Westchester Capital Management Inc. Decreases Stock Holdings in The Bank of New York Mellon Corporation $BK

Westchester Capital Management Inc. cut its stake in The Bank of New York Mellon Corporation (NYSE:BK) by 0.3% during the 2nd quarter, HoldingsChannel reports. The firm owned 182,612 shares of the bank’s stock after selling 528 shares during the quarter. Bank of New York Mellon accounts for about 3.9% of Westchester Capital Management Inc.’s portfolio, making the stock its 11th largest position. Westchester Capital Management Inc.’s holdings in Bank of New York Mellon were worth $16,638,000 as of its most recent SEC filing.

Other large investors have also modified their holdings of the company. Concord Wealth Partners grew its stake in shares of Bank of New York Mellon by 77.4% during the second quarter. Concord Wealth Partners now owns 1,261 shares of the bank’s stock valued at $115,000 after acquiring an additional 550 shares in the last quarter. Almanack Investment Partners LLC. raised its stake in Bank of New York Mellon by 12.4% during the second quarter. Almanack Investment Partners LLC. now owns 13,207 shares of the bank’s stock valued at $1,203,000 after buying an additional 1,454 shares in the last quarter. Board of the Pension Protection Fund increased its holdings in shares of Bank of New York Mellon by 69.6% in the 2nd quarter. Board of the Pension Protection Fund now owns 17,300 shares of the bank’s stock valued at $1,576,000 after acquiring an additional 7,100 shares during the last quarter. Vanguard Personalized Indexing Management LLC raised its position in shares of Bank of New York Mellon by 10.8% during the 2nd quarter. Vanguard Personalized Indexing Management LLC now owns 123,092 shares of the bank’s stock valued at $11,215,000 after acquiring an additional 12,013 shares in the last quarter. Finally, Apollon Wealth Management LLC lifted its stake in Bank of New York Mellon by 4.8% during the second quarter. Apollon Wealth Management LLC now owns 27,858 shares of the bank’s stock worth $2,538,000 after purchasing an additional 1,288 shares during the last quarter. Institutional investors and hedge funds own 85.31% of the company’s stock.

Analyst Ratings Changes

Several research firms have weighed in on BK. Wells Fargo & Company boosted their target price on shares of Bank of New York Mellon from $96.00 to $100.00 and gave the company an “equal weight” rating in a research note on Wednesday, July 16th. Truist Financial increased their price objective on shares of Bank of New York Mellon from $109.00 to $118.00 and gave the stock a “hold” rating in a research note on Thursday, October 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 research note on Wednesday, July 16th. The Goldman Sachs Group raised their target price on Bank of New York Mellon from $106.00 to $120.00 and gave the company a “buy” rating in a research note on Monday, October 6th. Finally, Weiss Ratings reaffirmed a “buy (b+)” rating on shares of Bank of New York Mellon in a report on Wednesday, October 8th. Ten equities research analysts have rated the stock with a Buy rating and six have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, Bank of New York Mellon presently has an average rating of “Moderate Buy” and an average target price of $106.77.

Insider Buying and Selling at Bank of New York Mellon

In related news, EVP J Kevin Mccarthy sold 20,000 shares of Bank of New York Mellon stock in a transaction on Tuesday, July 22nd. The stock was sold at an average price of $98.45, for a total value of $1,969,000.00. Following the transaction, the executive vice president directly owned 35,115 shares in the company, valued at $3,457,071.75. The trade was a 36.29% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. 0.14% of the stock is currently owned by corporate insiders.

Bank of New York Mellon Price Performance

NYSE:BK opened at $104.63 on Monday. The business’s 50-day moving average price is $105.10 and its 200 day moving average price is $93.80. The firm has a market cap of $73.79 billion, a P/E ratio of 15.97, a PEG ratio of 0.98 and a beta of 1.13. The Bank of New York Mellon Corporation has a 52-week low of $70.46 and a 52-week high of $110.87. The company has a quick ratio of 0.72, a current ratio of 0.72 and a debt-to-equity ratio of 0.86.

Bank of New York Mellon (NYSE:BK) last issued its quarterly earnings results on Tuesday, March 26th. The bank reported $1.30 earnings per share for the quarter. The company had revenue of $4.38 billion during the quarter. Bank of New York Mellon had a net margin of 12.27% and a return on equity of 13.46%. As a group, sell-side analysts predict 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 business also recently disclosed 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 is a boost from Bank of New York Mellon’s previous quarterly dividend of $0.47. 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%. Bank of New York Mellon’s payout ratio is currently 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.