CoreCap Advisors LLC Sells 667 Shares of The Bank of New York Mellon Co. (NYSE:BK)

CoreCap Advisors LLC lessened its stake in shares of The Bank of New York Mellon Co. (NYSE:BK) by 47.3% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 742 shares of the bank’s stock after selling 667 shares during the quarter. CoreCap Advisors LLC’s holdings in Bank of New York Mellon were worth $57,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Parvin Asset Management LLC acquired a new stake in shares of Bank of New York Mellon in the 4th quarter worth $25,000. Bellwether Advisors LLC acquired a new stake in shares of Bank of New York Mellon in the 4th quarter worth $28,000. Transce3nd LLC acquired a new stake in shares of Bank of New York Mellon in the 4th quarter worth $33,000. South Plains Financial Inc. acquired a new stake in shares of Bank of New York Mellon in the 4th quarter worth $34,000. Finally, Graney & King LLC acquired a new stake in shares of Bank of New York Mellon in the 4th quarter worth $35,000. Institutional investors own 85.31% of the company’s stock.

Bank of New York Mellon Stock Performance

NYSE BK opened at $87.86 on Thursday. The stock has a 50-day simple moving average of $80.78 and a two-hundred day simple moving average of $81.15. The firm has a market capitalization of $62.86 billion, a P/E ratio of 15.12, a PEG ratio of 0.97 and a beta of 1.05. The Bank of New York Mellon Co. has a fifty-two week low of $57.18 and a fifty-two week high of $90.34. The company has a debt-to-equity ratio of 0.83, a quick ratio of 0.70 and a current ratio of 0.69.

Bank of New York Mellon (NYSE:BK) last announced its quarterly earnings results on Friday, April 11th. The bank reported $1.58 earnings per share for the quarter, beating the consensus estimate of $1.50 by $0.08. Bank of New York Mellon had a return on equity of 12.68% and a net margin of 11.35%. The firm had revenue of $4.79 billion during the quarter, compared to analyst estimates of $4.76 billion. During the same quarter in the previous year, the business earned $1.29 EPS. Bank of New York Mellon’s revenue for the quarter was up 5.9% compared to the same quarter last year. On average, equities analysts forecast that The Bank of New York Mellon Co. will post 6.96 earnings per share for the current year.

Bank of New York Mellon Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, May 2nd. Investors of record on Monday, April 21st were paid a $0.47 dividend. The ex-dividend date of this dividend was Monday, April 21st. This represents a $1.88 annualized dividend and a dividend yield of 2.14%. Bank of New York Mellon’s dividend payout ratio is presently 30.62%.

Insider Activity at Bank of New York Mellon

In related news, insider Kurtis R. Kurimsky sold 5,641 shares of Bank of New York Mellon stock in a transaction dated Monday, April 14th. The stock was sold at an average price of $77.50, for a total value of $437,177.50. Following the completion of the transaction, the insider now owns 21,679 shares in the company, valued at $1,680,122.50. The trade was a 20.65% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Catherine Keating sold 65,473 shares of Bank of New York Mellon stock in a transaction dated Monday, April 14th. The shares were sold at an average price of $77.31, for a total value of $5,061,717.63. Following the completion of the transaction, the vice president now owns 87,542 shares of the company’s stock, valued at approximately $6,767,872.02. This represents a 42.79% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 101,114 shares of company stock worth $7,869,795 in the last 90 days. Corporate insiders own 0.14% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts recently issued reports on the company. Truist Financial reduced their target price on Bank of New York Mellon from $90.00 to $87.00 and set a “buy” rating for the company in a research note on Monday, April 14th. Bank of America raised their target price on Bank of New York Mellon from $90.00 to $95.00 and gave the stock a “buy” rating in a research note on Thursday, January 16th. Barclays raised their target price on Bank of New York Mellon from $102.00 to $104.00 and gave the stock an “overweight” rating in a research note on Thursday, January 16th. Citigroup raised their target price on Bank of New York Mellon from $82.00 to $85.00 and gave the stock a “neutral” rating in a research note on Monday, March 24th. Finally, StockNews.com lowered Bank of New York Mellon from a “buy” rating to a “hold” rating in a research note on Wednesday, February 19th. Six equities 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, Bank of New York Mellon presently has an average rating of “Moderate Buy” and an average target price of $91.31.

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.