Park National Corp OH Lowers Position in The Bank of New York Mellon Co. (NYSE:BK)

Park National Corp OH cut its holdings in shares of The Bank of New York Mellon Co. (NYSE:BK) by 2.2% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 47,067 shares of the bank’s stock after selling 1,037 shares during the quarter. Park National Corp OH’s holdings in Bank of New York Mellon were worth $2,712,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also modified their holdings of BK. HighPoint Advisor Group LLC purchased a new position in Bank of New York Mellon during the 4th quarter valued at about $360,000. PNC Financial Services Group Inc. raised its position in shares of Bank of New York Mellon by 1.9% during the 4th quarter. PNC Financial Services Group Inc. now owns 251,344 shares of the bank’s stock worth $13,082,000 after acquiring an additional 4,619 shares in the last quarter. Rovin Capital UT ADV raised its position in shares of Bank of New York Mellon by 27.2% during the 4th quarter. Rovin Capital UT ADV now owns 6,239 shares of the bank’s stock worth $325,000 after acquiring an additional 1,333 shares in the last quarter. Spartan Planning & Wealth Management raised its position in shares of Bank of New York Mellon by 53,000.0% during the 4th quarter. Spartan Planning & Wealth Management now owns 2,655 shares of the bank’s stock worth $138,000 after acquiring an additional 2,650 shares in the last quarter. Finally, Vanguard Group Inc. raised its position in shares of Bank of New York Mellon by 6.1% during the 4th quarter. Vanguard Group Inc. now owns 74,501,451 shares of the bank’s stock worth $3,877,801,000 after acquiring an additional 4,293,751 shares in the last quarter. 85.31% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

BK has been the topic of several research analyst reports. Evercore ISI raised their target price on Bank of New York Mellon from $57.00 to $61.00 and gave the stock an “in-line” rating in a research report on Thursday, April 4th. Jefferies Financial Group raised their target price on Bank of New York Mellon from $67.00 to $68.00 and gave the stock a “buy” rating in a research report on Thursday, April 18th. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $58.00 price target on shares of Bank of New York Mellon in a research report on Wednesday, March 27th. Bank of America lifted their price target on Bank of New York Mellon from $64.00 to $66.00 and gave the stock a “buy” rating in a research report on Wednesday, April 17th. Finally, Morgan Stanley lifted their price target on Bank of New York Mellon from $62.00 to $63.00 and gave the stock an “equal weight” rating in a research report on Thursday, April 18th. Five equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $60.17.

Insiders Place Their Bets

In other Bank of New York Mellon news, insider Kurtis R. Kurimsky sold 6,215 shares of the business’s stock in a transaction on Tuesday, May 7th. The stock was sold at an average price of $57.93, for a total transaction of $360,034.95. Following the sale, the insider now directly owns 24,346 shares in the company, valued at $1,410,363.78. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other news, VP Senthilkumar Santhanakrishnan sold 15,643 shares of the business’s stock in a transaction on Wednesday, May 8th. The stock was sold at an average price of $57.65, for a total value of $901,818.95. Following the completion of the transaction, the vice president now directly owns 144,721 shares of the company’s stock, valued at $8,343,165.65. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Kurtis R. Kurimsky sold 6,215 shares of the company’s stock in a transaction on Tuesday, May 7th. 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 owns 24,346 shares of the company’s stock, valued at $1,410,363.78. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 115,928 shares of company stock worth $6,475,216. 0.14% of the stock is owned by corporate insiders.

Bank of New York Mellon Stock Up 0.9 %

Bank of New York Mellon stock opened at $58.68 on Wednesday. The company has a debt-to-equity ratio of 0.90, a current ratio of 0.71 and a quick ratio of 0.71. The Bank of New York Mellon Co. has a 1-year low of $39.66 and a 1-year high of $60.87. The company has a market cap of $43.88 billion, a PE ratio of 14.31, a price-to-earnings-growth ratio of 1.19 and a beta of 1.08. The stock’s 50 day moving average price is $57.82 and its 200 day moving average price is $55.50.

Bank of New York Mellon (NYSE:BK) last posted its quarterly earnings results on Tuesday, April 16th. The bank reported $1.29 earnings per share for the quarter, beating analysts’ consensus estimates of $1.19 by $0.10. The firm had revenue of $4.53 billion for the quarter, compared to the consensus estimate of $4.39 billion. Bank of New York Mellon had a return on equity of 11.80% and a net margin of 9.48%. The company’s revenue for the quarter was up 3.8% compared to the same quarter last year. During the same period in the previous year, the business earned $1.13 earnings per share. On average, sell-side analysts predict that The Bank of New York Mellon Co. will post 5.45 EPS for the current fiscal year.

Bank of New York Mellon Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, May 9th. Shareholders of record on Friday, April 26th were given a dividend of $0.42 per share. The ex-dividend date was Thursday, April 25th. This represents a $1.68 dividend on an annualized basis and a yield of 2.86%. Bank of New York Mellon’s payout ratio is 40.98%.

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.