The Bank of New York Mellon Co. (NYSE:BK) Shares Sold by Fortitude Family Office LLC

Fortitude Family Office LLC trimmed its position in The Bank of New York Mellon Co. (NYSE:BK) by 23.9% during the 1st quarter, Holdings Channel.com reports. The fund owned 678 shares of the bank’s stock after selling 213 shares during the period. Fortitude Family Office LLC’s holdings in Bank of New York Mellon were worth $57,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also recently made changes to their positions in the company. O Shaughnessy Asset Management LLC increased its holdings in shares of Bank of New York Mellon by 11.7% in the fourth quarter. O Shaughnessy Asset Management LLC now owns 786,496 shares of the bank’s stock valued at $60,426,000 after purchasing an additional 82,671 shares during the period. Natixis Advisors LLC lifted its stake in Bank of New York Mellon by 6.5% during the 4th quarter. Natixis Advisors LLC now owns 285,965 shares of the bank’s stock valued at $21,971,000 after acquiring an additional 17,457 shares during the period. Benson Investment Management Company Inc. acquired a new stake in shares of Bank of New York Mellon in the first quarter worth $5,259,000. NEOS Investment Management LLC boosted its holdings in Bank of New York Mellon by 31.6% in the fourth quarter. NEOS Investment Management LLC now owns 46,647 shares of the bank’s stock valued at $3,584,000 after purchasing an additional 11,200 shares during the last quarter. Finally, State of Tennessee Department of Treasury boosted its stake in shares of Bank of New York Mellon by 2.0% in the fourth quarter. State of Tennessee Department of Treasury now owns 324,440 shares of the bank’s stock worth $24,927,000 after buying an additional 6,307 shares during the last quarter. 85.31% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several research firms have commented on BK. Royal Bank of Canada restated a “sector perform” rating and issued a $90.00 price objective on shares of Bank of New York Mellon in a research report on Monday, March 17th. Morgan Stanley lifted their price target on shares of 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. Wells Fargo & Company raised their price objective on Bank of New York Mellon from $86.00 to $96.00 and gave the company an “equal weight” rating in a report on Monday, March 3rd. Truist Financial lowered shares of Bank of New York Mellon from a “buy” rating to a “hold” rating and boosted their price target for the stock from $87.00 to $97.00 in a research report on Wednesday, May 28th. Finally, 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. Seven research analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $91.85.

Insiders Place Their Bets

In other news, EVP J Kevin Mccarthy sold 30,000 shares of the business’s stock in a transaction dated Tuesday, April 29th. The stock was sold at an average price of $79.03, for a total transaction of $2,370,900.00. Following the completion of the transaction, the executive vice president now directly owns 55,115 shares of the company’s stock, valued at approximately $4,355,738.45. The trade was a 35.25% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, VP Catherine Keating sold 65,473 shares of the firm’s stock in a transaction that occurred on Monday, April 14th. The shares were 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 directly owns 87,542 shares in the company, valued at approximately $6,767,872.02. This trade represents a 42.79% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 101,114 shares of company stock worth $7,869,795 in the last ninety days. 0.14% of the stock is owned by corporate insiders.

Bank of New York Mellon Stock Down 0.5%

Shares of NYSE:BK opened at $89.55 on Thursday. The company has a current ratio of 0.69, a quick ratio of 0.70 and a debt-to-equity ratio of 0.83. The company has a market capitalization of $64.07 billion, a price-to-earnings ratio of 15.41, a PEG ratio of 0.97 and a beta of 1.08. The business has a 50-day moving average price of $83.52 and a 200 day moving average price of $82.81. The Bank of New York Mellon Co. has a 12-month low of $57.18 and a 12-month high of $90.63.

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

Bank of New York Mellon Dividend Announcement

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

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.