Cornerstone Advisors LLC Sells 200 Shares of The Bank of New York Mellon Co. (NYSE:BK)

Cornerstone Advisors LLC lessened its stake in The Bank of New York Mellon Co. (NYSE:BK) by 1.3% during the fourth quarter, HoldingsChannel reports. The firm owned 14,700 shares of the bank’s stock after selling 200 shares during the period. Cornerstone Advisors LLC’s holdings in Bank of New York Mellon were worth $765,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also bought and sold shares of BK. Atlantic Edge Private Wealth Management LLC purchased a new stake in shares of Bank of New York Mellon during the 4th quarter valued at approximately $28,000. Hartford Financial Management Inc. boosted its holdings in shares of Bank of New York Mellon by 41.4% in the fourth quarter. Hartford Financial Management Inc. now owns 625 shares of the bank’s stock worth $33,000 after acquiring an additional 183 shares during the period. Addison Advisors LLC raised its stake in shares of Bank of New York Mellon by 603.2% during the 3rd quarter. Addison Advisors LLC now owns 879 shares of the bank’s stock valued at $37,000 after purchasing an additional 754 shares during the period. First Command Advisory Services Inc. purchased a new position in Bank of New York Mellon during the 3rd quarter valued at about $38,000. Finally, Blue Trust Inc. lifted its holdings in shares of Bank of New York Mellon by 159.2% in the fourth quarter. Blue Trust Inc. now owns 858 shares of the bank’s stock worth $45,000 after buying an additional 527 shares in the last quarter. Hedge funds and other institutional investors own 85.31% of the company’s stock.

Bank of New York Mellon Stock Performance

Shares of NYSE BK opened at $59.09 on Wednesday. The stock has a market cap of $44.19 billion, a price-to-earnings ratio of 14.41, a P/E/G ratio of 1.21 and a beta of 1.11. The company has a current ratio of 0.71, a quick ratio of 0.71 and a debt-to-equity ratio of 0.90. The Bank of New York Mellon Co. has a 1-year low of $39.66 and a 1-year high of $59.70. The stock’s 50-day moving average is $56.83 and its 200 day moving average is $53.76.

Bank of New York Mellon (NYSE:BK) last announced its quarterly earnings data on Tuesday, April 16th. The bank reported $1.29 earnings per share for the quarter, beating analysts’ consensus estimates of $1.19 by $0.10. The company had revenue of $4.53 billion for the quarter, compared to analysts’ expectations of $4.39 billion. Bank of New York Mellon had a return on equity of 11.80% and a net margin of 9.48%. Bank of New York Mellon’s revenue for the quarter was up 3.8% compared to the same quarter last year. During the same period last year, the firm posted $1.13 EPS. On average, sell-side analysts anticipate that The Bank of New York Mellon Co. will post 5.45 EPS for the current fiscal year.

Bank of New York Mellon Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, May 9th. Shareholders of record on Friday, April 26th were given a dividend of $0.42 per share. The ex-dividend date of this dividend was Thursday, April 25th. This represents a $1.68 annualized dividend and a yield of 2.84%. Bank of New York Mellon’s payout ratio is currently 40.98%.

Wall Street Analyst Weigh In

Several research firms have issued reports on BK. Morgan Stanley increased their target price on shares of Bank of New York Mellon from $62.00 to $63.00 and gave the stock an “equal weight” rating in a research note on Thursday, April 18th. Bank of America increased their price objective on Bank of New York Mellon from $64.00 to $66.00 and gave the stock a “buy” rating in a research report on Wednesday, April 17th. Evercore ISI upped their target price on Bank of New York Mellon from $57.00 to $61.00 and gave the stock an “in-line” rating in a research note on Thursday, April 4th. Citigroup lifted their price target on Bank of New York Mellon from $60.00 to $65.00 and gave the company a “buy” rating in a research report on Wednesday, February 14th. Finally, Jefferies Financial Group lifted their price target on Bank of New York Mellon from $67.00 to $68.00 and gave the company a “buy” rating in a research report on Thursday, April 18th. Five investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $60.17.

Insider Activity

In related news, EVP J Kevin Mccarthy sold 40,000 shares of the business’s stock in a transaction dated Friday, April 19th. The stock was sold at an average price of $56.15, for a total transaction of $2,246,000.00. Following the transaction, the executive vice president now owns 100,404 shares in the company, valued at approximately $5,637,684.60. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other news, VP Catherine Keating sold 54,070 shares of Bank of New York Mellon stock in a transaction dated Thursday, April 18th. The shares were sold at an average price of $54.88, for a total transaction of $2,967,361.60. Following the sale, the vice president now owns 78,350 shares of the company’s stock, valued at approximately $4,299,848. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP J Kevin Mccarthy sold 40,000 shares of the stock in a transaction dated Friday, April 19th. The stock was sold at an average price of $56.15, for a total transaction of $2,246,000.00. Following the completion of the transaction, the executive vice president now directly owns 100,404 shares of the company’s stock, valued at $5,637,684.60. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 115,928 shares of company stock valued at $6,475,216. Insiders own 0.14% of the company’s stock.

About Bank of New York Mellon

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.