Pekin Hardy Strauss Inc. Sells 2,150 Shares of The Bank of New York Mellon Co. (NYSE:BK)

Pekin Hardy Strauss Inc. cut its position in The Bank of New York Mellon Co. (NYSE:BK) by 8.8% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 22,416 shares of the bank’s stock after selling 2,150 shares during the quarter. Pekin Hardy Strauss Inc.’s holdings in Bank of New York Mellon were worth $1,342,000 at the end of the most recent reporting period.

Other hedge funds have also recently made changes to their positions in the company. Olistico Wealth LLC bought a new stake in shares of Bank of New York Mellon in the second quarter valued at $30,000. Able Wealth Management LLC bought a new stake in shares of Bank of New York Mellon in the fourth quarter valued at $32,000. Kathleen S. Wright Associates Inc. bought a new stake in shares of Bank of New York Mellon in the first quarter valued at $32,000. Family Firm Inc. bought a new stake in shares of Bank of New York Mellon in the second quarter valued at $40,000. Finally, Blue Trust Inc. raised its stake in shares of Bank of New York Mellon by 86.9% in the second quarter. Blue Trust Inc. now owns 856 shares of the bank’s stock valued at $49,000 after buying an additional 398 shares during the period. 85.31% of the stock is currently owned by institutional investors.

Insider Transactions at Bank of New York Mellon

In other news, VP Hanneke Smits sold 15,000 shares of the company’s stock in a transaction dated 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 transaction, the vice president now directly owns 173,930 shares in the company, valued at approximately $11,150,652.30. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 0.14% of the company’s stock.

Bank of New York Mellon Price Performance

Shares of NYSE BK opened at $70.53 on Tuesday. The firm has a market capitalization of $52.05 billion, a P/E ratio of 16.33, a P/E/G ratio of 1.17 and a beta of 1.08. The company has a quick ratio of 0.70, a current ratio of 0.70 and a debt-to-equity ratio of 0.85. The stock’s 50-day simple moving average is $65.21 and its two-hundred day simple moving average is $60.27. The Bank of New York Mellon Co. has a twelve month low of $39.66 and a twelve month high of $70.61.

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

Bank of New York Mellon Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, August 2nd. Stockholders of record on Monday, July 22nd were issued a $0.47 dividend. This is a boost 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 2.67%. The ex-dividend date was Monday, July 22nd. Bank of New York Mellon’s dividend payout ratio is presently 43.52%.

Analysts Set New Price Targets

A number of analysts recently issued reports on BK shares. Citigroup lowered Bank of New York Mellon from a “buy” rating to a “neutral” rating and set a $65.00 price objective on the stock. in a research note on Monday, July 15th. Deutsche Bank Aktiengesellschaft boosted their price objective 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 boosted 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 note on Monday, July 15th. Keefe, Bruyette & Woods reiterated 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 note on Monday, July 15th. Finally, Evercore ISI boosted 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 note on Monday, July 15th. Six research analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $66.14.

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.