Benin Management CORP Sells 3,130 Shares of The Bank of New York Mellon Co. (NYSE:BK)

Benin Management CORP cut its holdings in shares of The Bank of New York Mellon Co. (NYSE:BK) by 30.1% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 7,253 shares of the bank’s stock after selling 3,130 shares during the period. Benin Management CORP’s holdings in Bank of New York Mellon were worth $608,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in BK. Parvin Asset Management LLC bought a new position in shares of Bank of New York Mellon during the 4th quarter valued at about $25,000. Bellwether Advisors LLC acquired a new stake in Bank of New York Mellon during the 4th quarter worth approximately $28,000. REAP Financial Group LLC lifted its stake in Bank of New York Mellon by 123.2% in the fourth quarter. REAP Financial Group LLC now owns 395 shares of the bank’s stock valued at $30,000 after buying an additional 218 shares in the last quarter. Transce3nd LLC acquired a new position in shares of Bank of New York Mellon in the fourth quarter valued at approximately $33,000. Finally, South Plains Financial Inc. bought a new stake in shares of Bank of New York Mellon during the fourth quarter worth $34,000. 85.31% of the stock is currently owned by institutional investors.

Bank of New York Mellon Price Performance

NYSE:BK opened at $89.39 on Wednesday. The stock has a market capitalization of $63.95 billion, a PE ratio of 15.39, a P/E/G ratio of 0.97 and a beta of 1.05. The Bank of New York Mellon Co. has a 1-year low of $57.18 and a 1-year high of $90.63. The firm has a fifty day simple moving average of $82.54 and a 200 day simple moving average of $82.39. The company has a current ratio of 0.69, a quick ratio of 0.70 and a debt-to-equity ratio of 0.83.

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

Bank of New York Mellon Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, May 2nd. Shareholders of record on Monday, April 21st were given a dividend of $0.47 per share. This represents a $1.88 dividend on an annualized basis and a yield of 2.10%. The ex-dividend date was Monday, April 21st. Bank of New York Mellon’s dividend payout ratio (DPR) is presently 30.62%.

Analysts Set New Price Targets

Several equities research analysts recently commented on the stock. Evercore ISI boosted their price objective on shares of Bank of New York Mellon from $83.00 to $87.00 and gave the company an “in-line” rating in a research report on Tuesday, April 1st. Truist Financial lowered Bank of New York Mellon from a “buy” rating to a “hold” rating and boosted their price target for the company from $87.00 to $97.00 in a report on Wednesday, May 28th. Wall Street Zen downgraded Bank of New York Mellon from a “buy” rating to a “hold” rating in a report on Wednesday, February 19th. Wells Fargo & Company boosted their target price on Bank of New York Mellon from $86.00 to $96.00 and gave the company an “equal weight” rating in a research note on Monday, March 3rd. Finally, Morgan Stanley raised their price target on shares of Bank of New York Mellon from $94.00 to $95.00 and gave the stock an “overweight” rating in a research note on Tuesday. Seven equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $91.85.

Insider Buying and Selling at Bank of New York Mellon

In other news, VP Catherine Keating sold 65,473 shares of Bank of New York Mellon stock in a transaction on Monday, April 14th. The stock was sold at an average price of $77.31, for a total transaction of $5,061,717.63. Following the completion of the sale, the vice president now owns 87,542 shares of the company’s stock, valued at approximately $6,767,872.02. This trade represents a 42.79% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Kurtis R. Kurimsky sold 5,641 shares of the company’s stock in a transaction dated Monday, April 14th. The shares were sold at an average price of $77.50, for a total transaction 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. This trade represents a 20.65% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 101,114 shares of company stock worth $7,869,795 over the last 90 days. Company insiders own 0.14% of the company’s stock.

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.