The Bank of New York Mellon Corporation $BK Shares Sold by Spinnaker Trust

Spinnaker Trust trimmed its position in The Bank of New York Mellon Corporation (NYSE:BK) by 20.1% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 3,101 shares of the bank’s stock after selling 779 shares during the period. Spinnaker Trust’s holdings in Bank of New York Mellon were worth $283,000 as of its most recent SEC filing.

A number of other institutional investors have also recently added to or reduced their stakes in BK. Nuveen LLC bought a new stake in Bank of New York Mellon during the first quarter worth approximately $773,627,000. AustralianSuper Pty Ltd acquired a new stake in shares of Bank of New York Mellon during the 1st quarter valued at $92,502,000. Goldman Sachs Group Inc. lifted its position in shares of Bank of New York Mellon by 26.3% during the 1st quarter. Goldman Sachs Group Inc. now owns 5,053,744 shares of the bank’s stock valued at $423,858,000 after acquiring an additional 1,052,145 shares during the last quarter. Wellington Management Group LLP lifted its position in shares of Bank of New York Mellon by 257.6% during the 1st quarter. Wellington Management Group LLP now owns 1,236,255 shares of the bank’s stock valued at $103,685,000 after acquiring an additional 890,593 shares during the last quarter. Finally, AQR Capital Management LLC lifted its position in shares of Bank of New York Mellon by 37.7% during the 1st quarter. AQR Capital Management LLC now owns 3,244,204 shares of the bank’s stock valued at $266,349,000 after acquiring an additional 887,361 shares during the last quarter. 85.31% of the stock is currently owned by institutional investors and hedge funds.

Bank of New York Mellon Price Performance

Shares of NYSE:BK opened at $107.85 on Friday. The company’s fifty day moving average is $106.58 and its two-hundred day moving average is $96.50. The company has a quick ratio of 0.72, a current ratio of 0.70 and a debt-to-equity ratio of 0.83. The Bank of New York Mellon Corporation has a 12-month low of $70.46 and a 12-month high of $110.87. The company has a market cap of $76.06 billion, a P/E ratio of 15.56, a price-to-earnings-growth ratio of 0.98 and a beta of 1.13.

Bank of New York Mellon (NYSE:BK) last released its quarterly earnings data on Tuesday, March 26th. The bank reported $1.30 earnings per share for the quarter. The firm had revenue of $4.38 billion for the quarter. Bank of New York Mellon had a net margin of 12.86% and a return on equity of 14.03%. Equities analysts expect 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 business also recently declared a quarterly dividend, which will be paid on Friday, November 7th. Stockholders of record on Monday, October 27th will be paid a $0.53 dividend. The ex-dividend date of this dividend is Monday, October 27th. This represents a $2.12 dividend on an annualized basis and a dividend yield of 2.0%. Bank of New York Mellon’s dividend payout ratio is 30.59%.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently commented on BK shares. Barclays increased their price objective on Bank of New York Mellon from $104.00 to $120.00 and gave the company an “overweight” rating in a research report on Friday, October 17th. Evercore ISI increased their price objective on 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. BMO Capital Markets started coverage on Bank of New York Mellon in a research report on Friday, October 3rd. They set an “outperform” rating and a $125.00 price objective for the company. Citigroup increased their price objective on Bank of New York Mellon from $92.00 to $105.00 and gave the company a “neutral” rating in a research report on Friday, September 5th. Finally, Wells Fargo & Company increased their price objective on Bank of New York Mellon from $100.00 to $109.00 and gave the company an “equal weight” rating in a research report on Friday, October 17th. One equities research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and six have issued a Hold rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $111.29.

Bank of New York Mellon Company 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.