Kovack Advisors Inc. Sells 1,111 Shares of The Bank of New York Mellon Co. (NYSE:BK)

Kovack Advisors Inc. cut its stake in shares of The Bank of New York Mellon Co. (NYSE:BK) by 18.5% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 4,904 shares of the bank’s stock after selling 1,111 shares during the quarter. Kovack Advisors Inc.’s holdings in Bank of New York Mellon were worth $352,000 as of its most recent SEC filing.

A number of other institutional investors have also recently made changes to their positions in the stock. Oppenheimer & Co. Inc. boosted its holdings in Bank of New York Mellon by 32.5% in the third quarter. Oppenheimer & Co. Inc. now owns 34,403 shares of the bank’s stock valued at $2,472,000 after acquiring an additional 8,435 shares during the last quarter. Chase Investment Counsel Corp raised its holdings in Bank of New York Mellon by 67.2% during the 3rd quarter. Chase Investment Counsel Corp now owns 83,530 shares of the bank’s stock worth $6,002,000 after purchasing an additional 33,558 shares during the last quarter. Haverford Trust Co acquired a new position in shares of Bank of New York Mellon in the 3rd quarter worth approximately $228,000. Aptus Capital Advisors LLC boosted its stake in shares of Bank of New York Mellon by 4.2% in the 3rd quarter. Aptus Capital Advisors LLC now owns 6,665 shares of the bank’s stock valued at $479,000 after purchasing an additional 271 shares during the last quarter. Finally, Apollon Wealth Management LLC increased its position in shares of Bank of New York Mellon by 4.7% during the third quarter. Apollon Wealth Management LLC now owns 18,868 shares of the bank’s stock worth $1,356,000 after buying an additional 840 shares during the period. Institutional investors own 85.31% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages have weighed in on BK. Deutsche Bank Aktiengesellschaft increased their price target on Bank of New York Mellon from $82.00 to $85.00 and gave the stock a “buy” rating in a report on Monday, November 11th. Royal Bank of Canada reiterated a “sector perform” rating and issued a $79.00 target price on shares of Bank of New York Mellon in a report on Monday, October 14th. UBS Group increased their price target on Bank of New York Mellon from $73.00 to $82.00 and gave the stock a “buy” rating in a report on Tuesday, October 8th. Wells Fargo & Company raised their price objective on shares of Bank of New York Mellon from $79.00 to $81.00 and gave the stock an “equal weight” rating in a research report on Friday. Finally, The Goldman Sachs Group lifted their price objective on shares of Bank of New York Mellon from $74.00 to $80.00 and gave the company a “buy” rating in a research note on Thursday, September 26th. Six investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $77.23.

Insider Activity at Bank of New York Mellon

In other news, EVP J Kevin Mccarthy sold 25,000 shares of the business’s stock in a transaction that occurred on Tuesday, October 15th. The stock was sold at an average price of $76.31, for a total value of $1,907,750.00. Following the transaction, the executive vice president now owns 75,404 shares in the company, valued at $5,754,079.24. The trade was a 24.90 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, VP Hanneke Smits sold 16,475 shares of the company’s stock in a transaction that occurred on Tuesday, October 15th. The shares were sold at an average price of $76.47, for a total value of $1,259,843.25. Following the completion of the transaction, the vice president now directly owns 157,455 shares of the company’s stock, valued at approximately $12,040,583.85. This represents a 9.47 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.14% of the stock is currently owned by insiders.

Bank of New York Mellon Stock Up 0.9 %

Bank of New York Mellon stock opened at $78.29 on Friday. The company has a current ratio of 0.70, a quick ratio of 0.70 and a debt-to-equity ratio of 0.89. The firm’s fifty day moving average price is $73.75 and its two-hundred day moving average price is $65.74. The firm has a market capitalization of $56.92 billion, a price-to-earnings ratio of 17.02, a price-to-earnings-growth ratio of 0.89 and a beta of 1.07. The Bank of New York Mellon Co. has a 1-year low of $46.04 and a 1-year high of $80.29.

Bank of New York Mellon (NYSE:BK) last released its quarterly earnings results on Friday, October 11th. The bank reported $1.52 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.41 by $0.11. The business had revenue of $4.65 billion during the quarter, compared to the consensus estimate of $4.52 billion. Bank of New York Mellon had a return on equity of 12.06% and a net margin of 9.44%. On average, equities research analysts predict that The Bank of New York Mellon Co. will post 5.82 earnings per share for the current fiscal year.

Bank of New York Mellon Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, November 1st. Investors of record on Monday, October 21st were given a $0.47 dividend. This represents a $1.88 dividend on an annualized basis and a yield of 2.40%. The ex-dividend date was Monday, October 21st. Bank of New York Mellon’s payout ratio is currently 40.87%.

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.