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

Novare Capital Management LLC lessened its position in shares of The Bank of New York Mellon Co. (NYSE:BK) by 4.9% in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 177,693 shares of the bank’s stock after selling 9,071 shares during the period. Bank of New York Mellon comprises 1.1% of Novare Capital Management LLC’s investment portfolio, making the stock its 22nd biggest holding. Novare Capital Management LLC’s holdings in Bank of New York Mellon were worth $13,652,000 at the end of the most recent reporting period.

Other large investors also recently modified their holdings of the company. Studio Investment Management LLC increased its holdings in shares of Bank of New York Mellon by 2.1% in the 3rd quarter. Studio Investment Management LLC now owns 6,636 shares of the bank’s stock valued at $477,000 after acquiring an additional 134 shares during the period. Stanley Laman Group Ltd. grew its position in Bank of New York Mellon by 2.2% during the 3rd quarter. Stanley Laman Group Ltd. now owns 6,198 shares of the bank’s stock worth $445,000 after purchasing an additional 135 shares during the last quarter. Grove Bank & Trust increased its stake in Bank of New York Mellon by 21.0% in the fourth quarter. Grove Bank & Trust now owns 779 shares of the bank’s stock valued at $60,000 after purchasing an additional 135 shares during the period. Avidian Wealth Enterprises LLC raised its holdings 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 valued at $505,000 after buying an additional 137 shares during the last quarter. Finally, Frank Rimerman Advisors LLC boosted its stake in shares of Bank of New York Mellon by 1.1% during the third quarter. Frank Rimerman Advisors LLC now owns 12,908 shares of the bank’s stock worth $928,000 after buying an additional 142 shares during the period. 85.31% of the stock is owned by hedge funds and other institutional investors.

Bank of New York Mellon Stock Performance

Shares of BK stock opened at $85.82 on Friday. The stock has a fifty day moving average price of $79.53 and a 200 day moving average price of $73.09. The company has a debt-to-equity ratio of 0.83, a quick ratio of 0.70 and a current ratio of 0.69. The stock has a market cap of $62.39 billion, a PE ratio of 14.77, a P/E/G ratio of 0.96 and a beta of 1.08. The Bank of New York Mellon Co. has a 1 year low of $52.64 and a 1 year high of $86.34.

Bank of New York Mellon (NYSE:BK) last released its quarterly earnings results on Wednesday, January 15th. The bank reported $1.72 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.54 by $0.18. Bank of New York Mellon had a return on equity of 12.68% and a net margin of 11.35%. The business had revenue of $4.85 billion during the quarter, compared to the consensus estimate of $4.66 billion. During the same quarter in the previous year, the company posted $1.28 EPS. The business’s revenue was up 11.2% on a year-over-year basis. Sell-side analysts forecast that The Bank of New York Mellon Co. will post 6.86 earnings per share for the current fiscal year.

Bank of New York Mellon Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, February 7th. Stockholders of record on Monday, January 27th will be given a $0.47 dividend. The ex-dividend date of this dividend is Monday, January 27th. This represents a $1.88 annualized dividend and a dividend yield of 2.19%. Bank of New York Mellon’s dividend payout ratio is presently 32.36%.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on the company. JPMorgan Chase & Co. boosted their price target on Bank of New York Mellon from $69.00 to $77.00 and gave the company an “overweight” rating in a research report on Monday, October 7th. Wolfe Research cut Bank of New York Mellon from an “outperform” rating to a “peer perform” rating in a research note on Friday, January 3rd. StockNews.com downgraded Bank of New York Mellon from a “buy” rating to a “hold” rating in a report on Thursday, January 16th. Citigroup boosted their price objective on shares of Bank of New York Mellon from $75.00 to $82.00 and gave the company a “neutral” rating in a research note on Monday, November 25th. Finally, Morgan Stanley raised their target price on shares of Bank of New York Mellon from $90.00 to $97.00 and gave the stock an “overweight” rating in a research note on Thursday, January 16th. Six analysts have rated the stock with a hold rating and ten have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $88.00.

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.