TAM Capital Management Inc. Sells 157,977 Shares of The Bank of New York Mellon Co. (NYSE:BK)

TAM Capital Management Inc. decreased its position in The Bank of New York Mellon Co. (NYSE:BK) by 17.5% during the 2nd quarter, according to its most recent disclosure with the SEC. The fund owned 747,149 shares of the bank’s stock after selling 157,977 shares during the period. Bank of New York Mellon comprises approximately 26.9% of TAM Capital Management Inc.’s portfolio, making the stock its 2nd biggest holding. TAM Capital Management Inc. owned 0.10% of Bank of New York Mellon worth $44,747,000 at the end of the most recent quarter.

Several other large investors also recently bought and sold shares of the company. Axxcess Wealth Management LLC grew its holdings in Bank of New York Mellon by 45.4% in the second quarter. Axxcess Wealth Management LLC now owns 10,855 shares of the bank’s stock valued at $650,000 after purchasing an additional 3,389 shares during the last quarter. Clearstead Trust LLC acquired a new stake in shares of Bank of New York Mellon during the second quarter valued at $32,000. Primecap Management Co. CA boosted its stake in shares of Bank of New York Mellon by 11.7% during the second quarter. Primecap Management Co. CA now owns 711,500 shares of the bank’s stock valued at $42,612,000 after acquiring an additional 74,700 shares during the last quarter. Moors & Cabot Inc. boosted its stake in shares of Bank of New York Mellon by 1.0% during the second quarter. Moors & Cabot Inc. now owns 34,194 shares of the bank’s stock valued at $2,048,000 after acquiring an additional 353 shares during the last quarter. Finally, Citizens Financial Group Inc. RI boosted its stake in shares of Bank of New York Mellon by 4.3% during the second quarter. Citizens Financial Group Inc. RI now owns 42,752 shares of the bank’s stock valued at $2,560,000 after acquiring an additional 1,772 shares during the last quarter. Institutional investors and hedge funds own 85.31% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts recently commented on BK shares. Keefe, Bruyette & Woods reaffirmed an “outperform” rating and set a $75.00 price objective (up previously from $70.00) on shares of Bank of New York Mellon in a research note on Monday, July 15th. Citigroup lowered Bank of New York Mellon from a “buy” rating to a “neutral” rating and set a $65.00 price objective on the stock. in a research note on Monday, July 15th. Barclays increased their target price on 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. Morgan Stanley increased 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 research report on Tuesday, July 30th. Finally, Deutsche Bank Aktiengesellschaft increased their target price on Bank of New York Mellon from $63.00 to $66.00 and gave the stock a “hold” rating in a research report on Thursday, August 15th. Six 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 stock has a consensus rating of “Moderate Buy” and an average price target of $66.14.

Bank of New York Mellon Stock Performance

Bank of New York Mellon stock opened at $70.81 on Wednesday. The stock’s 50-day moving average is $65.42 and its 200-day moving average is $60.38. The company has a market cap of $52.95 billion, a price-to-earnings ratio of 16.39, a price-to-earnings-growth ratio of 1.17 and a beta of 1.08. The company has a debt-to-equity ratio of 0.85, a current ratio of 0.70 and a quick ratio of 0.70. The Bank of New York Mellon Co. has a 12 month low of $39.66 and a 12 month high of $70.92.

Bank of New York Mellon (NYSE:BK) last released its quarterly earnings data on Friday, July 12th. The bank reported $1.51 EPS for the quarter, topping analysts’ consensus estimates of $1.43 by $0.08. The company had revenue of $4.60 billion for the quarter, compared to the consensus estimate of $4.53 billion. Bank of New York Mellon had a return on equity of 11.87% and a net margin of 9.40%. The company’s quarterly revenue was up 2.1% compared to the same quarter last year. During the same period last year, the business posted $1.38 EPS. Equities analysts anticipate that The Bank of New York Mellon Co. will post 5.63 earnings per share for the current year.

Bank of New York Mellon Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, August 2nd. Stockholders of record on Monday, July 22nd were issued a $0.47 dividend. This represents a $1.88 dividend on an annualized basis and a dividend yield of 2.65%. This is an increase from Bank of New York Mellon’s previous quarterly dividend of $0.42. The ex-dividend date was Monday, July 22nd. Bank of New York Mellon’s dividend payout ratio (DPR) is 43.52%.

Insider Activity at Bank of New York Mellon

In related news, VP Hanneke Smits sold 15,000 shares of the firm’s stock in a transaction dated Thursday, July 18th. The stock was sold at an average price of $64.11, for a total transaction of $961,650.00. Following the sale, the vice president now directly owns 173,930 shares in the company, valued at approximately $11,150,652.30. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Company insiders own 0.14% of the company’s stock.

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.