Matrix Asset Advisors Inc. NY Sells 6,722 Shares of The Bank of New York Mellon Co. (NYSE:BK)

Matrix Asset Advisors Inc. NY reduced its position in shares of The Bank of New York Mellon Co. (NYSE:BK) by 1.3% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 519,734 shares of the bank’s stock after selling 6,722 shares during the quarter. Bank of New York Mellon accounts for approximately 3.7% of Matrix Asset Advisors Inc. NY’s investment portfolio, making the stock its 3rd biggest holding. Matrix Asset Advisors Inc. NY owned approximately 0.07% of Bank of New York Mellon worth $31,127,000 at the end of the most recent reporting period.

Other large investors have also recently added to or reduced their stakes in the company. Wetzel Investment Advisors Inc. increased its holdings in shares of Bank of New York Mellon by 82.1% in the first quarter. Wetzel Investment Advisors Inc. now owns 510 shares of the bank’s stock valued at $28,000 after purchasing an additional 230 shares during the last quarter. Atlantic Edge Private Wealth Management LLC acquired a new position in Bank of New York Mellon in the 4th quarter valued at about $28,000. Olistico Wealth LLC bought a new position in Bank of New York Mellon in the 2nd quarter valued at about $30,000. Able Wealth Management LLC bought a new position in Bank of New York Mellon in the 4th quarter valued at about $32,000. Finally, Kathleen S. Wright Associates Inc. acquired a new stake in Bank of New York Mellon during the first quarter worth approximately $32,000. Institutional investors and hedge funds own 85.31% of the company’s stock.

Insider Activity

In other Bank of New York Mellon news, VP Hanneke Smits sold 15,000 shares of the company’s stock in a transaction on Thursday, July 18th. The shares were sold at an average price of $64.11, for a total transaction of $961,650.00. Following the transaction, the vice president now owns 173,930 shares in the company, valued at $11,150,652.30. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Corporate insiders own 0.14% of the company’s stock.

Bank of New York Mellon Trading Down 0.8 %

BK traded down $0.53 during midday trading on Monday, hitting $63.25. 3,803,727 shares of the company were exchanged, compared to its average volume of 3,863,212. The firm has a market capitalization of $47.30 billion, a P/E ratio of 14.64, a P/E/G ratio of 1.14 and a beta of 1.09. The firm’s 50 day moving average price is $61.41 and its 200-day moving average price is $58.23. The company has a quick ratio of 0.71, a current ratio of 0.70 and a debt-to-equity ratio of 0.85. The Bank of New York Mellon Co. has a 1-year low of $39.66 and a 1-year high of $65.90.

Bank of New York Mellon (NYSE:BK) last issued its quarterly earnings results on Friday, July 12th. The bank reported $1.51 earnings per share (EPS) for the quarter, beating the consensus estimate 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 firm had revenue of $4.60 billion for the quarter, compared to analyst estimates of $4.53 billion. During the same period in the previous year, the firm earned $1.38 earnings per share. The company’s revenue was up 2.1% compared to the same quarter last year. As a group, equities analysts forecast that The Bank of New York Mellon Co. will post 5.6 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. Shareholders of record on Monday, July 22nd were paid a $0.47 dividend. This represents a $1.88 dividend on an annualized basis and a yield of 2.97%. The ex-dividend date of this dividend was Monday, July 22nd. This is a boost from Bank of New York Mellon’s previous quarterly dividend of $0.42. Bank of New York Mellon’s dividend payout ratio (DPR) is 43.52%.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on BK shares. Morgan Stanley lifted their target price on Bank of New York Mellon from $65.00 to $72.00 and gave the stock an “equal weight” rating in a report on Tuesday, July 30th. Deutsche Bank Aktiengesellschaft boosted their price objective on shares of Bank of New York Mellon from $61.00 to $63.00 and gave the company a “hold” rating in a report on Monday, July 15th. Barclays increased their target price on shares of Bank of New York Mellon from $68.00 to $75.00 and gave the stock an “overweight” rating in a research report on Monday, July 15th. Jefferies Financial Group lifted their price target on shares of Bank of New York Mellon from $67.00 to $68.00 and gave the company a “buy” rating in a research report on Thursday, April 18th. Finally, Keefe, Bruyette & Woods reissued an “outperform” rating and set a $75.00 price target (up previously from $70.00) on shares of Bank of New York Mellon in a research report on Monday, July 15th. Six equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $65.86.

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.