Cardinal Capital Management Sells 2,339 Shares of The Bank of New York Mellon Co. (NYSE:BK)

Cardinal Capital Management lowered its position in shares of The Bank of New York Mellon Co. (NYSE:BK) by 1.6% in the first quarter, HoldingsChannel reports. The fund owned 140,226 shares of the bank’s stock after selling 2,339 shares during the period. Bank of New York Mellon accounts for approximately 1.8% of Cardinal Capital Management’s investment portfolio, making the stock its 11th largest holding. Cardinal Capital Management’s holdings in Bank of New York Mellon were worth $11,761,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently made changes to their positions in BK. FMR LLC grew its stake in shares of Bank of New York Mellon by 19.3% during the fourth quarter. FMR LLC now owns 23,071,584 shares of the bank’s stock worth $1,772,590,000 after purchasing an additional 3,732,862 shares during the period. Norges Bank acquired a new stake in shares of Bank of New York Mellon during the fourth quarter worth $1,150,462,000. Ameriprise Financial Inc. grew its stake in shares of Bank of New York Mellon by 0.3% during the fourth quarter. Ameriprise Financial Inc. now owns 11,821,988 shares of the bank’s stock worth $908,281,000 after purchasing an additional 35,413 shares during the period. Northern Trust Corp grew its stake in shares of Bank of New York Mellon by 19.1% during the fourth quarter. Northern Trust Corp now owns 9,533,615 shares of the bank’s stock worth $732,468,000 after purchasing an additional 1,526,686 shares during the period. Finally, Arrowstreet Capital Limited Partnership grew its stake in shares of Bank of New York Mellon by 17.0% during the fourth quarter. Arrowstreet Capital Limited Partnership now owns 7,751,219 shares of the bank’s stock worth $595,526,000 after purchasing an additional 1,125,493 shares during the period. Institutional investors own 85.31% of the company’s stock.

Insider Buying and Selling

In related news, VP Catherine Keating sold 65,473 shares of the company’s stock in a transaction dated 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 sale, the vice president now owns 87,542 shares in the company, valued at approximately $6,767,872.02. This represents a 42.79% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, EVP J Kevin Mccarthy sold 30,000 shares of the company’s stock in a transaction dated 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 sale, the executive vice president now owns 55,115 shares in the company, valued at $4,355,738.45. The trade was a 35.25% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 101,114 shares of company stock worth $7,869,795. Corporate insiders own 0.14% of the company’s stock.

Wall Street Analyst Weigh In

BK has been the subject of a number of analyst reports. Evercore ISI lifted their price objective on Bank of New York Mellon from $83.00 to $87.00 and gave the stock an “in-line” rating in a research note on Tuesday, April 1st. Wall Street Zen cut Bank of New York Mellon from a “buy” rating to a “hold” rating in a research note 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. Citigroup boosted their target price on Bank of New York Mellon from $82.00 to $85.00 and gave the company a “neutral” rating in a research note on Monday, March 24th. Finally, Truist Financial cut Bank of New York Mellon from a “buy” rating to a “hold” rating and boosted their target price for the company from $87.00 to $97.00 in a research note 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 MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $91.85.

Bank of New York Mellon Stock Up 2.1%

BK stock opened at $90.46 on Tuesday. The company has a debt-to-equity ratio of 0.83, a current ratio of 0.69 and a quick ratio of 0.70. The stock has a market capitalization of $64.72 billion, a P/E ratio of 15.57, a P/E/G ratio of 0.97 and a beta of 1.08. The business has a 50-day moving average of $84.48 and a 200-day moving average of $83.00. The Bank of New York Mellon Co. has a fifty-two week low of $57.18 and a fifty-two week high of $90.63.

Bank of New York Mellon (NYSE:BK) last posted its quarterly earnings data on Friday, April 11th. The bank reported $1.58 earnings per share 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 company had revenue of $4.79 billion during the quarter, compared to analysts’ expectations of $4.76 billion. During the same period in the prior year, the firm earned $1.29 earnings per share. Bank of New York Mellon’s revenue for the quarter was up 5.9% compared to the same quarter last year. On average, sell-side analysts anticipate that The Bank of New York Mellon Co. will post 6.96 earnings per share for the current fiscal year.

Bank of New York Mellon Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, May 2nd. Investors 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 yield of 2.08%. Bank of New York Mellon’s 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.