TIAA Trust National Association Trims Stock Position in The Bank of New York Mellon Co. (NYSE:BK)

TIAA Trust National Association decreased its stake in The Bank of New York Mellon Co. (NYSE:BK) by 1.5% during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 20,843 shares of the bank’s stock after selling 326 shares during the quarter. TIAA Trust National Association’s holdings in Bank of New York Mellon were worth $1,248,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently bought and sold shares of BK. Wetzel Investment Advisors Inc. boosted its position in Bank of New York Mellon by 82.1% in the 1st quarter. Wetzel Investment Advisors Inc. now owns 510 shares of the bank’s stock worth $28,000 after purchasing an additional 230 shares in the last quarter. Atlantic Edge Private Wealth Management LLC purchased a new stake in Bank of New York Mellon during the fourth quarter worth $28,000. Olistico Wealth LLC purchased a new stake in Bank of New York Mellon during the second quarter worth $30,000. Able Wealth Management LLC purchased a new position in Bank of New York Mellon in the fourth quarter valued at $32,000. Finally, Kathleen S. Wright Associates Inc. acquired a new position in shares of Bank of New York Mellon in the first quarter worth about $32,000. 85.31% of the stock is owned by institutional investors and hedge funds.

Bank of New York Mellon Stock Performance

BK opened at $67.72 on Thursday. The Bank of New York Mellon Co. has a twelve month low of $39.66 and a twelve month high of $68.54. The firm has a market capitalization of $50.64 billion, a PE ratio of 15.68, a PEG ratio of 1.18 and a beta of 1.09. The company has a current ratio of 0.70, a quick ratio of 0.70 and a debt-to-equity ratio of 0.85. The firm’s 50-day moving average price is $63.90 and its 200 day moving average price is $59.52.

Bank of New York Mellon (NYSE:BK) last issued its earnings results on Friday, July 12th. The bank reported $1.51 earnings per share for the quarter, topping 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 for the quarter, compared to analysts’ expectations of $4.53 billion. During the same period in the previous year, the firm posted $1.38 EPS. The business’s revenue for the quarter was up 2.1% compared to the same quarter last year. As a group, sell-side analysts expect that The Bank of New York Mellon Co. will post 5.63 EPS for the current fiscal year.

Bank of New York Mellon Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, August 2nd. Stockholders of record on Monday, July 22nd were issued a dividend of $0.47 per share. This represents a $1.88 annualized dividend and a dividend yield of 2.78%. The ex-dividend date of this dividend was Monday, July 22nd. This is a positive change from Bank of New York Mellon’s previous quarterly dividend of $0.42. Bank of New York Mellon’s payout ratio is currently 43.52%.

Analyst Upgrades and Downgrades

A number of research firms have recently commented on BK. Keefe, Bruyette & Woods restated an “outperform” rating and set a $75.00 target price (up from $70.00) on shares of Bank of New York Mellon in a research report on Monday, July 15th. Morgan Stanley boosted their price objective on Bank of New York Mellon from $65.00 to $72.00 and gave the company an “equal weight” rating in a research report on Tuesday, July 30th. Deutsche Bank Aktiengesellschaft increased their target price on Bank of New York Mellon from $63.00 to $66.00 and gave the company a “hold” rating in a research report on Thursday, August 15th. Citigroup lowered shares of Bank of New York Mellon from a “buy” rating to a “neutral” rating and set a $65.00 price target for the company. in a report on Monday, July 15th. Finally, Evercore ISI increased their price objective on shares of Bank of New York Mellon from $61.00 to $66.00 and gave the company an “in-line” rating in a report on Monday, July 15th. Six equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $66.14.

Insider Activity

In other Bank of New York Mellon news, VP Hanneke Smits sold 15,000 shares of the firm’s stock in a transaction on Thursday, July 18th. The stock was 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 owns 173,930 shares of the company’s stock, valued at $11,150,652.30. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Corporate insiders own 0.14% of the company’s stock.

Bank of New York Mellon 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.