The Bank of New York Mellon Co. (NYSE:BK) Shares Sold by Legacy Wealth Asset Management LLC

Legacy Wealth Asset Management LLC reduced its stake in shares of The Bank of New York Mellon Co. (NYSE:BK) by 2.0% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 29,809 shares of the bank’s stock after selling 615 shares during the period. Legacy Wealth Asset Management LLC’s holdings in Bank of New York Mellon were worth $1,718,000 as of its most recent SEC filing.

Other large investors have also made changes to their positions in the company. Atlantic Edge Private Wealth Management LLC purchased a new position in Bank of New York Mellon in the fourth quarter valued at $28,000. Able Wealth Management LLC purchased a new position in Bank of New York Mellon in the fourth quarter worth approximately $32,000. Kathleen S. Wright Associates Inc. acquired a new position in Bank of New York Mellon during the 1st quarter worth approximately $32,000. Hartford Financial Management Inc. raised its holdings in shares of Bank of New York Mellon by 41.4% in the 4th quarter. Hartford Financial Management Inc. now owns 625 shares of the bank’s stock valued at $33,000 after purchasing an additional 183 shares in the last quarter. Finally, Blue Trust Inc. grew its stake in shares of Bank of New York Mellon by 159.2% during the fourth quarter. Blue Trust Inc. now owns 858 shares of the bank’s stock worth $45,000 after purchasing an additional 527 shares in the last quarter. 85.31% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of research analysts have recently commented on the company. Evercore ISI reiterated an “in-line” rating and issued a $61.00 price objective on shares of Bank of New York Mellon in a report on Wednesday. Keefe, Bruyette & Woods upgraded shares of Bank of New York Mellon from a “market perform” rating to an “outperform” rating and lifted their price target for the stock from $60.00 to $70.00 in a research note on Thursday, June 27th. Jefferies Financial Group upped their price objective on shares of Bank of New York Mellon from $67.00 to $68.00 and gave the company a “buy” rating in a research note on Thursday, April 18th. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $58.00 price target on shares of Bank of New York Mellon in a research report on Wednesday, March 27th. Finally, Bank of America increased their price target on shares of Bank of New York Mellon from $64.00 to $66.00 and gave the stock a “buy” rating in a research note on Wednesday, April 17th. Five equities research analysts have rated the stock with a hold rating and six have given a buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $61.15.

Bank of New York Mellon Trading Down 0.0 %

Shares of BK stock traded down $0.03 on Thursday, reaching $60.47. 1,528,637 shares of the stock were exchanged, compared to its average volume of 3,556,486. The Bank of New York Mellon Co. has a 1-year low of $39.66 and a 1-year high of $60.91. The stock has a market cap of $45.22 billion, a P/E ratio of 14.75, a price-to-earnings-growth ratio of 1.21 and a beta of 1.09. The company has a quick ratio of 0.71, a current ratio of 0.71 and a debt-to-equity ratio of 0.90. The firm has a 50 day moving average of $58.63 and a two-hundred day moving average of $56.22.

Bank of New York Mellon (NYSE:BK) last released its quarterly earnings data on Tuesday, April 16th. The bank reported $1.29 earnings per share for the quarter, beating the consensus estimate of $1.19 by $0.10. The business had revenue of $4.53 billion for the quarter, compared to analyst estimates of $4.39 billion. Bank of New York Mellon had a return on equity of 11.80% and a net margin of 9.48%. The company’s revenue was up 3.8% compared to the same quarter last year. During the same period in the previous year, the company posted $1.13 EPS. On average, research analysts anticipate that The Bank of New York Mellon Co. will post 5.47 EPS for the current year.

Bank of New York Mellon Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, May 9th. Stockholders of record on Friday, April 26th were given a dividend of $0.42 per share. This represents a $1.68 dividend on an annualized basis and a dividend yield of 2.78%. The ex-dividend date was Thursday, April 25th. Bank of New York Mellon’s payout ratio is 40.98%.

Insider Buying and Selling

In other news, VP Senthilkumar Santhanakrishnan sold 15,643 shares of the firm’s stock in a transaction that occurred on Wednesday, May 8th. The shares were sold at an average price of $57.65, for a total transaction of $901,818.95. Following the completion of the sale, the vice president now owns 144,721 shares of the company’s stock, valued at $8,343,165.65. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In other Bank of New York Mellon news, VP Senthilkumar Santhanakrishnan sold 15,643 shares of the stock in a transaction that occurred on Wednesday, May 8th. The stock was sold at an average price of $57.65, for a total transaction of $901,818.95. Following the transaction, the vice president now owns 144,721 shares of the company’s stock, valued at approximately $8,343,165.65. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, VP Catherine Keating sold 54,070 shares of the business’s stock in a transaction on Thursday, April 18th. The shares were sold at an average price of $54.88, for a total transaction of $2,967,361.60. Following the sale, the vice president now owns 78,350 shares of the company’s stock, valued at approximately $4,299,848. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 115,928 shares of company stock worth $6,475,216. 0.14% of the stock is currently owned by corporate insiders.

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.