Wesbanco Bank Inc. Sells 3,750 Shares of The Bank of New York Mellon Co. (NYSE:BK)

Wesbanco Bank Inc. lowered its stake in shares of The Bank of New York Mellon Co. (NYSE:BK) by 44.7% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 4,648 shares of the bank’s stock after selling 3,750 shares during the period. Wesbanco Bank Inc.’s holdings in Bank of New York Mellon were worth $390,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also recently modified their holdings of BK. Parvin Asset Management LLC purchased a new position in shares of Bank of New York Mellon in the 4th quarter worth approximately $25,000. Bellwether Advisors LLC bought a new stake in Bank of New York Mellon in the fourth quarter worth $28,000. REAP Financial Group LLC boosted its stake in Bank of New York Mellon by 123.2% during the fourth quarter. REAP Financial Group LLC now owns 395 shares of the bank’s stock worth $30,000 after buying an additional 218 shares during the period. Transce3nd LLC purchased a new position in Bank of New York Mellon during the fourth quarter worth $33,000. Finally, South Plains Financial Inc. bought a new position in Bank of New York Mellon during the fourth quarter valued at $34,000. Hedge funds and other institutional investors own 85.31% of the company’s stock.

Wall Street Analyst Weigh In

BK has been the topic of a number of analyst reports. Morgan Stanley upped their target price on Bank of New York Mellon from $94.00 to $95.00 and gave the company an “overweight” rating in a research note on Tuesday, June 3rd. Wall Street Zen downgraded Bank of New York Mellon from a “buy” rating to a “hold” rating in a research report on Wednesday, February 19th. Wells Fargo & Company increased their target price on Bank of New York Mellon from $86.00 to $96.00 and gave the stock an “equal weight” rating in a research note on Monday, March 3rd. Royal Bank of Canada reissued a “sector perform” rating and set a $90.00 target price on shares of Bank of New York Mellon in a research note on Monday, March 17th. Finally, Truist Financial cut shares of Bank of New York Mellon from a “buy” rating to a “hold” rating and upped their price target for the stock from $87.00 to $97.00 in a report on Wednesday, May 28th. Seven analysts have rated the stock with a hold rating and eight have given a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $91.85.

Insider Buying and Selling at Bank of New York Mellon

In related news, insider Kurtis R. Kurimsky sold 5,641 shares of the company’s stock in a transaction on Monday, April 14th. The stock was sold at an average price of $77.50, for a total value of $437,177.50. Following the transaction, the insider now directly owns 21,679 shares of the company’s stock, valued at $1,680,122.50. This represents a 20.65% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP J Kevin Mccarthy sold 30,000 shares of the firm’s stock in a transaction on Tuesday, April 29th. The stock was sold at an average price of $79.03, for a total value of $2,370,900.00. Following the completion of the transaction, the executive vice president now owns 55,115 shares of the company’s stock, valued at $4,355,738.45. This trade represents a 35.25% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 101,114 shares of company stock worth $7,869,795. 0.14% of the stock is owned by insiders.

Bank of New York Mellon Trading Down 0.1%

NYSE:BK opened at $89.96 on Wednesday. The firm has a 50-day simple moving average of $83.19 and a 200-day simple moving average of $82.77. The Bank of New York Mellon Co. has a one year low of $57.18 and a one year high of $90.63. The firm has a market cap of $64.36 billion, a P/E ratio of 15.48, a P/E/G ratio of 0.97 and a beta of 1.08. 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 released its quarterly earnings results on Friday, April 11th. The bank reported $1.58 EPS for the quarter, topping 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 period in the previous year, the company posted $1.29 EPS. The business’s revenue for the quarter was up 5.9% compared to the same quarter last year. Equities analysts anticipate that The Bank of New York Mellon Co. will post 6.96 EPS for the current fiscal year.

Bank of New York Mellon Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, May 2nd. Stockholders of record on Monday, April 21st were issued a dividend of $0.47 per share. The ex-dividend date of this dividend was Monday, April 21st. This represents a $1.88 annualized dividend and a dividend yield of 2.09%. Bank of New York Mellon’s dividend payout ratio is presently 30.62%.

Bank of New York Mellon Company 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.