Clearbridge Investments LLC Sells 2,257 Shares of The Bank of New York Mellon Co. (NYSE:BK)

Clearbridge Investments LLC reduced its holdings in shares of The Bank of New York Mellon Co. (NYSE:BK) by 4.3% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 50,234 shares of the bank’s stock after selling 2,257 shares during the quarter. Clearbridge Investments LLC’s holdings in Bank of New York Mellon were worth $2,894,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also modified their holdings of the business. Vanguard Group Inc. lifted its position in shares of Bank of New York Mellon by 6.1% during the 4th quarter. Vanguard Group Inc. now owns 74,501,451 shares of the bank’s stock worth $3,877,801,000 after buying an additional 4,293,751 shares during the last quarter. Artisan Partners Limited Partnership raised its position in Bank of New York Mellon by 0.7% in the fourth quarter. Artisan Partners Limited Partnership now owns 19,793,539 shares of the bank’s stock valued at $1,030,254,000 after purchasing an additional 144,162 shares during the last quarter. Norges Bank bought a new position in Bank of New York Mellon in the fourth quarter valued at about $813,701,000. LSV Asset Management raised its position in Bank of New York Mellon by 1.0% in the fourth quarter. LSV Asset Management now owns 7,372,209 shares of the bank’s stock valued at $383,723,000 after purchasing an additional 72,880 shares during the last quarter. Finally, Dimensional Fund Advisors LP raised its position in Bank of New York Mellon by 3.4% in the fourth quarter. Dimensional Fund Advisors LP now owns 6,758,152 shares of the bank’s stock valued at $351,775,000 after purchasing an additional 223,867 shares during the last quarter. 85.31% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Bank of New York Mellon

In other Bank of New York Mellon news, insider Kurtis R. Kurimsky sold 6,215 shares of the firm’s stock in a transaction that occurred on Tuesday, May 7th. The stock was sold at an average price of $57.93, for a total value of $360,034.95. Following the completion of the sale, the insider now owns 24,346 shares of the company’s stock, valued at $1,410,363.78. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, VP Hanneke Smits sold 15,000 shares of the firm’s stock in a transaction that occurred on 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 owns 173,930 shares in the company, valued at $11,150,652.30. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Kurtis R. Kurimsky sold 6,215 shares of the firm’s stock in a transaction that occurred on Tuesday, May 7th. The shares were sold at an average price of $57.93, for a total value of $360,034.95. Following the completion of the transaction, the insider now owns 24,346 shares in the company, valued at approximately $1,410,363.78. The disclosure for this sale can be found here. Over the last quarter, insiders sold 36,858 shares of company stock valued at $2,223,504. Company insiders own 0.14% of the company’s stock.

Bank of New York Mellon Trading Up 0.7 %

NYSE BK traded up $0.47 during trading hours on Thursday, hitting $64.37. 124,009 shares of the company’s stock were exchanged, compared to its average volume of 3,808,047. The stock has a 50-day simple moving average of $60.15 and a 200 day simple moving average of $57.35. The Bank of New York Mellon Co. has a 1-year low of $39.66 and a 1-year high of $65.90. The firm has a market cap of $48.14 billion, a price-to-earnings ratio of 14.79, a PEG ratio of 1.13 and a beta of 1.09. The company has a current ratio of 0.70, a quick ratio of 0.71 and a debt-to-equity ratio of 0.85.

Bank of New York Mellon (NYSE:BK) last released its earnings results on Friday, July 12th. The bank reported $1.51 EPS for the quarter, topping the consensus estimate of $1.43 by $0.08. Bank of New York Mellon had a return on equity of 11.87% and a net margin of 9.40%. The business had revenue of $4.60 billion during the quarter, compared to analysts’ expectations of $4.53 billion. During the same quarter last year, the firm posted $1.38 earnings per share. The firm’s revenue was up 2.1% on a year-over-year basis. On average, equities analysts forecast that The Bank of New York Mellon Co. will post 5.58 EPS for the current fiscal year.

Bank of New York Mellon Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, August 2nd. Shareholders of record on Monday, July 22nd will be paid a $0.47 dividend. This represents a $1.88 dividend on an annualized basis and a yield of 2.92%. The ex-dividend date of this dividend is Monday, July 22nd. This is a boost 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%.

Analyst Ratings Changes

Several equities analysts have commented on the company. Citigroup downgraded Bank of New York Mellon from a “buy” rating to a “neutral” rating and set a $65.00 target price for the company. in a research report on Monday, July 15th. Bank of America increased their target price on Bank of New York Mellon from $64.00 to $66.00 and gave the company a “buy” rating in a research report on Wednesday, April 17th. Royal Bank of Canada reiterated a “sector perform” rating and issued a $58.00 target price on shares of Bank of New York Mellon in a research report on Wednesday, March 27th. Morgan Stanley increased their target price on Bank of New York Mellon from $63.00 to $65.00 and gave the company an “equal weight” rating in a research report on Monday, July 15th. Finally, Deutsche Bank Aktiengesellschaft increased their price target on Bank of New York Mellon from $61.00 to $63.00 and gave the company a “hold” rating in a research note on Monday, July 15th. Six analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. Based on data from MarketBeat, Bank of New York Mellon currently has a consensus rating of “Moderate Buy” and an average price target of $65.23.

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.