Parnassus Investments LLC Has $230.17 Million Position in The Bank of New York Mellon Co. (NYSE:BK)

Parnassus Investments LLC trimmed its position in shares of The Bank of New York Mellon Co. (NYSE:BK) by 13.4% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 3,202,990 shares of the bank’s stock after selling 493,789 shares during the period. Parnassus Investments LLC’s holdings in Bank of New York Mellon were worth $230,167,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also recently bought and sold shares of the company. Stanley Laman Group Ltd. boosted its holdings in Bank of New York Mellon by 2.2% in the third quarter. Stanley Laman Group Ltd. now owns 6,198 shares of the bank’s stock worth $445,000 after purchasing an additional 135 shares in the last quarter. Avidian Wealth Enterprises LLC lifted its position in shares of Bank of New York Mellon by 2.0% in the third quarter. Avidian Wealth Enterprises LLC now owns 7,024 shares of the bank’s stock worth $505,000 after buying an additional 137 shares during the last quarter. Frank Rimerman Advisors LLC boosted its stake in shares of Bank of New York Mellon by 1.1% during the 3rd quarter. Frank Rimerman Advisors LLC now owns 12,908 shares of the bank’s stock worth $928,000 after acquiring an additional 142 shares in the last quarter. Sigma Planning Corp increased its holdings in shares of Bank of New York Mellon by 2.7% during the 3rd quarter. Sigma Planning Corp now owns 5,470 shares of the bank’s stock valued at $393,000 after acquiring an additional 143 shares during the last quarter. Finally, Grove Bank & Trust raised its stake in shares of Bank of New York Mellon by 28.8% in the 3rd quarter. Grove Bank & Trust now owns 644 shares of the bank’s stock valued at $46,000 after acquiring an additional 144 shares in the last quarter. Institutional investors and hedge funds own 85.31% of the company’s stock.

Bank of New York Mellon Stock Up 0.5 %

BK opened at $78.65 on Tuesday. The company has a market capitalization of $57.18 billion, a P/E ratio of 17.10, a P/E/G ratio of 0.89 and a beta of 1.07. The company has a debt-to-equity ratio of 0.89, a current ratio of 0.70 and a quick ratio of 0.70. The firm’s fifty day moving average price is $74.21 and its two-hundred day moving average price is $66.17. The Bank of New York Mellon Co. has a fifty-two week low of $46.71 and a fifty-two week high of $80.29.

Bank of New York Mellon (NYSE:BK) last posted its quarterly earnings results on Friday, October 11th. The bank reported $1.52 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.41 by $0.11. The firm had revenue of $4.65 billion during the quarter, compared to analyst estimates of $4.52 billion. Bank of New York Mellon had a net margin of 9.44% and a return on equity of 12.06%. On average, analysts anticipate that The Bank of New York Mellon Co. will post 5.82 EPS for the current year.

Bank of New York Mellon Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, November 1st. Investors of record on Monday, October 21st were given a dividend of $0.47 per share. The ex-dividend date was Monday, October 21st. This represents a $1.88 annualized dividend and a dividend yield of 2.39%. Bank of New York Mellon’s dividend payout ratio (DPR) is presently 40.87%.

Analyst Ratings Changes

A number of brokerages have issued reports on BK. JPMorgan Chase & Co. upped their target price on Bank of New York Mellon from $69.00 to $77.00 and gave the stock an “overweight” rating in a research report on Monday, October 7th. Citigroup raised their target price on shares of Bank of New York Mellon from $65.00 to $70.00 and gave the company a “neutral” rating in a research note on Thursday, September 19th. Morgan Stanley boosted their target price on shares of Bank of New York Mellon from $72.00 to $78.00 and gave the stock an “equal weight” rating in a research report on Monday, September 30th. Barclays lifted their price objective on Bank of New York Mellon from $75.00 to $86.00 and gave the stock an “overweight” rating in a research note on Monday, October 14th. Finally, The Goldman Sachs Group increased their target price on Bank of New York Mellon from $74.00 to $80.00 and gave the company a “buy” rating in a research note on Thursday, September 26th. Five equities research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $77.23.

Insider Activity at Bank of New York Mellon

In other Bank of New York Mellon 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 value of $1,259,843.25. Following the transaction, the vice president now directly owns 157,455 shares in the company, valued at $12,040,583.85. The trade was a 9.47 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP J Kevin Mccarthy sold 25,000 shares of the firm’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 transaction of $1,907,750.00. Following the sale, the executive vice president now directly 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 position. The disclosure for this sale can be found here. 0.14% of the stock is owned by 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.