Daymark Wealth Partners LLC Sells 2,181 Shares of The Bank of New York Mellon Co. (NYSE:BK)

Daymark Wealth Partners LLC trimmed its stake in The Bank of New York Mellon Co. (NYSE:BK) by 24.8% in the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 6,599 shares of the bank’s stock after selling 2,181 shares during the quarter. Daymark Wealth Partners LLC’s holdings in Bank of New York Mellon were worth $474,000 at the end of the most recent reporting period.

Other hedge funds have also recently bought and sold shares of the company. Entropy Technologies LP bought a new position in shares of Bank of New York Mellon during the 1st quarter worth approximately $1,027,000. QRG Capital Management Inc. raised its holdings in shares of Bank of New York Mellon by 6.9% during the 1st quarter. QRG Capital Management Inc. now owns 127,576 shares of the bank’s stock worth $7,351,000 after buying an additional 8,204 shares in the last quarter. Wakefield Asset Management LLLP acquired a new position in shares of Bank of New York Mellon during the 1st quarter worth $3,740,000. Bessemer Group Inc. raised its holdings in shares of Bank of New York Mellon by 128.8% during the 1st quarter. Bessemer Group Inc. now owns 30,755 shares of the bank’s stock worth $1,771,000 after buying an additional 17,312 shares in the last quarter. Finally, Ameriprise Financial Inc. raised its holdings 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 worth $623,891,000 after buying an additional 421,161 shares in the last quarter. 85.31% of the stock is currently owned by institutional investors.

Bank of New York Mellon Stock Performance

Bank of New York Mellon stock opened at $74.45 on Friday. The stock’s 50 day simple moving average is $67.95 and its two-hundred day simple moving average is $62.18. The company has a debt-to-equity ratio of 0.85, a quick ratio of 0.70 and a current ratio of 0.70. The stock has a market cap of $55.67 billion, a price-to-earnings ratio of 17.23, a PEG ratio of 1.24 and a beta of 1.08. The Bank of New York Mellon Co. has a fifty-two week low of $39.66 and a fifty-two week high of $74.47.

Bank of New York Mellon (NYSE:BK) last released its 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 net margin of 9.40% and a return on equity of 11.87%. The firm had revenue of $4.60 billion during the quarter, compared to analyst estimates of $4.53 billion. During the same period last year, the business earned $1.38 earnings per share. The business’s revenue was up 2.1% on a year-over-year basis. As a group, analysts expect that The Bank of New York Mellon Co. will post 5.63 earnings per share for the current fiscal year.

Insider Activity

In other news, VP Hanneke Smits sold 15,000 shares of the business’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 completion of the sale, the vice president now owns 173,930 shares of the company’s stock, valued at $11,150,652.30. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Insiders own 0.14% of the company’s stock.

Wall Street Analysts Forecast Growth

BK has been the topic of a number of recent research reports. Morgan Stanley lifted their price target on Bank of New York Mellon from $72.00 to $78.00 and gave the company an “equal weight” rating in a research note on Monday, September 30th. Keefe, Bruyette & Woods reaffirmed an “outperform” rating and issued a $75.00 price objective (up from $70.00) on shares of Bank of New York Mellon in a research note on Monday, July 15th. Barclays increased 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 research report on Monday, July 15th. UBS Group increased their price objective on shares of Bank of New York Mellon from $73.00 to $82.00 and gave the stock a “buy” rating in a research report on Tuesday. Finally, Deutsche Bank Aktiengesellschaft upgraded shares of Bank of New York Mellon from a “hold” rating to a “buy” rating and raised their price target for the stock from $66.00 to $80.00 in a report on Monday, September 23rd. Four investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $72.92.

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.