First Eagle Investment Management LLC Trims Position in The Bank of New York Mellon Co. (NYSE:BK)

First Eagle Investment Management LLC lowered its stake in shares of The Bank of New York Mellon Co. (NYSE:BK) by 1.9% during the second quarter, HoldingsChannel.com reports. The institutional investor owned 15,710,928 shares of the bank’s stock after selling 300,093 shares during the period. Bank of New York Mellon makes up about 2.1% of First Eagle Investment Management LLC’s investment portfolio, making the stock its 17th largest position. First Eagle Investment Management LLC’s holdings in Bank of New York Mellon were worth $940,927,000 at the end of the most recent reporting period.

Other institutional investors have also recently added to or reduced their stakes in the company. Olistico Wealth LLC acquired a new stake in shares of Bank of New York Mellon in the 2nd quarter worth $30,000. Clearstead Trust LLC purchased a new stake in Bank of New York Mellon in the 2nd quarter valued at approximately $32,000. Kathleen S. Wright Associates Inc. purchased a new position in shares of Bank of New York Mellon during the 1st quarter worth approximately $32,000. Able Wealth Management LLC purchased a new stake in shares of Bank of New York Mellon in the fourth quarter valued at approximately $32,000. Finally, Family Firm Inc. acquired a new position in Bank of New York Mellon during the second quarter worth $40,000. Institutional investors and hedge funds own 85.31% of the company’s stock.

Bank of New York Mellon Stock Performance

NYSE BK opened at $71.04 on Thursday. The company has a quick ratio of 0.70, a current ratio of 0.70 and a debt-to-equity ratio of 0.85. The Bank of New York Mellon Co. has a fifty-two week low of $39.66 and a fifty-two week high of $71.80. The business has a fifty day moving average of $65.63 and a 200-day moving average of $60.46. The stock has a market cap of $53.12 billion, a price-to-earnings ratio of 16.44, a price-to-earnings-growth ratio of 1.17 and a beta of 1.08.

Bank of New York Mellon (NYSE:BK) last announced its earnings results on Friday, July 12th. The bank reported $1.51 earnings per share for the quarter, beating the consensus estimate of $1.43 by $0.08. The firm had revenue of $4.60 billion during the quarter, compared to the consensus estimate of $4.53 billion. Bank of New York Mellon had a net margin of 9.40% and a return on equity of 11.87%. The firm’s revenue for the quarter was up 2.1% on a year-over-year basis. During the same quarter in the previous year, the company posted $1.38 EPS. As a group, analysts predict that The Bank of New York Mellon Co. will post 5.63 earnings per share for the current fiscal year.

Bank of New York Mellon Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, August 2nd. Investors of record on Monday, July 22nd were given a dividend of $0.47 per share. The ex-dividend date was Monday, July 22nd. This represents a $1.88 dividend on an annualized basis and a yield of 2.65%. This is a positive change from Bank of New York Mellon’s previous quarterly dividend of $0.42. Bank of New York Mellon’s dividend payout ratio (DPR) is 43.52%.

Insiders Place Their Bets

In other 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 sale, the vice president now owns 173,930 shares in the company, valued at $11,150,652.30. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 0.14% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on BK shares. Evercore ISI boosted their target price on shares of Bank of New York Mellon from $61.00 to $66.00 and gave the stock an “in-line” rating in a research report on Monday, July 15th. Morgan Stanley lifted 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 research report on Tuesday, July 30th. Citigroup cut 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 report on Monday, July 15th. Barclays lifted their price objective on Bank of New York Mellon from $68.00 to $75.00 and gave the stock an “overweight” rating in a report on Monday, July 15th. Finally, Keefe, Bruyette & Woods reissued an “outperform” rating and issued a $75.00 target price (up previously from $70.00) on shares of Bank of New York Mellon in a report on Monday, July 15th. Six analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $66.14.

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.