Davis Selected Advisers Cuts Position in The Bank of New York Mellon Co. (NYSE:BK)

Davis Selected Advisers reduced its position in shares of The Bank of New York Mellon Co. (NYSE:BK) by 27.5% in the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 7,450,908 shares of the bank’s stock after selling 2,832,527 shares during the period. Bank of New York Mellon comprises about 2.5% of Davis Selected Advisers’ holdings, making the stock its 16th largest holding. Davis Selected Advisers owned about 1.00% of Bank of New York Mellon worth $446,235,000 at the end of the most recent reporting period.

A number of other institutional investors have also modified their holdings of the company. Olistico Wealth LLC acquired a new position in shares of Bank of New York Mellon in the second quarter worth $30,000. Wetzel Investment Advisors Inc. grew its stake in Bank of New York Mellon by 82.1% during the 1st quarter. Wetzel Investment Advisors Inc. now owns 510 shares of the bank’s stock worth $28,000 after purchasing an additional 230 shares in the last quarter. Atlantic Edge Private Wealth Management LLC acquired a new stake in Bank of New York Mellon in the 4th quarter valued at about $28,000. Kathleen S. Wright Associates Inc. purchased a new position in shares of Bank of New York Mellon in the 1st quarter valued at about $32,000. Finally, Able Wealth Management LLC purchased a new stake in shares of Bank of New York Mellon during the fourth quarter worth approximately $32,000. 85.31% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Bank of New York Mellon

In other Bank of New York Mellon news, VP Hanneke Smits sold 15,000 shares of the stock in a transaction on Thursday, July 18th. The stock was sold at an average price of $64.11, for a total transaction of $961,650.00. Following the transaction, the vice president now owns 173,930 shares of the company’s stock, valued at approximately $11,150,652.30. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Insiders own 0.14% of the company’s stock.

Wall Street Analysts Forecast Growth

BK has been the topic of a number of recent analyst reports. Barclays increased their price objective on shares of 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. Evercore ISI raised their price target on Bank of New York Mellon from $61.00 to $66.00 and gave the company an “in-line” rating in a research note on Monday, July 15th. Keefe, Bruyette & Woods reaffirmed an “outperform” rating and set a $75.00 price objective (up from $70.00) on shares of Bank of New York Mellon in a research report on Monday, July 15th. Citigroup cut 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 note on Monday, July 15th. Finally, Morgan Stanley increased their price target on shares of Bank of New York Mellon from $65.00 to $72.00 and gave the company an “equal weight” rating in a research note on Tuesday, July 30th. Six investment analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. According to data from MarketBeat, Bank of New York Mellon has a consensus rating of “Moderate Buy” and an average price target of $66.14.

Bank of New York Mellon Price Performance

BK traded up $0.72 during trading on Monday, reaching $67.13. 296,598 shares of the stock were exchanged, compared to its average volume of 3,781,545. The Bank of New York Mellon Co. has a 1 year low of $39.66 and a 1 year high of $68.60. The company has a market capitalization of $49.54 billion, a price-to-earnings ratio of 15.37, a P/E/G ratio of 1.14 and a beta of 1.08. The business’s 50 day moving average price is $64.20 and its two-hundred day moving average price is $59.72. The company has a debt-to-equity ratio of 0.85, a current ratio of 0.70 and a quick ratio of 0.70.

Bank of New York Mellon (NYSE:BK) last issued its quarterly earnings data on Friday, July 12th. The bank reported $1.51 EPS for the quarter, beating analysts’ consensus estimates of $1.43 by $0.08. Bank of New York Mellon had a net margin of 9.40% and a return on equity of 11.87%. The firm had revenue of $4.60 billion for the quarter, compared to analysts’ expectations of $4.53 billion. During the same period in the prior year, the company earned $1.38 EPS. The firm’s revenue was up 2.1% on a year-over-year basis. As a group, equities research analysts anticipate that The Bank of New York Mellon Co. will post 5.63 earnings per share for the current year.

Bank of New York Mellon Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, August 2nd. Stockholders of record on Monday, July 22nd were issued a dividend of $0.47 per share. The ex-dividend date was Monday, July 22nd. This is an increase from Bank of New York Mellon’s previous quarterly dividend of $0.42. This represents a $1.88 dividend on an annualized basis and a dividend yield of 2.80%. Bank of New York Mellon’s payout ratio is 43.52%.

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.