Parsons Capital Management Inc. RI Cuts Position in The Bank of New York Mellon Co. (NYSE:BK)

Parsons Capital Management Inc. RI decreased its holdings in shares of The Bank of New York Mellon Co. (NYSE:BK) by 0.9% in the second quarter, Holdings Channel.com reports. The firm owned 17,904 shares of the bank’s stock after selling 170 shares during the period. Parsons Capital Management Inc. RI’s holdings in Bank of New York Mellon were worth $1,072,000 as of its most recent SEC filing.

Several other large investors have also recently made changes to their positions in the business. Greenleaf Trust boosted its stake in Bank of New York Mellon by 0.7% in the 1st quarter. Greenleaf Trust now owns 28,349 shares of the bank’s stock worth $1,633,000 after purchasing an additional 187 shares in the last quarter. 1858 Wealth Management LLC lifted its stake in shares of Bank of New York Mellon by 4.0% in the second quarter. 1858 Wealth Management LLC now owns 4,866 shares of the bank’s stock worth $291,000 after buying an additional 188 shares in the last quarter. Semmax Financial Advisors Inc. lifted its stake in shares of Bank of New York Mellon by 1.9% in the first quarter. Semmax Financial Advisors Inc. now owns 10,214 shares of the bank’s stock worth $591,000 after buying an additional 189 shares in the last quarter. Vivaldi Capital Management LP grew its holdings in shares of Bank of New York Mellon by 3.3% during the fourth quarter. Vivaldi Capital Management LP now owns 6,015 shares of the bank’s stock valued at $324,000 after buying an additional 192 shares during the last quarter. Finally, LVW Advisors LLC increased its position in shares of Bank of New York Mellon by 1.4% during the second quarter. LVW Advisors LLC now owns 14,058 shares of the bank’s stock valued at $842,000 after acquiring an additional 196 shares in the last quarter. 85.31% of the stock is currently owned by hedge funds and other institutional investors.

Bank of New York Mellon Price Performance

Shares of NYSE:BK opened at $65.49 on Tuesday. The company has a debt-to-equity ratio of 0.85, a current ratio of 0.70 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 $65.93. The company has a market capitalization of $48.97 billion, a P/E ratio of 15.22, a P/E/G ratio of 1.14 and a beta of 1.09. The firm’s 50 day simple moving average is $61.92 and its two-hundred day simple moving average is $58.55.

Bank of New York Mellon (NYSE:BK) last announced its earnings results on Friday, July 12th. The bank reported $1.51 earnings per share (EPS) for the quarter, beating the consensus estimate 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 business had revenue of $4.60 billion during the quarter, compared to analyst estimates of $4.53 billion. During the same quarter in the previous year, the business earned $1.38 earnings per share. The company’s revenue for the quarter was up 2.1% compared to the same quarter last year. Research analysts expect that The Bank of New York Mellon Co. will post 5.6 EPS for the current fiscal year.

Bank of New York Mellon Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, August 2nd. Shareholders of record on Monday, July 22nd were given a $0.47 dividend. This represents a $1.88 annualized dividend and a yield of 2.87%. The ex-dividend date of this dividend was Monday, July 22nd. This is an increase from Bank of New York Mellon’s previous quarterly dividend of $0.42. Bank of New York Mellon’s dividend payout ratio is 43.52%.

Analysts Set New Price Targets

Several analysts have commented on the company. Evercore ISI increased their target price on Bank of New York Mellon from $61.00 to $66.00 and gave the company an “in-line” rating in a research note on Monday, July 15th. Barclays increased their price objective on Bank of New York Mellon from $68.00 to $75.00 and gave the company an “overweight” rating in a research report on Monday, July 15th. Deutsche Bank Aktiengesellschaft boosted their target price on Bank of New York Mellon from $63.00 to $66.00 and gave the stock a “hold” rating in a research report on Thursday, August 15th. Morgan Stanley raised their price target on shares of Bank of New York Mellon from $65.00 to $72.00 and gave the company an “equal weight” rating in a report on Tuesday, July 30th. Finally, Keefe, Bruyette & Woods reissued an “outperform” rating and set a $75.00 price objective (up from $70.00) on shares of Bank of New York Mellon in a report on Monday, July 15th. Six investment analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to data from MarketBeat.com, Bank of New York Mellon currently has an average rating of “Moderate Buy” and an average price target of $66.14.

Insiders Place Their Bets

In other news, VP Hanneke Smits sold 15,000 shares of the business’s stock in a transaction on Thursday, July 18th. The shares were sold at an average price of $64.11, for a total transaction of $961,650.00. Following the completion of the sale, the vice president now directly owns 173,930 shares of the company’s stock, valued at $11,150,652.30. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 0.14% of the company’s stock.

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.