The Bank of New York Mellon Co. (NYSE:BK) Shares Sold by Avestar Capital LLC

Avestar Capital LLC lessened its holdings in shares of The Bank of New York Mellon Co. (NYSE:BK) by 10.2% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 5,012 shares of the bank’s stock after selling 570 shares during the period. Avestar Capital LLC’s holdings in Bank of New York Mellon were worth $360,000 at the end of the most recent reporting period.

Other institutional investors have also bought and sold shares of the company. United Advisor Group LLC purchased a new position in Bank of New York Mellon in the 3rd quarter worth approximately $595,000. Principal Financial Group Inc. raised its holdings in shares of Bank of New York Mellon by 1.7% during the 3rd quarter. Principal Financial Group Inc. now owns 883,853 shares of the bank’s stock worth $63,514,000 after acquiring an additional 14,916 shares during the period. Ameriprise Financial Inc. boosted its position in shares of Bank of New York Mellon by 4.2% during the 2nd quarter. Ameriprise Financial Inc. now owns 10,416,436 shares of the bank’s stock valued at $623,891,000 after acquiring an additional 421,161 shares during the last quarter. Chase Investment Counsel Corp grew its holdings in shares of Bank of New York Mellon by 67.2% in the third quarter. Chase Investment Counsel Corp now owns 83,530 shares of the bank’s stock valued at $6,002,000 after purchasing an additional 33,558 shares during the period. Finally, Williams Financial LLC acquired a new stake in Bank of New York Mellon during the second quarter worth about $587,000. 85.31% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Bank of New York Mellon

In related news, EVP J Kevin Mccarthy sold 25,000 shares of the stock in a transaction on Tuesday, October 15th. The shares were sold at an average price of $76.31, for a total transaction of $1,907,750.00. Following the completion of the sale, the executive vice president now owns 75,404 shares in the company, valued at $5,754,079.24. This represents a 24.90 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Hanneke Smits sold 16,475 shares of the firm’s stock in a transaction on Tuesday, October 15th. The stock was sold at an average price of $76.47, for a total transaction 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 disclosure for this sale can be found here. Insiders own 0.14% of the company’s stock.

Analysts Set New Price Targets

Several research firms have recently weighed in on BK. Royal Bank of Canada reissued a “sector perform” rating and issued a $79.00 price target on shares of Bank of New York Mellon in a research note on Monday, October 14th. Wells Fargo & Company increased their price objective on shares of Bank of New York Mellon from $79.00 to $81.00 and gave the stock an “equal weight” rating in a research report on Friday, November 15th. Deutsche Bank Aktiengesellschaft upped their price target on Bank of New York Mellon from $82.00 to $85.00 and gave the stock a “buy” rating in a research note on Monday, November 11th. UBS Group lifted 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. Finally, JPMorgan Chase & Co. increased 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 note on Monday, October 7th. Five investment analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $78.15.

Bank of New York Mellon Stock Performance

Shares of Bank of New York Mellon stock opened at $81.75 on Thursday. The firm has a market capitalization of $59.44 billion, a P/E ratio of 17.77, a P/E/G ratio of 0.93 and a beta of 1.07. The company has a quick ratio of 0.70, a current ratio of 0.70 and a debt-to-equity ratio of 0.89. The Bank of New York Mellon Co. has a 52 week low of $46.81 and a 52 week high of $82.08. The firm’s 50 day moving average is $75.67 and its two-hundred day moving average is $67.20.

Bank of New York Mellon (NYSE:BK) last announced its quarterly earnings results on Friday, October 11th. The bank reported $1.52 EPS for the quarter, topping the consensus estimate of $1.41 by $0.11. Bank of New York Mellon had a net margin of 9.44% and a return on equity of 12.06%. The firm had revenue of $4.65 billion for the quarter, compared to analyst estimates of $4.52 billion. Research analysts forecast 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 announced a quarterly dividend, which was paid on Friday, November 1st. Investors of record on Monday, October 21st were given a $0.47 dividend. The ex-dividend date of this dividend was Monday, October 21st. This represents a $1.88 dividend on an annualized basis and a dividend yield of 2.30%. Bank of New York Mellon’s dividend payout ratio (DPR) is presently 40.87%.

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.