Clifford Swan Investment Counsel LLC Cuts Stake in The Bank of New York Mellon Corporation (NYSE:BK)

Clifford Swan Investment Counsel LLC lowered its position in shares of The Bank of New York Mellon Corporation (NYSE:BK) by 3.3% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 104,736 shares of the bank’s stock after selling 3,548 shares during the period. Clifford Swan Investment Counsel LLC’s holdings in Bank of New York Mellon were worth $8,784,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in BK. TrueMark Investments LLC purchased a new stake in shares of Bank of New York Mellon during the first quarter valued at about $4,282,000. O Shaughnessy Asset Management LLC grew its stake in shares of Bank of New York Mellon by 11.7% during the fourth quarter. O Shaughnessy Asset Management LLC now owns 786,496 shares of the bank’s stock worth $60,426,000 after acquiring an additional 82,671 shares during the last quarter. Wealth Enhancement Advisory Services LLC grew its stake in shares of Bank of New York Mellon by 29.1% during the first quarter. Wealth Enhancement Advisory Services LLC now owns 223,438 shares of the bank’s stock worth $18,740,000 after acquiring an additional 50,368 shares during the last quarter. Sumitomo Mitsui DS Asset Management Company Ltd grew its stake in shares of Bank of New York Mellon by 121.8% during the first quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 183,602 shares of the bank’s stock worth $15,399,000 after acquiring an additional 100,810 shares during the last quarter. Finally, Benson Investment Management Company Inc. purchased a new stake in shares of Bank of New York Mellon during the first quarter worth about $5,259,000. Hedge funds and other institutional investors own 85.31% of the company’s stock.

Bank of New York Mellon Stock Performance

NYSE:BK traded down $0.02 during trading hours on Monday, hitting $98.82. 239,191 shares of the company traded hands, compared to its average volume of 4,323,665. The Bank of New York Mellon Corporation has a twelve month low of $60.93 and a twelve month high of $99.04. The stock has a market capitalization of $70.70 billion, a price-to-earnings ratio of 15.09, a P/E/G ratio of 0.97 and a beta of 1.07. The firm has a 50-day moving average of $90.84 and a 200 day moving average of $85.34. The company has a current ratio of 0.72, a quick ratio of 0.69 and a debt-to-equity ratio of 0.86.

Bank of New York Mellon (NYSE:BK) last announced its quarterly earnings data on Tuesday, July 15th. The bank reported $1.94 EPS for the quarter, beating analysts’ consensus estimates of $1.73 by $0.21. Bank of New York Mellon had a return on equity of 13.46% and a net margin of 12.27%. The firm had revenue of $4.77 billion for the quarter, compared to analyst estimates of $4.80 billion. During the same period last year, the company earned $1.51 EPS. The business’s quarterly revenue was up 9.4% compared to the same quarter last year. On average, analysts forecast that The Bank of New York Mellon Corporation will post 6.96 EPS for the current year.

Bank of New York Mellon Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, August 7th. Shareholders of record on Friday, July 25th will be paid a $0.53 dividend. This is an increase from Bank of New York Mellon’s previous quarterly dividend of $0.47. The ex-dividend date of this dividend is Friday, July 25th. This represents a $2.12 annualized dividend and a dividend yield of 2.15%. Bank of New York Mellon’s dividend payout ratio (DPR) is currently 28.70%.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on BK shares. Keefe, Bruyette & Woods boosted their price target on Bank of New York Mellon from $105.00 to $113.00 and gave the company an “outperform” rating in a report on Wednesday, July 16th. Citigroup upped 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 note on Monday, March 24th. Truist Financial upped their target price on Bank of New York Mellon from $97.00 to $100.00 and gave the company a “hold” rating in a report on Wednesday, July 16th. Evercore ISI increased their price target on Bank of New York Mellon from $88.00 to $90.00 and gave the stock an “in-line” rating in a report on Wednesday, July 2nd. Finally, Morgan Stanley increased their price target on Bank of New York Mellon from $95.00 to $101.00 and gave the stock an “overweight” rating in a report on Wednesday, July 16th. Seven research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $94.38.

Insider Activity

In related news, EVP J Kevin Mccarthy sold 30,000 shares of Bank of New York Mellon 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 owned 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.14% of the stock is owned by corporate insiders.

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.