Pekin Hardy Strauss Inc. Reduces Stock Position in The Bank of New York Mellon Co. (NYSE:BK)

Pekin Hardy Strauss Inc. trimmed its holdings in shares of The Bank of New York Mellon Co. (NYSE:BK) by 1.0% in the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 22,191 shares of the bank’s stock after selling 225 shares during the period. Pekin Hardy Strauss Inc.’s holdings in Bank of New York Mellon were worth $1,595,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also made changes to their positions in the business. Studio Investment Management LLC boosted its holdings in Bank of New York Mellon by 2.1% in the third quarter. Studio Investment Management LLC now owns 6,636 shares of the bank’s stock valued at $477,000 after purchasing an additional 134 shares in the last quarter. Stanley Laman Group Ltd. boosted its holdings in shares of Bank of New York Mellon by 2.2% in the 3rd quarter. Stanley Laman Group Ltd. now owns 6,198 shares of the bank’s stock valued at $445,000 after buying an additional 135 shares in the last quarter. Avidian Wealth Enterprises LLC raised its stake in Bank of New York Mellon by 2.0% during the 3rd quarter. Avidian Wealth Enterprises LLC now owns 7,024 shares of the bank’s stock worth $505,000 after acquiring an additional 137 shares in the last quarter. Frank Rimerman Advisors LLC lifted its position in Bank of New York Mellon by 1.1% in the third quarter. Frank Rimerman Advisors LLC now owns 12,908 shares of the bank’s stock valued at $928,000 after acquiring an additional 142 shares during the last quarter. Finally, Sigma Planning Corp boosted its stake in Bank of New York Mellon by 2.7% in the third quarter. Sigma Planning Corp now owns 5,470 shares of the bank’s stock valued at $393,000 after acquiring an additional 143 shares in the last quarter. 85.31% of the stock is owned by institutional investors and hedge funds.

Bank of New York Mellon Stock Up 1.6 %

Bank of New York Mellon stock opened at $80.14 on Friday. The stock’s 50 day moving average price is $75.03 and its 200 day moving average price is $66.71. The company has a market cap of $58.27 billion, a PE ratio of 17.42, a price-to-earnings-growth ratio of 0.90 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 Bank of New York Mellon Co. has a 1-year low of $46.81 and a 1-year high of $80.29.

Bank of New York Mellon (NYSE:BK) last announced its quarterly earnings results on Friday, October 11th. The bank reported $1.52 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.41 by $0.11. The business had revenue of $4.65 billion during the quarter, compared to the consensus estimate 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, sell-side analysts predict that The Bank of New York Mellon Co. will post 5.82 EPS for the current fiscal year.

Bank of New York Mellon Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, November 1st. Stockholders of record on Monday, October 21st were paid a dividend of $0.47 per share. This represents a $1.88 annualized dividend and a dividend yield of 2.35%. The ex-dividend date was Monday, October 21st. Bank of New York Mellon’s dividend payout ratio (DPR) is 40.87%.

Insider Buying and Selling

In other news, VP Hanneke Smits sold 16,475 shares of the stock in a transaction that occurred on 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 sale, the vice president now directly owns 157,455 shares in the company, valued at $12,040,583.85. This represents a 9.47 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 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 transaction, the executive vice president now directly owns 75,404 shares of the company’s stock, valued at approximately $5,754,079.24. This trade represents a 24.90 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 0.14% of the company’s stock.

Wall Street Analyst Weigh In

BK has been the topic of a number of research analyst reports. Citigroup lifted their target price on Bank of New York Mellon from $65.00 to $70.00 and gave the stock a “neutral” rating in a research report on Thursday, September 19th. UBS Group boosted their price objective on Bank of New York Mellon from $73.00 to $82.00 and gave the company a “buy” rating in a research note on Tuesday, October 8th. Barclays raised their target price on shares of Bank of New York Mellon from $75.00 to $86.00 and gave the stock an “overweight” rating in a research report on Monday, October 14th. StockNews.com upgraded shares of Bank of New York Mellon from a “hold” rating to a “buy” rating in a research report on Tuesday, November 19th. Finally, Royal Bank of Canada reissued a “sector perform” rating and set a $79.00 price objective on shares of Bank of New York Mellon in a research report on Monday, October 14th. Five research analysts have rated the stock with a hold rating and nine have given a buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $77.23.

Bank of New York Mellon 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.