The Bank of New York Mellon Co. (NYSE:BK) Holdings Downgraded by Orion Portfolio Solutions LLC

Orion Portfolio Solutions LLC reduced its stake in The Bank of New York Mellon Co. (NYSE:BK – Free Report) by 16.2% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 37,771 shares of the bank after selling 7,276 shares during the period. Orion Portfolio Solutions LLC’s holdings in Bank of New York Mellon were worth $2,176,000 at the end of the most recent reporting period.

A number of other hedge funds also made changes to their positions in the stock. Wetzel Investment Advisors Inc. increased its holdings in shares of Bank of New York Mellon by 82.1% in the first quarter. Wetzel Investment Advisors Inc. now owns 510 shares of the bank worth $28,000 after acquiring an additional 230 shares in the last quarter. Atlantic Edge Private Wealth Management LLC purchased a new position in Bank of New York Mellon in the fourth quarter worth about $28,000. Able Wealth Management LLC acquired a new stake in Bank of New York Mellon in the fourth quarter worth about $32,000. Kathleen S. Wright Associates Inc. purchased a new stake in Bank of New York Mellon in the first quarter worth about $32,000. Finally, Hartford Financial Management Inc. increased its holdings in shares of Bank of New York Mellon by 41.4% in the fourth quarter. Hartford Financial Management Inc. now owns 625 shares of the bank’s stock worth $33,000 after buying an additional 183 shares during the period. Institutional investors and hedge funds own 85.31% of the company’s shares.

Bank of New York Mellon is trading 1.2% lower

Shares of NYSE:BK opened at $62.69 on Friday. Bank of New York Mellon Co. has a 52-week low of $39.66 and a 52-week high of $65.90. The company has a debt-to-equity ratio of 0.85, a quick ratio of 0.71 and a current ratio of 0.70. The company has a market cap of $46.88 billion, a P/E ratio of 14.51, a P/E/G ratio of 1.12 and a beta of 1.09. The stock’s 50-day moving average is $59.83 and its 200-day moving average is $57.10.

Bank of New York Mellon (NYSE:BK – Get Free Report) last released its quarterly earnings results on Friday, July 12. The bank reported $1.51 EPS for the quarter, which topped analysts’ consensus estimates of $1.43 by $0.08. Bank of New York Mellon had a return on equity of 11.87% and a net margin of 9.40%. The company had revenue of $4.60 billion during the quarter, compared to analyst estimates of $4.53 billion. During the same period a year ago, the company earned $1.38 EPS. The company’s quarterly revenue increased 2.1% compared to the same quarter a year ago. Equity analysts predict that The Bank of New York Mellon Co. will post 5.58 EPS for the current year.

Bank of New York Mellon Raises Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, August 2nd. Investors of record on Monday, July 22nd will receive a dividend of $0.47 per share. The ex-dividend date is Monday, July 22nd. This is an increase from Bank of New York Mellon’s previous quarterly dividend of $0.42. This represents an annualized dividend of $1.88 and a yield of 3.00%. Bank of New York Mellon’s dividend payout ratio (DPR) is 38.89%.

Insider Activity at Bank of New York Mellon

In related news, insider Kurtis R. Kurimsky sold 6,215 shares of the company’s stock in a transaction dated Tuesday, May 7. The shares were sold at an average price of $57.93, for a total value of $360,034.95. Following the completion of the transaction, the insider now directly owns 24,346 shares of the company’s stock, valued at $1,410,363.78. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available via the SEC website. In related news, insider Kurtis R. Kurimsky sold 6,215 shares of the company’s stock in a transaction dated Tuesday, May 7. The shares were sold at an average price of $57.93, for a total value of $360,034.95. Following the sale, the insider now owns 24,346 shares of the company’s stock, valued at $1,410,363.78. The transaction was disclosed in a legal filing with the SEC, which can be accessed via this hyperlink. Also, VP Senthilkumar Santhanakrishnan sold 15,643 shares of the company’s stock in a transaction dated Wednesday, May 8. The shares were sold at an average price of $57.65, for a total transaction of $901,818.95. Following the transaction, the VP now owns 144,721 shares of the company’s stock, valued at approximately $8,343,165.65. The disclosure for this sale can be found here. Insiders have sold 36,858 shares of the company’s stock in the last three months for $2,223,504. Company insiders own 0.14% of the company’s stock.

Wall Street analysts weigh in

Several equities analysts have weighed in on the stock. Barclays raised their price target on shares of Bank of New York Mellon from $68.00 to $75.00 and gave the stock an “overweight” rating in a research note on Monday, July 15th. Royal Bank of Canada restated a “sector perform” rating and set a $58.00 price target on shares of Bank of New York Mellon in a research note on Wednesday, March 27th. Citigroup downgraded Bank of New York Mellon from a “buy” rating to a “neutral” rating and set a $65.00 price target on the stock in a research note on Monday, July 15th. Keefe, Bruyette & Woods reaffirmed an “outperform” rating and set a $75.00 price target (up from $70.00) on shares of Bank of New York Mellon in a research note on Monday, July 15th. Finally, Deutsche Bank Aktiengesellschaft raised their price target on Bank of New York Mellon from $61.00 to $63.00 and gave the company a “hold” rating in a report on Monday, July 15th. Six equities analysts have rated the stock with a hold rating and six have given it a buy rating. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $65.23.

Check out our latest research report on BK

Bank of New York Mellon Profile

(Free Report)

The Bank of New York Mellon Corporation offers 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, private equity and real estate fund services, foreign exchange, securities lending, liquidity/borrowing services and data analytics.

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