Summit Global Investments Reduces Holdings in The Bank of New York Mellon Co. (NYSE:BK)

Summit Global Investments cut its stake in shares of The Bank of New York Mellon Co. (NYSE:BK) by 32.5% in the 2nd quarter, HoldingsChannel reports. The fund owned 17,566 shares of the bank’s stock after selling 8,465 shares during the quarter. Summit Global Investments’ holdings in Bank of New York Mellon were worth $1,052,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also bought and sold shares of the business. Wetzel Investment Advisors Inc. lifted its stake in shares of Bank of New York Mellon by 82.1% in the 1st quarter. Wetzel Investment Advisors Inc. now owns 510 shares of the bank’s stock valued at $28,000 after purchasing an additional 230 shares during the period. Atlantic Edge Private Wealth Management LLC purchased a new position in shares of Bank of New York Mellon in the 4th quarter valued at approximately $28,000. Olistico Wealth LLC purchased a new position in shares of Bank of New York Mellon in the 2nd quarter valued at approximately $30,000. Able Wealth Management LLC purchased a new position in shares of Bank of New York Mellon in the 4th quarter valued at approximately $32,000. Finally, Kathleen S. Wright Associates Inc. purchased a new position in shares of Bank of New York Mellon in the 1st quarter valued at approximately $32,000. Hedge funds and other institutional investors own 85.31% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on the company. Deutsche Bank Aktiengesellschaft raised their target price on Bank of New York Mellon from $63.00 to $66.00 and gave the company a “hold” rating in a research note on Thursday, August 15th. Barclays raised their price objective on Bank of New York Mellon from $68.00 to $75.00 and gave the company an “overweight” rating in a research report on Monday, July 15th. Citigroup lowered Bank of New York Mellon from a “buy” rating to a “neutral” rating and set a $65.00 price objective for the company. in a research report on Monday, July 15th. Evercore ISI raised their price objective on Bank of New York Mellon from $61.00 to $66.00 and gave the company an “in-line” rating in a research report on Monday, July 15th. Finally, Keefe, Bruyette & Woods reaffirmed an “outperform” rating and set a $75.00 price objective (up previously from $70.00) on shares of Bank of New York Mellon in a research report on Monday, July 15th. Six investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $66.14.

Bank of New York Mellon Stock Down 0.6 %

Shares of Bank of New York Mellon stock traded down $0.40 on Tuesday, reaching $65.34. The company’s stock had a trading volume of 2,478,611 shares, compared to its average volume of 3,848,116. The company has a market capitalization of $48.86 billion, a price-to-earnings ratio of 15.13, a P/E/G ratio of 1.14 and a beta of 1.09. The firm’s fifty day simple moving average is $62.05 and its two-hundred day simple moving average is $58.62. The Bank of New York Mellon Co. has a 52 week low of $39.66 and a 52 week high of $65.93. The company has a quick ratio of 0.71, a current ratio of 0.70 and a debt-to-equity ratio of 0.85.

Bank of New York Mellon (NYSE:BK) last posted its earnings results on Friday, July 12th. The bank reported $1.51 EPS for the quarter, topping analysts’ consensus estimates of $1.43 by $0.08. The business had revenue of $4.60 billion during the quarter, compared to analyst estimates of $4.53 billion. Bank of New York Mellon had a return on equity of 11.87% and a net margin of 9.40%. The company’s quarterly revenue was up 2.1% compared to the same quarter last year. During the same quarter last year, the company earned $1.38 EPS. Equities analysts anticipate that The Bank of New York Mellon Co. will post 5.6 earnings per share for the current year.

Bank of New York Mellon Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, August 2nd. Investors of record on Monday, July 22nd were issued a $0.47 dividend. The ex-dividend date of this dividend was Monday, July 22nd. This represents a $1.88 annualized dividend and a dividend yield of 2.88%. This is a positive change from Bank of New York Mellon’s previous quarterly dividend of $0.42. Bank of New York Mellon’s payout ratio is presently 43.52%.

Insider Buying and Selling

In related news, VP Hanneke Smits sold 15,000 shares of Bank of New York Mellon stock in a transaction 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 completion of the sale, the vice president now owns 173,930 shares of the company’s stock, valued at $11,150,652.30. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.14% of the stock is currently owned by corporate insiders.

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.