Davis Capital Management Cuts Stake in The Bank of New York Mellon Co. (NYSE:BK)

Davis Capital Management trimmed its holdings in The Bank of New York Mellon Co. (NYSE:BK) by 2.1% in the third quarter, HoldingsChannel.com reports. The institutional investor owned 31,643 shares of the bank’s stock after selling 682 shares during the quarter. Bank of New York Mellon comprises about 1.8% of Davis Capital Management’s portfolio, making the stock its 9th biggest holding. Davis Capital Management’s holdings in Bank of New York Mellon were worth $2,274,000 at the end of the most recent reporting period.

Several other large investors have also recently added to or reduced their stakes in BK. Olistico Wealth LLC bought a new stake in shares of Bank of New York Mellon during the 2nd quarter worth about $30,000. Able Wealth Management LLC acquired a new position in shares of Bank of New York Mellon during the 4th quarter valued at $32,000. Kathleen S. Wright Associates Inc. bought a new stake in shares of Bank of New York Mellon in the 1st quarter worth $32,000. Clearstead Trust LLC acquired a new stake in shares of Bank of New York Mellon in the second quarter valued at $32,000. Finally, Family Firm Inc. acquired a new position in Bank of New York Mellon during the second quarter worth about $40,000. 85.31% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other news, VP Hanneke Smits sold 15,000 shares of the firm’s stock in a transaction dated 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 directly owns 173,930 shares of the company’s stock, valued at approximately $11,150,652.30. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.14% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on BK. Morgan Stanley upped their price target on shares of Bank of New York Mellon from $72.00 to $78.00 and gave the company an “equal weight” rating in a report on Monday. Barclays raised 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. Evercore ISI increased their price objective on Bank of New York Mellon from $61.00 to $66.00 and gave the company an “in-line” rating in a research report on Monday, July 15th. Citigroup lifted their target price on Bank of New York Mellon from $65.00 to $70.00 and gave the stock a “neutral” rating in a report on Thursday, September 19th. Finally, The Goldman Sachs Group upped their target price on Bank of New York Mellon from $74.00 to $80.00 and gave the company a “buy” rating in a report on Thursday, September 26th. Five analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. Based on data from MarketBeat, Bank of New York Mellon has an average rating of “Moderate Buy” and an average target price of $69.38.

Bank of New York Mellon Stock Down 0.2 %

NYSE:BK opened at $70.95 on Thursday. The Bank of New York Mellon Co. has a 1-year low of $39.66 and a 1-year high of $73.19. The firm has a market capitalization of $53.06 billion, a price-to-earnings ratio of 16.42, a PEG ratio of 1.24 and a beta of 1.08. 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 business’s fifty day moving average price is $67.20 and its 200 day moving average price is $61.60.

Bank of New York Mellon (NYSE:BK) last posted its quarterly earnings results on Friday, July 12th. The bank reported $1.51 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 during the quarter, compared to analyst estimates of $4.53 billion. During the same period in the prior year, the firm earned $1.38 earnings per share. The firm’s revenue was up 2.1% compared to the same quarter last year. On average, sell-side analysts forecast 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 business also recently announced a quarterly dividend, which was paid on Friday, August 2nd. Shareholders of record on Monday, July 22nd were paid a dividend of $0.47 per share. The ex-dividend date of this dividend was Monday, July 22nd. This represents a $1.88 dividend on an annualized basis and a dividend 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%.

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.