DoubleLine ETF Adviser LP Sells 660 Shares of The Bank of New York Mellon Co. (NYSE:BK)

DoubleLine ETF Adviser LP trimmed its position in shares of The Bank of New York Mellon Co. (NYSE:BK) by 4.8% during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 12,990 shares of the bank’s stock after selling 660 shares during the quarter. DoubleLine ETF Adviser LP’s holdings in Bank of New York Mellon were worth $778,000 at the end of the most recent reporting period.

A number of other large investors also recently modified their holdings of BK. Drucker Wealth 3.0 LLC acquired a new position in Bank of New York Mellon during the second quarter worth $625,000. Ameriprise Financial Inc. raised its holdings in shares of Bank of New York Mellon by 4.2% in the 2nd quarter. Ameriprise Financial Inc. now owns 10,416,436 shares of the bank’s stock worth $623,891,000 after acquiring an additional 421,161 shares during the last quarter. APG Asset Management N.V. raised its holdings in shares of Bank of New York Mellon by 175.0% in the 2nd quarter. APG Asset Management N.V. now owns 89,732 shares of the bank’s stock worth $5,014,000 after acquiring an additional 57,100 shares during the last quarter. AQR Capital Management LLC lifted its position in Bank of New York Mellon by 30.7% in the 2nd quarter. AQR Capital Management LLC now owns 1,624,167 shares of the bank’s stock valued at $96,849,000 after acquiring an additional 381,394 shares in the last quarter. Finally, AXA S.A. boosted its stake in Bank of New York Mellon by 66.3% during the 2nd quarter. AXA S.A. now owns 568,220 shares of the bank’s stock valued at $34,031,000 after purchasing an additional 226,476 shares during the last quarter. 85.31% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several analysts have recently commented on the company. Evercore ISI increased their price objective on Bank of New York Mellon from $61.00 to $66.00 and gave the stock an “in-line” rating in a research note on Monday, July 15th. Keefe, Bruyette & Woods reissued an “outperform” rating and issued a $75.00 price target (up from $70.00) on shares of Bank of New York Mellon in a research report on Monday, July 15th. Barclays lifted their price objective on shares of 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. Deutsche Bank Aktiengesellschaft upgraded shares of Bank of New York Mellon from a “hold” rating to a “buy” rating and increased their target price for the company from $66.00 to $80.00 in a report on Monday. Finally, Morgan Stanley boosted their price target on shares of Bank of New York Mellon from $65.00 to $72.00 and gave the stock an “equal weight” rating in a report on Tuesday, July 30th. Five equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. Based on data from MarketBeat, Bank of New York Mellon currently has a consensus rating of “Moderate Buy” and a consensus target price of $67.86.

Bank of New York Mellon Stock Performance

NYSE BK opened at $72.17 on Thursday. The company has a debt-to-equity ratio of 0.85, a quick ratio of 0.70 and a current ratio of 0.70. The company has a market capitalization of $53.26 billion, a PE ratio of 16.71, a price-to-earnings-growth ratio of 1.24 and a beta of 1.08. The Bank of New York Mellon Co. has a 52-week low of $39.66 and a 52-week high of $73.19. The company has a 50-day simple moving average of $66.24 and a 200 day simple moving average of $60.95.

Bank of New York Mellon (NYSE:BK) last issued its quarterly earnings results on Friday, July 12th. The bank reported $1.51 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.43 by $0.08. Bank of New York Mellon had a net margin of 9.40% and a return on equity of 11.87%. The company had revenue of $4.60 billion during the quarter, compared to analyst estimates of $4.53 billion. During the same quarter last year, the business posted $1.38 EPS. Bank of New York Mellon’s quarterly revenue was up 2.1% compared to the same quarter last year. On average, research analysts predict that The Bank of New York Mellon Co. will post 5.63 EPS for the current year.

Bank of New York Mellon Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, August 2nd. Stockholders of record on Monday, July 22nd were paid a dividend of $0.47 per share. This is an increase from Bank of New York Mellon’s previous quarterly dividend of $0.42. The ex-dividend date was Monday, July 22nd. This represents a $1.88 annualized dividend and a dividend yield of 2.60%. Bank of New York Mellon’s dividend payout ratio is presently 43.52%.

Insider Buying and Selling

In other Bank of New York Mellon news, VP Hanneke Smits sold 15,000 shares of the company’s stock in a transaction dated Thursday, July 18th. The shares were sold at an average price of $64.11, for a total transaction of $961,650.00. Following the sale, the vice president now directly 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 the SEC website. 0.14% of the stock is currently owned by insiders.

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.