SVB Wealth LLC Cuts Position in The Bank of New York Mellon Co. (NYSE:BK)

SVB Wealth LLC reduced its stake in shares of The Bank of New York Mellon Co. (NYSE:BK) by 24.9% during the 2nd quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 78,678 shares of the bank’s stock after selling 26,108 shares during the period. SVB Wealth LLC’s holdings in Bank of New York Mellon were worth $4,712,000 at the end of the most recent reporting period.

Several other institutional investors also recently made changes to their positions in BK. United Services Automobile Association boosted its holdings in Bank of New York Mellon by 6.9% during the fourth quarter. United Services Automobile Association now owns 25,447 shares of the bank’s stock worth $1,325,000 after buying an additional 1,640 shares in the last quarter. Entropy Technologies LP purchased a new stake in shares of Bank of New York Mellon during the 1st quarter worth approximately $1,027,000. QRG Capital Management Inc. boosted its stake in shares of Bank of New York Mellon by 6.9% during the 1st quarter. QRG Capital Management Inc. now owns 127,576 shares of the bank’s stock worth $7,351,000 after acquiring an additional 8,204 shares in the last quarter. Wakefield Asset Management LLLP acquired a new stake in shares of Bank of New York Mellon in the 1st quarter worth approximately $3,740,000. Finally, Janney Capital Management LLC purchased a new position in Bank of New York Mellon in the 4th quarter valued at approximately $243,000. 85.31% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Bank of New York Mellon

In other news, VP Hanneke Smits sold 15,000 shares of Bank of New York Mellon stock in a transaction dated Thursday, July 18th. The stock was sold at an average price of $64.11, for a total value of $961,650.00. Following the transaction, the vice president now directly owns 173,930 shares of the company’s stock, valued at approximately $11,150,652.30. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 0.14% of the company’s stock.

Bank of New York Mellon Price Performance

Shares of NYSE:BK opened at $66.41 on Friday. The business has a fifty day simple moving average of $64.20 and a 200-day simple moving average of $59.69. The Bank of New York Mellon Co. has a 52 week low of $39.66 and a 52 week high of $68.60. The company has a market cap of $49.66 billion, a P/E ratio of 15.37, a P/E/G ratio of 1.18 and a beta of 1.09. The company has a quick ratio of 0.70, a current ratio of 0.70 and a debt-to-equity ratio of 0.85.

Bank of New York Mellon (NYSE:BK) last announced its quarterly earnings data 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 net margin of 9.40% and a return on equity of 11.87%. The business had revenue of $4.60 billion for the quarter, compared to analyst estimates of $4.53 billion. During the same period in the prior year, the firm posted $1.38 EPS. The company’s revenue was up 2.1% on a year-over-year basis. Equities research analysts forecast 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 business also recently disclosed 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. The ex-dividend date was Monday, July 22nd. This is a boost from Bank of New York Mellon’s previous quarterly dividend of $0.42. This represents a $1.88 annualized dividend and a dividend yield of 2.83%. Bank of New York Mellon’s payout ratio is currently 43.52%.

Analyst Ratings Changes

A number of analysts have commented on BK shares. Keefe, Bruyette & Woods reiterated 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. Deutsche Bank Aktiengesellschaft increased their price objective on shares of Bank of New York Mellon from $63.00 to $66.00 and gave the company a “hold” rating in a research note on Thursday, August 15th. Morgan Stanley lifted their target price on shares of Bank of New York Mellon from $65.00 to $72.00 and gave the stock an “equal weight” rating in a research report on Tuesday, July 30th. Barclays increased their price target on shares of 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. Finally, Citigroup downgraded Bank of New York Mellon from a “buy” rating to a “neutral” rating and set a $65.00 price objective for the company. in a research report on Monday, July 15th. Six research analysts have rated the stock with a hold rating and six have issued a buy rating to the company. According to MarketBeat, the company 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.