The Bank of New York Mellon Co. (NYSE:BK) Stake Reduced by Boyar Asset Management Inc.

Boyar Asset Management Inc. cut its holdings in shares of The Bank of New York Mellon Co. (NYSE:BK) by 4.9% in the third quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 53,844 shares of the bank’s stock after selling 2,748 shares during the quarter. Bank of New York Mellon accounts for about 2.5% of Boyar Asset Management Inc.’s portfolio, making the stock its 9th largest holding. Boyar Asset Management Inc.’s holdings in Bank of New York Mellon were worth $3,869,000 at the end of the most recent quarter.

Other large investors have also made changes to their positions in the company. FMR LLC boosted its position in Bank of New York Mellon by 78.6% in the 3rd quarter. FMR LLC now owns 19,338,722 shares of the bank’s stock worth $1,389,680,000 after purchasing an additional 8,512,404 shares in the last quarter. Wellington Management Group LLP increased its holdings in Bank of New York Mellon by 2,707.1% in the third quarter. Wellington Management Group LLP now owns 3,258,967 shares of the bank’s stock valued at $234,189,000 after buying an additional 3,142,869 shares in the last quarter. Marshall Wace LLP boosted its stake in shares of Bank of New York Mellon by 99.4% during the 2nd quarter. Marshall Wace LLP now owns 2,631,213 shares of the bank’s stock worth $157,583,000 after acquiring an additional 1,311,969 shares in the last quarter. Panagora Asset Management Inc. grew its position in shares of Bank of New York Mellon by 6,040.9% during the 2nd quarter. Panagora Asset Management Inc. now owns 1,037,806 shares of the bank’s stock valued at $62,154,000 after acquiring an additional 1,020,906 shares during the period. Finally, Zacks Investment Management purchased a new position in shares of Bank of New York Mellon in the 3rd quarter valued at about $62,589,000. 85.31% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of equities analysts have issued reports on BK shares. Deutsche Bank Aktiengesellschaft increased their price target on Bank of New York Mellon from $82.00 to $85.00 and gave the stock a “buy” rating in a research report on Monday, November 11th. StockNews.com cut shares of Bank of New York Mellon from a “buy” rating to a “hold” rating in a research note on Friday, December 6th. UBS Group upped their price objective on shares of Bank of New York Mellon from $73.00 to $82.00 and gave the stock a “buy” rating in a research report on Tuesday, October 8th. JPMorgan Chase & Co. lifted their target price on shares of Bank of New York Mellon from $69.00 to $77.00 and gave the company an “overweight” rating in a research report on Monday, October 7th. Finally, The Goldman Sachs Group upped their price target on shares of Bank of New York Mellon from $74.00 to $80.00 and gave the stock a “buy” rating in a research report on Thursday, September 26th. Five analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $81.00.

Bank of New York Mellon Trading Down 1.2 %

BK opened at $79.68 on Thursday. The firm has a market capitalization of $57.93 billion, a price-to-earnings ratio of 17.32, a price-to-earnings-growth ratio of 0.92 and a beta of 1.07. The company’s 50 day simple moving average is $77.51 and its two-hundred day simple moving average is $68.74. The Bank of New York Mellon Co. has a 1-year low of $49.48 and a 1-year high of $82.72. The company has a debt-to-equity ratio of 0.89, a current ratio of 0.70 and a quick ratio of 0.70.

Bank of New York Mellon (NYSE:BK) last announced its quarterly earnings data on Friday, October 11th. The bank reported $1.52 EPS for the quarter, topping analysts’ consensus estimates of $1.41 by $0.11. The firm had revenue of $4.65 billion for the quarter, compared to the consensus estimate of $4.52 billion. Bank of New York Mellon had a return on equity of 12.06% and a net margin of 9.44%. Analysts expect that The Bank of New York Mellon Co. will post 5.84 EPS for the current fiscal year.

Bank of New York Mellon Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, November 1st. Investors of record on Monday, October 21st were issued a $0.47 dividend. This represents a $1.88 dividend on an annualized basis and a dividend yield of 2.36%. The ex-dividend date was Monday, October 21st. Bank of New York Mellon’s dividend payout ratio is currently 40.87%.

Insider Activity at Bank of New York Mellon

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

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.