The Bank of New York Mellon Co. (NYSE:BK) Shares Sold by Carret Asset Management LLC

Carret Asset Management LLC reduced its stake in shares of The Bank of New York Mellon Co. (NYSE:BK) by 0.8% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 24,400 shares of the bank’s stock after selling 200 shares during the period. Carret Asset Management LLC’s holdings in Bank of New York Mellon were worth $1,270,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also made changes to their positions in the company. Massachusetts Financial Services Co. MA lifted its holdings in Bank of New York Mellon by 142.3% in the third quarter. Massachusetts Financial Services Co. MA now owns 1,620,749 shares of the bank’s stock valued at $69,125,000 after acquiring an additional 951,730 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank raised its position in Bank of New York Mellon by 153.5% in the fourth 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 during the period. Barclays PLC raised its position in Bank of New York Mellon by 30.0% in the third quarter. Barclays PLC now owns 3,751,994 shares of the bank’s stock valued at $160,020,000 after purchasing an additional 866,548 shares during the period. Northern Trust Corp increased its position in shares of Bank of New York Mellon by 8.2% during the third quarter. Northern Trust Corp now owns 9,453,880 shares of the bank’s stock worth $403,208,000 after acquiring an additional 715,421 shares during the period. Finally, Bank of Nova Scotia increased its position in shares of Bank of New York Mellon by 1,191.2% during the third quarter. Bank of Nova Scotia now owns 749,193 shares of the bank’s stock worth $31,953,000 after acquiring an additional 691,172 shares during the period. 85.31% of the stock is currently owned by institutional investors and hedge funds.

Bank of New York Mellon Stock Down 1.0 %

Bank of New York Mellon stock traded down $0.58 during midday trading on Thursday, hitting $56.95. 1,058,632 shares of the stock were exchanged, compared to its average volume of 3,948,921. The company has a 50 day moving average price of $55.93 and a two-hundred day moving average price of $51.63. The firm has a market cap of $42.88 billion, a P/E ratio of 14.13, a P/E/G ratio of 1.24 and a beta of 1.12. The Bank of New York Mellon Co. has a 1 year low of $39.65 and a 1 year high of $58.28. The company has a debt-to-equity ratio of 0.90, a current ratio of 0.71 and a quick ratio of 0.72.

Bank of New York Mellon (NYSE:BK) last issued its earnings results on Tuesday, April 16th. The bank reported $1.29 earnings per share (EPS) for the quarter, topping 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 analysts’ expectations of $4.39 billion. During the same quarter last year, the company posted $1.13 earnings per share. Bank of New York Mellon’s revenue was up 3.8% on a year-over-year basis. On average, sell-side analysts predict that The Bank of New York Mellon Co. will post 5.43 earnings per share for the current fiscal year.

Bank of New York Mellon Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, May 9th. Shareholders of record on Friday, April 26th will be given a $0.42 dividend. The ex-dividend date is Thursday, April 25th. This represents a $1.68 annualized dividend and a yield of 2.95%. Bank of New York Mellon’s dividend payout ratio (DPR) is 40.98%.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on the company. Evercore ISI upped their price objective on 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. Jefferies Financial Group increased 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 research note on Thursday, April 18th. Morgan Stanley increased their target price on shares of Bank of New York Mellon from $62.00 to $63.00 and gave the stock an “equal weight” rating in a research note on Thursday, April 18th. 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 research report on Wednesday, March 27th. Finally, UBS Group increased their target price on shares of Bank of New York Mellon from $54.00 to $62.00 and gave the company a “buy” rating in a report on Tuesday, January 9th. Five equities 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.

Insider Buying and Selling

In other Bank of New York Mellon news, VP Catherine Keating sold 54,070 shares of Bank of New York Mellon stock in a transaction on Thursday, April 18th. The shares were sold at an average price of $54.88, for a total transaction of $2,967,361.60. Following the completion of the sale, the vice president now owns 78,350 shares of the company’s stock, valued at approximately $4,299,848. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In related news, VP Catherine Keating sold 54,070 shares of Bank of New York Mellon stock in a transaction on Thursday, April 18th. The shares were sold at an average price of $54.88, for a total value of $2,967,361.60. Following the completion of the sale, the vice president now owns 78,350 shares of the company’s stock, valued at approximately $4,299,848. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, EVP J Kevin Mccarthy sold 40,000 shares of Bank of New York Mellon stock in a transaction on Friday, April 19th. The stock was sold at an average price of $56.15, for a total transaction of $2,246,000.00. Following the completion of the transaction, 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. In the last 90 days, insiders sold 98,568 shares of company stock valued at $5,459,897. Company insiders own 0.14% of the company’s stock.

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.