The Bank of New York Mellon Corporation $BK Shares Sold by Cornell Pochily Investment Advisors Inc.

Cornell Pochily Investment Advisors Inc. lessened its position in shares of The Bank of New York Mellon Corporation (NYSE:BK) by 8.3% during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The firm owned 5,609 shares of the bank’s stock after selling 511 shares during the quarter. Cornell Pochily Investment Advisors Inc.’s holdings in Bank of New York Mellon were worth $511,000 at the end of the most recent reporting period.

Other institutional investors have also modified their holdings of the company. Canada Post Corp Registered Pension Plan acquired a new stake in shares of Bank of New York Mellon in the first quarter valued at about $1,035,000. TrueMark Investments LLC acquired a new stake in shares of Bank of New York Mellon in the first quarter valued at about $4,282,000. Wealth Enhancement Advisory Services LLC grew its position in shares of Bank of New York Mellon by 29.1% in the first quarter. Wealth Enhancement Advisory Services LLC now owns 223,438 shares of the bank’s stock valued at $18,740,000 after purchasing an additional 50,368 shares during the period. Formidable Asset Management LLC acquired a new stake in shares of Bank of New York Mellon in the first quarter valued at about $247,000. Finally, Sumitomo Mitsui DS Asset Management Company Ltd grew its position in shares of Bank of New York Mellon by 121.8% in the first quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 183,602 shares of the bank’s stock valued at $15,399,000 after purchasing an additional 100,810 shares during the period. Institutional investors and hedge funds own 85.31% of the company’s stock.

Insider Activity at Bank of New York Mellon

In other Bank of New York Mellon news, EVP J Kevin Mccarthy sold 20,000 shares of the stock in a transaction that occurred on Tuesday, July 22nd. The shares were sold at an average price of $98.45, for a total value of $1,969,000.00. Following the sale, the executive vice president directly owned 35,115 shares of the company’s stock, valued at approximately $3,457,071.75. This represents a 36.29% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this link. Corporate insiders own 0.14% of the company’s stock.

Bank of New York Mellon Price Performance

Shares of BK opened at $106.32 on Friday. The Bank of New York Mellon Corporation has a fifty-two week low of $70.41 and a fifty-two week high of $110.87. The firm’s 50 day moving average price is $104.49 and its 200 day moving average price is $92.76. The company has a quick ratio of 0.72, a current ratio of 0.72 and a debt-to-equity ratio of 0.86. The company has a market cap of $74.98 billion, a P/E ratio of 16.23, a PEG ratio of 1.01 and a beta of 1.13.

Bank of New York Mellon (NYSE:BK) last announced its quarterly earnings data on Tuesday, July 15th. The bank reported $1.94 EPS for the quarter, beating analysts’ consensus estimates of $1.73 by $0.21. Bank of New York Mellon had a net margin of 12.27% and a return on equity of 13.46%. The company had revenue of $4.77 billion for the quarter, compared to the consensus estimate of $4.80 billion. During the same period in the prior year, the firm posted $1.51 EPS. The company’s quarterly revenue was up 9.4% compared to the same quarter last year. On average, research analysts forecast that The Bank of New York Mellon Corporation will post 6.96 earnings per share for the current fiscal year.

Bank of New York Mellon Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, August 7th. Shareholders of record on Friday, July 25th were given a $0.53 dividend. The ex-dividend date of this dividend was Friday, July 25th. This represents a $2.12 dividend on an annualized basis and a dividend yield of 2.0%. This is a boost from Bank of New York Mellon’s previous quarterly dividend of $0.47. Bank of New York Mellon’s payout ratio is currently 32.37%.

Analyst Ratings Changes

Several analysts have recently issued reports on the stock. Wells Fargo & Company lifted their target price on shares of Bank of New York Mellon from $96.00 to $100.00 and gave the company an “equal weight” rating in a research report on Wednesday, July 16th. Evercore ISI boosted their price target on shares of Bank of New York Mellon from $91.00 to $110.00 and gave the stock an “in-line” rating in a research report on Tuesday. Citigroup upped their price objective on shares of Bank of New York Mellon from $92.00 to $105.00 and gave the company a “neutral” rating in a research note on Friday, September 5th. Morgan Stanley upped their price objective on shares of Bank of New York Mellon from $101.00 to $116.00 and gave the company an “overweight” rating in a research note on Monday. Finally, TD Cowen initiated coverage on shares of Bank of New York Mellon in a research note on Thursday, September 25th. They set a “buy” rating for the company. Eight analysts have rated the stock with a Buy rating and six have issued a Hold rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $101.67.

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.