s stock worth $357,966,000 after purchasing an additional 916,664 shares in the last quarter. 85.31% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In related news, VP Catherine Keating sold 4,498 shares of Bank of New York Mellon stock in a transaction on Thursday, February 8th. The shares were sold at an average price of $54.81, for a total transaction of $246,535.38. Following the sale, the vice president now owns 123,490 shares of the company’s stock, valued at approximately $6,768,486.90. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Insiders own 0.14% of the company’s stock.

Analyst Ratings Changes

A number of analysts recently issued reports on the stock. Morgan Stanley upgraded shares of Bank of New York Mellon from an “underweight” rating to an “equal weight” rating and raised their target price for the stock from $52.00 to $62.00 in a research report on Tuesday, January 30th. Citigroup raised their target price on shares of Bank of New York Mellon from $60.00 to $65.00 and gave the stock a “buy” rating in a research report on Wednesday, February 14th. Evercore ISI raised their target price 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 report on Thursday, April 4th. Royal Bank of Canada restated a “sector perform” rating and set a $58.00 target price on shares of Bank of New York Mellon in a research report on Wednesday, March 27th. Finally, UBS Group raised their target price on shares of Bank of New York Mellon from $54.00 to $62.00 and gave the stock a “buy” rating in a research report on Tuesday, January 9th. Six analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $56.72.

Bank of New York Mellon Stock Performance

Shares of BK stock opened at $53.99 on Wednesday. The company’s fifty day simple moving average is $55.75 and its 200-day simple moving average is $51.08. The Bank of New York Mellon Co. has a 52 week low of $39.65 and a 52 week high of $58.28. The company has a current ratio of 0.72, a quick ratio of 0.72 and a debt-to-equity ratio of 0.87. The company has a market cap of $40.64 billion, a PE ratio of 13.60, a P/E/G ratio of 1.18 and a beta of 1.12.

Bank of New York Mellon (NYSE:BK) last issued its earnings results on Tuesday, April 16th. The bank reported $1.29 EPS for the quarter, beating analysts’ consensus estimates of $1.19 by $0.10. Bank of New York Mellon had a net margin of 10.01% and a return on equity of 11.63%. The business had revenue of $4.53 billion for the quarter, compared to the consensus estimate of $4.39 billion. During the same quarter last year, the firm posted $1.13 EPS. The business’s revenue for the quarter was up 3.8% compared to the same quarter last year. As a group, equities research analysts anticipate that The Bank of New York Mellon Co. will post 5.33 EPS for the current year.

Bank of New York Mellon Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, May 9th. Stockholders of record on Friday, April 26th will be paid a $0.42 dividend. This represents a $1.68 dividend on an annualized basis and a dividend yield of 3.11%. The ex-dividend date of this dividend is Thursday, April 25th. Bank of New York Mellon’s dividend payout ratio is presently 42.32%.

About Bank of New York Mellon

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.