Curbstone Financial Management Corp Sells 400 Shares of The Bank of New York Mellon Corporation $BK

Curbstone Financial Management Corp lessened its stake in shares of The Bank of New York Mellon Corporation (NYSE:BK) by 3.9% during the second quarter, according to the company in its most recent disclosure with the SEC. The fund owned 9,750 shares of the bank’s stock after selling 400 shares during the quarter. Curbstone Financial Management Corp’s holdings in Bank of New York Mellon were worth $888,000 as of its most recent SEC filing.

Other institutional investors also recently modified their holdings of the company. Alpine Bank Wealth Management bought a new stake in shares of Bank of New York Mellon in the first quarter worth $25,000. Cornerstone Planning Group LLC grew its stake in shares of Bank of New York Mellon by 100.0% in the first quarter. Cornerstone Planning Group LLC now owns 392 shares of the bank’s stock worth $30,000 after purchasing an additional 196 shares during the last quarter. Orion Capital Management LLC bought a new stake in shares of Bank of New York Mellon in the first quarter worth $32,000. Hoey Investments Inc. bought a new stake in shares of Bank of New York Mellon in the second quarter worth $32,000. Finally, Golden State Wealth Management LLC grew its stake in shares of Bank of New York Mellon by 226.4% in the first quarter. Golden State Wealth Management LLC now owns 408 shares of the bank’s stock worth $34,000 after purchasing an additional 283 shares during the last quarter. Institutional investors own 85.31% of the company’s stock.

Bank of New York Mellon Price Performance

Shares of NYSE BK opened at $105.77 on Friday. The firm’s 50-day moving average price is $105.59 and its 200-day moving average price is $94.47. The Bank of New York Mellon Corporation has a 1-year low of $70.46 and a 1-year high of $110.87. The firm has a market capitalization of $74.59 billion, a P/E ratio of 15.26, a P/E/G ratio of 1.00 and a beta of 1.13. The company has a current ratio of 0.70, a quick ratio of 0.72 and a debt-to-equity ratio of 0.83.

Bank of New York Mellon (NYSE:BK) last announced its quarterly earnings data on Tuesday, March 26th. The bank reported $1.30 earnings per share for the quarter. Bank of New York Mellon had a net margin of 12.86% and a return on equity of 14.03%. The firm had revenue of $4.38 billion for the quarter. Equities research analysts anticipate 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 Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, November 7th. Investors of record on Monday, October 27th will be issued a $0.53 dividend. This represents a $2.12 dividend on an annualized basis and a dividend yield of 2.0%. The ex-dividend date is Monday, October 27th. Bank of New York Mellon’s dividend payout ratio is currently 32.37%.

Insider Buying and Selling 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 dated 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 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 legal filing with the SEC, which is available at this link. 0.14% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

Several brokerages recently weighed in on BK. Weiss Ratings reissued a “buy (b+)” rating on shares of Bank of New York Mellon in a research note on Wednesday, October 8th. Evercore ISI upped their price target on shares of Bank of New York Mellon from $91.00 to $110.00 and gave the company an “in-line” rating in a research report on Tuesday, September 30th. Truist Financial upped their price target on shares of Bank of New York Mellon from $118.00 to $119.00 and gave the company a “hold” rating in a research report on Friday. Morgan Stanley upped their price target on shares of Bank of New York Mellon from $101.00 to $116.00 and gave the company an “overweight” rating in a research report on Monday, September 29th. Finally, The Goldman Sachs Group upped their price target on shares of Bank of New York Mellon from $106.00 to $120.00 and gave the company a “buy” rating in a research report on Monday, October 6th. Ten investment analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $109.62.

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.