Neville Rodie & Shaw Inc. Sells 8,400 Shares of The Bank of New York Mellon Corporation $BK

Neville Rodie & Shaw Inc. reduced its holdings in The Bank of New York Mellon Corporation (NYSE:BK) by 16.8% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 41,535 shares of the bank’s stock after selling 8,400 shares during the quarter. Neville Rodie & Shaw Inc.’s holdings in Bank of New York Mellon were worth $3,784,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also modified their holdings of the business. Sax Wealth Advisors LLC boosted its holdings in shares of Bank of New York Mellon by 2.3% in the 1st quarter. Sax Wealth Advisors LLC now owns 5,278 shares of the bank’s stock worth $443,000 after acquiring an additional 117 shares in the last quarter. Hemington Wealth Management lifted its holdings in Bank of New York Mellon by 8.0% during the 1st quarter. Hemington Wealth Management now owns 1,628 shares of the bank’s stock worth $136,000 after buying an additional 121 shares in the last quarter. Y.D. More Investments Ltd lifted its holdings in Bank of New York Mellon by 13.8% during the 1st quarter. Y.D. More Investments Ltd now owns 1,030 shares of the bank’s stock worth $86,000 after buying an additional 125 shares in the last quarter. Resources Management Corp CT ADV lifted its holdings in Bank of New York Mellon by 5.9% during the 1st quarter. Resources Management Corp CT ADV now owns 2,260 shares of the bank’s stock worth $190,000 after buying an additional 125 shares in the last quarter. Finally, Haverford Trust Co lifted its holdings in Bank of New York Mellon by 4.3% during the 1st quarter. Haverford Trust Co now owns 3,133 shares of the bank’s stock worth $263,000 after buying an additional 130 shares in the last quarter. 85.31% of the stock is owned by institutional investors and hedge funds.

Bank of New York Mellon Stock Performance

Shares of Bank of New York Mellon stock opened at $106.46 on Friday. The firm has a fifty day moving average of $101.15 and a two-hundred day moving average of $90.49. The stock has a market capitalization of $75.08 billion, a price-to-earnings ratio of 16.25, a PEG ratio of 1.00 and a beta of 1.14. The Bank of New York Mellon Corporation has a 52 week low of $68.51 and a 52 week high of $106.57. The company has a debt-to-equity ratio of 0.86, a quick ratio of 0.72 and a current ratio of 0.72.

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, beating the consensus estimate of $1.73 by $0.21. The company had revenue of $4.77 billion during the quarter, compared to analysts’ expectations of $4.80 billion. Bank of New York Mellon had a net margin of 12.27% and a return on equity of 13.46%. The business’s revenue for the quarter was up 9.4% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.51 EPS. As a group, equities research analysts predict 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 disclosed a quarterly dividend, which was paid on Thursday, August 7th. Investors of record on Friday, July 25th were given a $0.53 dividend. The ex-dividend date was Friday, July 25th. This represents a $2.12 dividend on an annualized basis and a dividend yield of 2.0%. 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 currently 32.37%.

Insider Activity at Bank of New York Mellon

In related news, EVP J Kevin Mccarthy sold 20,000 shares of the company’s stock in a transaction on Tuesday, July 22nd. The shares were sold at an average price of $98.45, for a total value of $1,969,000.00. Following the completion of the sale, the executive vice president owned 35,115 shares in the company, valued at $3,457,071.75. This represents a 36.29% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 0.14% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

Several research analysts have issued reports on the company. Evercore ISI upped 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 report on Wednesday, July 2nd. Keefe, Bruyette & Woods upped 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. Citigroup upped their price objective on Bank of New York Mellon from $92.00 to $105.00 and gave the stock a “neutral” rating in a report on Friday, September 5th. Wells Fargo & Company upped their price objective on Bank of New York Mellon from $96.00 to $100.00 and gave the stock an “equal weight” rating in a report on Wednesday, July 16th. Finally, Morgan Stanley upped 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 analysts have rated the stock with a Buy rating and six have issued a Hold rating to the stock. According to data from MarketBeat.com, Bank of New York Mellon presently has a consensus rating of “Moderate Buy” and a consensus price target of $96.62.

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.