Pettee Investors Inc. Sells 3,168 Shares of The Bank of New York Mellon Corporation (NYSE:BK)

Pettee Investors Inc. cut its holdings in The Bank of New York Mellon Corporation (NYSE:BK) by 24.3% in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 9,852 shares of the bank’s stock after selling 3,168 shares during the quarter. Pettee Investors Inc.’s holdings in Bank of New York Mellon were worth $826,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Parvin Asset Management LLC acquired a new stake in Bank of New York Mellon in the fourth quarter worth about $25,000. Opal Wealth Advisors LLC acquired a new stake in Bank of New York Mellon in the first quarter worth about $25,000. Alpine Bank Wealth Management acquired a new stake in Bank of New York Mellon in the first quarter worth about $25,000. Bellwether Advisors LLC acquired a new stake in Bank of New York Mellon in the fourth quarter worth about $28,000. Finally, REAP Financial Group LLC increased its position 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 worth $30,000 after purchasing an additional 218 shares during the period. 85.31% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of analysts recently commented on the company. Evercore ISI lifted their price objective on Bank of New York Mellon from $88.00 to $90.00 and gave the stock an “in-line” rating in a research report on Wednesday, July 2nd. Citigroup boosted 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 report on Monday, March 24th. Morgan Stanley boosted their target price on Bank of New York Mellon from $95.00 to $101.00 and gave the stock an “overweight” rating in a research report on Wednesday. Truist Financial lifted their price objective on Bank of New York Mellon from $97.00 to $100.00 and gave the company a “hold” rating in a report on Wednesday. Finally, Keefe, Bruyette & Woods lifted their price objective on Bank of New York Mellon from $105.00 to $113.00 and gave the company an “outperform” rating in a report on Wednesday. Seven equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Bank of New York Mellon has an average rating of “Moderate Buy” and a consensus price target of $94.38.

Bank of New York Mellon Stock Up 0.3%

Shares of NYSE BK opened at $95.43 on Thursday. The company has a current ratio of 0.69, a quick ratio of 0.69 and a debt-to-equity ratio of 0.81. The company has a market cap of $68.27 billion, a price-to-earnings ratio of 14.57, a PEG ratio of 1.03 and a beta of 1.07. The Bank of New York Mellon Corporation has a 12 month low of $60.93 and a 12 month high of $96.47. The stock has a 50-day moving average price of $90.33 and a two-hundred day moving average price of $84.93.

Bank of New York Mellon (NYSE:BK) last issued its earnings results on Tuesday, July 15th. The bank reported $1.94 EPS for the quarter, topping the consensus estimate of $1.73 by $0.21. The firm had revenue of $4.77 billion during the quarter, compared to the consensus estimate of $4.80 billion. Bank of New York Mellon had a return on equity of 13.57% and a net margin of 12.27%. The business’s quarterly revenue was up 9.4% on a year-over-year basis. During the same quarter in the previous year, the firm earned $1.51 earnings per share. As a group, analysts forecast that The Bank of New York Mellon Corporation will post 6.96 earnings per share for the current fiscal year.

Bank of New York Mellon Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, August 7th. Stockholders of record on Friday, July 25th will be issued a dividend of $0.53 per share. This is a boost from Bank of New York Mellon’s previous quarterly dividend of $0.47. This represents a $2.12 annualized dividend and a dividend yield of 2.22%. The ex-dividend date of this dividend is Friday, July 25th. Bank of New York Mellon’s payout ratio is 30.62%.

Insider Buying and Selling at Bank of New York Mellon

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 sale, the executive vice president directly owned 55,115 shares in the company, valued at approximately $4,355,738.45. The trade was a 35.25% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Company insiders own 0.14% of the company’s stock.

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.