Dana Investment Advisors Inc. Sells 19,998 Shares of The Bank of New York Mellon Co. (NYSE:BK)

Dana Investment Advisors Inc. reduced its stake in The Bank of New York Mellon Co. (NYSE:BK) by 4.4% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 434,366 shares of the bank’s stock after selling 19,998 shares during the period. Bank of New York Mellon makes up approximately 0.9% of Dana Investment Advisors Inc.’s investment portfolio, making the stock its 16th biggest position. Dana Investment Advisors Inc. owned about 0.06% of Bank of New York Mellon worth $26,014,000 as of its most recent SEC filing.

Other large investors have also added to or reduced their stakes in the company. Entropy Technologies LP acquired a new position in Bank of New York Mellon during the first quarter worth about $1,027,000. QRG Capital Management Inc. lifted its stake in Bank of New York Mellon by 6.9% in the 1st quarter. QRG Capital Management Inc. now owns 127,576 shares of the bank’s stock valued at $7,351,000 after purchasing an additional 8,204 shares during the last quarter. Wakefield Asset Management LLLP acquired a new stake in Bank of New York Mellon in the first quarter valued at approximately $3,740,000. Bessemer Group Inc. grew its stake in shares of Bank of New York Mellon by 128.8% during the first quarter. Bessemer Group Inc. now owns 30,755 shares of the bank’s stock worth $1,771,000 after buying an additional 17,312 shares during the last quarter. Finally, Cibc World Markets Corp increased its holdings in shares of Bank of New York Mellon by 42.8% during the fourth quarter. Cibc World Markets Corp now owns 178,631 shares of the bank’s stock worth $9,298,000 after buying an additional 53,552 shares in the last quarter. Institutional investors and hedge funds own 85.31% of the company’s stock.

Insider Activity

In other news, VP Hanneke Smits sold 15,000 shares of the business’s stock in a transaction that occurred on Thursday, July 18th. The shares were sold at an average price of $64.11, for a total value of $961,650.00. Following the completion of the sale, the vice president now directly owns 173,930 shares in the company, valued at approximately $11,150,652.30. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Corporate insiders own 0.14% of the company’s stock.

Bank of New York Mellon Stock Performance

NYSE:BK opened at $71.86 on Tuesday. The Bank of New York Mellon Co. has a twelve month low of $39.66 and a twelve month high of $73.19. The stock has a market cap of $53.74 billion, a P/E ratio of 16.63, a PEG ratio of 1.24 and a beta of 1.08. 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 business’s 50-day moving average price is $66.91 and its two-hundred day moving average price is $61.42.

Bank of New York Mellon (NYSE:BK) last posted its quarterly earnings data 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. Bank of New York Mellon had a net margin of 9.40% and a return on equity of 11.87%. The firm had revenue of $4.60 billion for the quarter, compared to analysts’ expectations of $4.53 billion. During the same quarter last year, the company posted $1.38 EPS. The business’s quarterly revenue was up 2.1% on a year-over-year basis. As a group, equities analysts predict 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 company also recently disclosed a quarterly dividend, which was paid on Friday, August 2nd. Stockholders of record on Monday, July 22nd were issued a $0.47 dividend. This is a boost from Bank of New York Mellon’s previous quarterly dividend of $0.42. This represents a $1.88 dividend on an annualized basis and a dividend yield of 2.62%. The ex-dividend date was Monday, July 22nd. Bank of New York Mellon’s dividend payout ratio is presently 43.52%.

Wall Street Analysts Forecast Growth

BK has been the subject of several research reports. Citigroup increased their target price on Bank of New York Mellon from $65.00 to $70.00 and gave the company a “neutral” rating in a research report on Thursday, September 19th. The Goldman Sachs Group lifted their target price on shares of Bank of New York Mellon from $74.00 to $80.00 and gave the stock a “buy” rating in a research report on Thursday, September 26th. Barclays boosted their target price 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. Keefe, Bruyette & Woods reaffirmed an “outperform” rating and set a $75.00 price target (up previously from $70.00) on shares of Bank of New York Mellon in a research note on Monday, July 15th. Finally, Morgan Stanley boosted their price objective on shares of Bank of New York Mellon from $72.00 to $78.00 and gave the stock an “equal weight” rating in a research note on Monday. Five research analysts have rated the stock with a hold rating and eight have given a buy rating to the company. According to MarketBeat, Bank of New York Mellon has a consensus rating of “Moderate Buy” and an average price target of $69.38.

Bank of New York Mellon Company 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.