Concentric Wealth Management LLC Sells 1,057 Shares of The Bank of New York Mellon Co. (NYSE:BK)

Concentric Wealth Management LLC cut its position in shares of The Bank of New York Mellon Co. (NYSE:BK) by 1.6% in the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 63,782 shares of the bank’s stock after selling 1,057 shares during the period. Concentric Wealth Management LLC’s holdings in Bank of New York Mellon were worth $4,583,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also made changes to their positions in BK. McClarren Financial Advisors Inc. raised its holdings in shares of Bank of New York Mellon by 586.4% in the third quarter. McClarren Financial Advisors Inc. now owns 405 shares of the bank’s stock valued at $29,000 after acquiring an additional 346 shares in the last quarter. Olistico Wealth LLC bought a new stake in shares of Bank of New York Mellon in the 2nd quarter valued at about $30,000. Clearstead Trust LLC purchased a new stake in shares of Bank of New York Mellon in the 2nd quarter worth approximately $32,000. Family Firm Inc. purchased a new stake in Bank of New York Mellon during the second quarter worth $40,000. Finally, Fortitude Family Office LLC lifted its stake in shares of Bank of New York Mellon by 130.6% during the 3rd quarter. Fortitude Family Office LLC now owns 611 shares of the bank’s stock worth $44,000 after purchasing an additional 346 shares during the last quarter. 85.31% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other news, VP Hanneke Smits sold 16,475 shares of the business’s stock in a transaction dated Tuesday, October 15th. The shares were sold at an average price of $76.47, for a total transaction of $1,259,843.25. Following the transaction, the vice president now owns 157,455 shares of the company’s stock, valued at approximately $12,040,583.85. The trade was a 9.47 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, EVP J Kevin Mccarthy sold 25,000 shares of the firm’s stock in a transaction dated Tuesday, October 15th. The stock was sold at an average price of $76.31, for a total transaction of $1,907,750.00. Following the sale, the executive vice president now owns 75,404 shares of the company’s stock, valued at approximately $5,754,079.24. The trade was a 24.90 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 0.14% of the company’s stock.

Analyst Upgrades and Downgrades

BK has been the subject of a number of analyst reports. Morgan Stanley increased their target price on shares of Bank of New York Mellon from $72.00 to $78.00 and gave the company an “equal weight” rating in a research report on Monday, September 30th. StockNews.com upgraded Bank of New York Mellon from a “hold” rating to a “buy” rating in a research note on Tuesday, November 19th. JPMorgan Chase & Co. increased their price target on Bank of New York Mellon from $69.00 to $77.00 and gave the company an “overweight” rating in a research note on Monday, October 7th. Citigroup boosted their price target on Bank of New York Mellon from $65.00 to $70.00 and gave the stock a “neutral” rating in a research note on Thursday, September 19th. Finally, Deutsche Bank Aktiengesellschaft increased their price objective on shares of Bank of New York Mellon from $82.00 to $85.00 and gave the company a “buy” rating in a research report on Monday, November 11th. Five analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $77.23.

Bank of New York Mellon Stock Up 1.6 %

Bank of New York Mellon stock opened at $80.14 on Monday. The Bank of New York Mellon Co. has a 52 week low of $46.81 and a 52 week high of $80.29. The firm has a market cap of $58.27 billion, a price-to-earnings ratio of 17.42, a price-to-earnings-growth ratio of 0.92 and a beta of 1.07. The business’s 50-day moving average price is $75.03 and its 200 day moving average price is $66.77. The company has a quick ratio of 0.70, a current ratio of 0.70 and a debt-to-equity ratio of 0.89.

Bank of New York Mellon (NYSE:BK) last posted its earnings results on Friday, October 11th. The bank reported $1.52 earnings per share for the quarter, beating the consensus estimate of $1.41 by $0.11. Bank of New York Mellon had a net margin of 9.44% and a return on equity of 12.06%. The firm had revenue of $4.65 billion during the quarter, compared to analyst estimates of $4.52 billion. As a group, sell-side analysts anticipate 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 business also recently announced a quarterly dividend, which was paid on Friday, November 1st. Stockholders of record on Monday, October 21st were paid a dividend of $0.47 per share. The ex-dividend date of this dividend was Monday, October 21st. This represents a $1.88 dividend on an annualized basis and a dividend yield of 2.35%. Bank of New York Mellon’s dividend payout ratio is currently 40.87%.

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.