Independent Advisor Alliance Cuts Position in The Bank of New York Mellon Co. (NYSE:BK)

Independent Advisor Alliance reduced its holdings in shares of The Bank of New York Mellon Co. (NYSE:BK) by 6.3% in the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 5,572 shares of the bank’s stock after selling 377 shares during the quarter. Independent Advisor Alliance’s holdings in Bank of New York Mellon were worth $400,000 at the end of the most recent quarter.

Several other large investors also recently made changes to their positions in BK. B. Riley Wealth Advisors Inc. lifted its position in Bank of New York Mellon by 13.7% during the 1st quarter. B. Riley Wealth Advisors Inc. now owns 14,944 shares of the bank’s stock worth $861,000 after acquiring an additional 1,803 shares in the last quarter. Tidal Investments LLC lifted its position in shares of Bank of New York Mellon by 20.6% during the first quarter. Tidal Investments LLC now owns 24,671 shares of the bank’s stock worth $1,421,000 after purchasing an additional 4,210 shares in the last quarter. Swedbank AB purchased a new position in shares of Bank of New York Mellon in the first quarter valued at $35,514,000. Atria Investments Inc grew its holdings in Bank of New York Mellon by 17.2% during the 1st quarter. Atria Investments Inc now owns 82,343 shares of the bank’s stock valued at $4,745,000 after purchasing an additional 12,064 shares in the last quarter. Finally, Cetera Investment Advisers increased its stake in Bank of New York Mellon by 223.1% during the 1st quarter. Cetera Investment Advisers now owns 286,046 shares of the bank’s stock worth $16,482,000 after buying an additional 197,515 shares during the period. Institutional investors and hedge funds own 85.31% of the company’s stock.

Analyst Ratings Changes

BK has been the subject of several recent analyst reports. Wells Fargo & Company raised their target price on Bank of New York Mellon from $79.00 to $81.00 and gave the company an “equal weight” rating in a research note on Friday, November 15th. Royal Bank of Canada restated a “sector perform” rating and set a $79.00 price objective on shares of Bank of New York Mellon in a research note on Monday, October 14th. 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 research report on Thursday, September 26th. Barclays raised their price target on shares of Bank of New York Mellon from $75.00 to $86.00 and gave the stock an “overweight” rating in a research report on Monday, October 14th. Finally, Citigroup upped their price target on shares of Bank of New York Mellon from $75.00 to $82.00 and gave the company a “neutral” rating in a report on Monday. Five equities research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. According to MarketBeat.com, Bank of New York Mellon presently has an average rating of “Moderate Buy” and a consensus target price of $78.15.

Bank of New York Mellon Price Performance

BK opened at $81.74 on Friday. The company has a quick ratio of 0.70, a current ratio of 0.70 and a debt-to-equity ratio of 0.89. The company’s 50-day moving average price is $75.87 and its 200 day moving average price is $67.30. The Bank of New York Mellon Co. has a fifty-two week low of $46.81 and a fifty-two week high of $82.08. The firm has a market cap of $59.43 billion, a price-to-earnings ratio of 17.77, a price-to-earnings-growth ratio of 0.93 and a beta of 1.07.

Bank of New York Mellon (NYSE:BK) last announced its quarterly earnings results on Friday, October 11th. The bank reported $1.52 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.41 by $0.11. The business had revenue of $4.65 billion for the quarter, compared to the consensus estimate of $4.52 billion. Bank of New York Mellon had a return on equity of 12.06% and a net margin of 9.44%. As a group, sell-side analysts expect that The Bank of New York Mellon Co. will post 5.82 earnings per share for the current year.

Bank of New York Mellon Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, November 1st. Stockholders of record on Monday, October 21st were given a dividend of $0.47 per share. The ex-dividend date was Monday, October 21st. This represents a $1.88 annualized dividend and a dividend yield of 2.30%. Bank of New York Mellon’s dividend payout ratio is currently 40.87%.

Insider Buying and Selling

In related news, EVP J Kevin Mccarthy sold 25,000 shares of the firm’s stock in a transaction that occurred on Tuesday, October 15th. The stock was sold at an average price of $76.31, for a total value of $1,907,750.00. Following the sale, the executive vice president now directly owns 75,404 shares in the company, valued at $5,754,079.24. This trade represents a 24.90 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, VP Hanneke Smits sold 16,475 shares of Bank of New York Mellon stock in a transaction on Tuesday, October 15th. The shares were sold at an average price of $76.47, for a total value of $1,259,843.25. Following the sale, the vice president now directly owns 157,455 shares in the company, valued at $12,040,583.85. The trade was a 9.47 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 0.14% of the company’s stock.

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.