Martingale Asset Management L P Sells 3,763 Shares of The Bank of New York Mellon Co. (NYSE:BK)

Martingale Asset Management L P cut its stake in shares of The Bank of New York Mellon Co. (NYSE:BK) by 1.1% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 330,908 shares of the bank’s stock after selling 3,763 shares during the period. Martingale Asset Management L P’s holdings in Bank of New York Mellon were worth $23,779,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently modified their holdings of BK. B. Riley Wealth Advisors Inc. grew its holdings in shares of Bank of New York Mellon by 13.7% during the first quarter. B. Riley Wealth Advisors Inc. now owns 14,944 shares of the bank’s stock worth $861,000 after purchasing an additional 1,803 shares in the last quarter. Tidal Investments LLC grew its holdings in shares of Bank of New York Mellon by 20.6% during the first quarter. Tidal Investments LLC now owns 24,671 shares of the bank’s stock worth $1,421,000 after purchasing an additional 4,210 shares in the last quarter. Swedbank AB purchased a new position in shares of Bank of New York Mellon during the first quarter worth about $35,514,000. Atria Investments Inc grew its holdings in shares of Bank of New York Mellon by 17.2% during the first quarter. Atria Investments Inc now owns 82,343 shares of the bank’s stock worth $4,745,000 after purchasing an additional 12,064 shares in the last quarter. Finally, Cetera Investment Advisers grew its holdings in shares of Bank of New York Mellon by 223.1% during the first quarter. Cetera Investment Advisers now owns 286,046 shares of the bank’s stock worth $16,482,000 after purchasing an additional 197,515 shares in the last quarter. Hedge funds and other institutional investors own 85.31% of the company’s stock.

Bank of New York Mellon Price Performance

Shares of Bank of New York Mellon stock opened at $81.74 on Friday. The company has a quick ratio of 0.70, a current ratio of 0.70 and a debt-to-equity ratio of 0.89. The company has a market cap of $59.43 billion, a PE ratio of 17.77, a P/E/G ratio of 0.93 and a beta of 1.07. The business has a 50 day moving average of $75.87 and a 200 day moving average of $67.30. The Bank of New York Mellon Co. has a 52 week low of $46.81 and a 52 week high of $82.08.

Bank of New York Mellon (NYSE:BK) last posted its quarterly earnings data on Friday, October 11th. The bank reported $1.52 earnings per share (EPS) for the quarter, topping 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%. As a group, equities research analysts forecast that The Bank of New York Mellon Co. will post 5.82 earnings per share for the current year.

Bank of New York Mellon Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, November 1st. Stockholders of record on Monday, October 21st were issued a dividend of $0.47 per share. The ex-dividend date of this dividend was Monday, October 21st. This represents a $1.88 annualized dividend and a dividend yield of 2.30%. Bank of New York Mellon’s payout ratio is presently 40.87%.

Insider Activity

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

Analyst Upgrades and Downgrades

Several research analysts have recently commented on BK shares. UBS Group boosted their price objective 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. StockNews.com raised Bank of New York Mellon from a “hold” rating to a “buy” rating in a research note on Tuesday, November 19th. Barclays upped their target price on Bank of New York Mellon from $75.00 to $86.00 and gave the stock an “overweight” rating in a research note on Monday, October 14th. The Goldman Sachs Group upped their target price on Bank of New York Mellon from $74.00 to $80.00 and gave the stock a “buy” rating in a research note on Thursday, September 26th. Finally, Wells Fargo & Company increased their price objective on Bank of New York Mellon from $79.00 to $81.00 and gave the company an “equal weight” rating in a research note on Friday, November 15th. Five research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $78.15.

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.