SVB Wealth LLC Lowers Stock Position in The Bank of New York Mellon Co. (NYSE:BK)

SVB Wealth LLC cut its stake in shares of The Bank of New York Mellon Co. (NYSE:BK) by 56.7% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 104,786 shares of the bank’s stock after selling 137,059 shares during the period. SVB Wealth LLC’s holdings in Bank of New York Mellon were worth $6,038,000 as of its most recent SEC filing.

Other institutional investors also recently made changes to their positions in the company. Quent Capital LLC boosted its position in Bank of New York Mellon by 3.8% during the 4th quarter. Quent Capital LLC now owns 5,033 shares of the bank’s stock worth $262,000 after purchasing an additional 182 shares during the period. Hartford Financial Management Inc. boosted its position in Bank of New York Mellon by 41.4% during the 4th quarter. Hartford Financial Management Inc. now owns 625 shares of the bank’s stock worth $33,000 after purchasing an additional 183 shares during the period. Greenleaf Trust boosted its position in Bank of New York Mellon by 0.7% during the 1st quarter. Greenleaf Trust now owns 28,349 shares of the bank’s stock worth $1,633,000 after purchasing an additional 187 shares during the period. Vivaldi Capital Management LP lifted its holdings in Bank of New York Mellon by 3.3% in the 4th quarter. Vivaldi Capital Management LP now owns 6,015 shares of the bank’s stock worth $324,000 after buying an additional 192 shares in the last quarter. Finally, Certuity LLC lifted its holdings in Bank of New York Mellon by 2.3% in the 4th quarter. Certuity LLC now owns 8,972 shares of the bank’s stock worth $467,000 after buying an additional 205 shares in the last quarter. 85.31% of the stock is owned by hedge funds and other institutional investors.

Bank of New York Mellon Stock Performance

BK traded down $0.75 on Monday, hitting $64.60. 3,089,674 shares of the company’s stock were exchanged, compared to its average volume of 3,830,226. The firm has a market cap of $48.31 billion, a PE ratio of 14.95, a P/E/G ratio of 1.16 and a beta of 1.09. The Bank of New York Mellon Co. has a twelve month low of $39.66 and a twelve month high of $65.90. The stock has a fifty day moving average of $60.39 and a two-hundred day moving average of $57.55. The company has a current ratio of 0.70, a quick ratio of 0.71 and a debt-to-equity ratio of 0.85.

Bank of New York Mellon (NYSE:BK) last released its quarterly earnings data on Friday, July 12th. The bank reported $1.51 earnings per share for the quarter, topping the consensus estimate of $1.43 by $0.08. The firm had revenue of $4.60 billion for the quarter, compared to analyst estimates of $4.53 billion. Bank of New York Mellon had a net margin of 9.40% and a return on equity of 11.87%. Bank of New York Mellon’s quarterly revenue was up 2.1% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.38 earnings per share. On average, research analysts anticipate that The Bank of New York Mellon Co. will post 5.58 earnings per share for the current fiscal year.

Bank of New York Mellon Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, August 2nd. Investors of record on Monday, July 22nd will be paid a dividend of $0.47 per share. This is a positive change from Bank of New York Mellon’s previous quarterly dividend of $0.42. The ex-dividend date of this dividend is Monday, July 22nd. This represents a $1.88 annualized dividend and a yield of 2.91%. Bank of New York Mellon’s dividend payout ratio is 43.52%.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on BK. Morgan Stanley boosted their price objective on shares of Bank of New York Mellon from $63.00 to $65.00 and gave the stock an “equal weight” rating in a report on Monday, July 15th. Barclays boosted their price objective on shares of Bank of New York Mellon from $68.00 to $75.00 and gave the stock an “overweight” rating in a report on Monday, July 15th. Bank of America boosted their price objective on shares of Bank of New York Mellon from $64.00 to $66.00 and gave the stock a “buy” rating in a report on Wednesday, April 17th. Deutsche Bank Aktiengesellschaft boosted their price objective on shares of Bank of New York Mellon from $61.00 to $63.00 and gave the stock a “hold” rating in a report on Monday, July 15th. Finally, Evercore ISI upped their target price on shares of 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 analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $65.23.

Insider Buying and Selling

In other Bank of New York Mellon news, VP Senthilkumar Santhanakrishnan sold 15,643 shares of the company’s stock in a transaction dated Wednesday, May 8th. The shares were sold at an average price of $57.65, for a total value of $901,818.95. Following the completion of the transaction, the vice president now owns 144,721 shares in the company, valued at approximately $8,343,165.65. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In other Bank of New York Mellon news, VP Senthilkumar Santhanakrishnan sold 15,643 shares of the company’s stock in a transaction dated Wednesday, May 8th. The shares were sold at an average price of $57.65, for a total value of $901,818.95. Following the completion of the transaction, the vice president now owns 144,721 shares in the company, valued at approximately $8,343,165.65. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, insider Kurtis R. Kurimsky sold 6,215 shares of the company’s stock in a transaction dated Tuesday, May 7th. The stock was sold at an average price of $57.93, for a total transaction of $360,034.95. Following the completion of the transaction, the insider now owns 24,346 shares of the company’s stock, valued at approximately $1,410,363.78. The disclosure for this sale can be found here. Insiders have sold a total of 36,858 shares of company stock worth $2,223,504 over the last quarter. 0.14% of the stock is owned by company 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.