Central Pacific Bank Trust Division Sells 862 Shares of The Bank of New York Mellon Corporation $BK

Central Pacific Bank Trust Division lessened its holdings in shares of The Bank of New York Mellon Corporation (NYSE:BK) by 1.7% during the 2nd quarter, Holdings Channel.com reports. The fund owned 49,852 shares of the bank’s stock after selling 862 shares during the period. Central Pacific Bank Trust Division’s holdings in Bank of New York Mellon were worth $4,542,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. Sax Wealth Advisors LLC raised its holdings in shares of Bank of New York Mellon by 2.3% in the first quarter. Sax Wealth Advisors LLC now owns 5,278 shares of the bank’s stock valued at $443,000 after buying an additional 117 shares during the last quarter. Hemington Wealth Management raised its holdings in shares of Bank of New York Mellon by 8.0% in the first quarter. Hemington Wealth Management now owns 1,628 shares of the bank’s stock valued at $136,000 after buying an additional 121 shares during the last quarter. Y.D. More Investments Ltd raised its holdings in shares of Bank of New York Mellon by 13.8% in the first quarter. Y.D. More Investments Ltd now owns 1,030 shares of the bank’s stock valued at $86,000 after buying an additional 125 shares during the last quarter. Resources Management Corp CT ADV raised its holdings in shares of Bank of New York Mellon by 5.9% in the first quarter. Resources Management Corp CT ADV now owns 2,260 shares of the bank’s stock valued at $190,000 after buying an additional 125 shares during the last quarter. Finally, Haverford Trust Co raised its holdings in shares of Bank of New York Mellon by 4.3% in the first quarter. Haverford Trust Co now owns 3,133 shares of the bank’s stock valued at $263,000 after buying an additional 130 shares during the last quarter. Institutional investors own 85.31% of the company’s stock.

Analysts Set New Price Targets

BK has been the subject of a number of research analyst reports. Citigroup lifted their price target on Bank of New York Mellon from $92.00 to $105.00 and gave the company a “neutral” rating in a report on Friday, September 5th. Truist Financial lifted their price target on Bank of New York Mellon from $100.00 to $109.00 and gave the company a “hold” rating in a report on Thursday, August 14th. Wells Fargo & Company lifted their price target on Bank of New York Mellon from $96.00 to $100.00 and gave the company an “equal weight” rating in a report on Wednesday, July 16th. Keefe, Bruyette & Woods boosted their price objective on Bank of New York Mellon from $105.00 to $113.00 and gave the stock an “outperform” rating in a report on Wednesday, July 16th. Finally, Morgan Stanley boosted their price objective 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. Eight investment analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $96.62.

Insider Activity

In other news, EVP J Kevin Mccarthy sold 20,000 shares of the business’s stock in a transaction dated Tuesday, July 22nd. The stock was sold at an average price of $98.45, for a total transaction of $1,969,000.00. Following the completion of the transaction, the executive vice president directly owned 35,115 shares in the company, valued at approximately $3,457,071.75. The trade was a 36.29% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 0.14% of the company’s stock.

Bank of New York Mellon Stock Performance

Shares of NYSE:BK opened at $106.46 on Friday. The stock has a market capitalization of $75.08 billion, a P/E ratio of 16.25, a P/E/G ratio of 1.00 and a beta of 1.14. The Bank of New York Mellon Corporation has a 1-year low of $68.51 and a 1-year high of $106.57. The company has a current ratio of 0.72, a quick ratio of 0.72 and a debt-to-equity ratio of 0.86. The business has a 50-day moving average price of $101.15 and a two-hundred day moving average price of $90.49.

Bank of New York Mellon (NYSE:BK) last posted its earnings results on Tuesday, July 15th. The bank reported $1.94 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.73 by $0.21. The company had revenue of $4.77 billion during the quarter, compared to analyst estimates of $4.80 billion. Bank of New York Mellon had a return on equity of 13.46% and a net margin of 12.27%.The company’s revenue for the quarter was up 9.4% compared to the same quarter last year. During the same period in the previous year, the company earned $1.51 EPS. Equities analysts predict that The Bank of New York Mellon Corporation will post 6.96 earnings per share for the current year.

Bank of New York Mellon Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, August 7th. Stockholders of record on Friday, July 25th were given a dividend of $0.53 per share. This represents a $2.12 annualized dividend and a dividend yield of 2.0%. The ex-dividend date was Friday, July 25th. This is an increase from Bank of New York Mellon’s previous quarterly dividend of $0.47. Bank of New York Mellon’s dividend payout ratio is presently 32.37%.

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.