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

Cresset Asset Management LLC lessened its stake in The Bank of New York Mellon Co. (NYSE:BK) by 75.2% in the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 20,141 shares of the bank’s stock after selling 61,001 shares during the quarter. Cresset Asset Management LLC’s holdings in Bank of New York Mellon were worth $1,547,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently added to or reduced their stakes in the stock. Norges Bank acquired a new stake in shares of Bank of New York Mellon during the 4th quarter worth approximately $1,150,462,000. FMR LLC grew its position in Bank of New York Mellon by 19.3% in the fourth quarter. FMR LLC now owns 23,071,584 shares of the bank’s stock worth $1,772,590,000 after acquiring an additional 3,732,862 shares during the period. Northern Trust Corp increased its stake in Bank of New York Mellon by 19.1% during the fourth quarter. Northern Trust Corp now owns 9,533,615 shares of the bank’s stock worth $732,468,000 after acquiring an additional 1,526,686 shares during the last quarter. Raymond James Financial Inc. purchased a new stake in Bank of New York Mellon in the fourth quarter valued at $90,955,000. Finally, Arrowstreet Capital Limited Partnership lifted its stake in shares of Bank of New York Mellon by 17.0% in the 4th quarter. Arrowstreet Capital Limited Partnership now owns 7,751,219 shares of the bank’s stock valued at $595,526,000 after purchasing an additional 1,125,493 shares during the last quarter. Hedge funds and other institutional investors own 85.31% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on BK. Morgan Stanley lowered their target price on shares of Bank of New York Mellon from $99.00 to $98.00 and set an “overweight” rating for the company in a research note on Wednesday, April 2nd. Barclays increased their price objective on shares of Bank of New York Mellon from $102.00 to $104.00 and gave the stock an “overweight” rating in a research report on Thursday, January 16th. UBS Group boosted their target price on Bank of New York Mellon from $88.00 to $94.00 and gave the company a “buy” rating in a research report on Tuesday, January 21st. Royal Bank of Canada restated a “sector perform” rating and set a $90.00 price target on shares of Bank of New York Mellon in a research report on Monday, March 17th. Finally, Deutsche Bank Aktiengesellschaft lifted their price objective on Bank of New York Mellon from $94.00 to $98.00 and gave the company a “buy” rating in a research note on Thursday, January 16th. Six analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $91.31.

Bank of New York Mellon Price Performance

Bank of New York Mellon stock opened at $85.90 on Friday. The stock has a market cap of $61.46 billion, a P/E ratio of 14.78, a price-to-earnings-growth ratio of 0.97 and a beta of 1.05. The company has a fifty day simple moving average of $80.67 and a 200-day simple moving average of $80.95. The company has a current ratio of 0.69, a quick ratio of 0.70 and a debt-to-equity ratio of 0.83. The Bank of New York Mellon Co. has a 12-month low of $57.18 and a 12-month high of $90.34.

Bank of New York Mellon (NYSE:BK) last released its quarterly earnings data on Friday, April 11th. The bank reported $1.58 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.50 by $0.08. 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 $4.79 billion during the quarter, compared to analysts’ expectations of $4.76 billion. During the same period in the prior year, the firm posted $1.29 EPS. The business’s quarterly revenue was up 5.9% compared to the same quarter last year. Equities analysts expect that The Bank of New York Mellon Co. will post 6.96 EPS for the current fiscal year.

Bank of New York Mellon Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, May 2nd. Shareholders of record on Monday, April 21st were paid a $0.47 dividend. The ex-dividend date was Monday, April 21st. This represents a $1.88 annualized dividend and a yield of 2.19%. Bank of New York Mellon’s dividend payout ratio is currently 30.62%.

Insiders Place Their Bets

In other news, VP Catherine Keating sold 65,473 shares of the business’s stock in a transaction dated Monday, April 14th. The stock was sold at an average price of $77.31, for a total value of $5,061,717.63. Following the completion of the sale, the vice president now directly owns 87,542 shares of the company’s stock, valued at approximately $6,767,872.02. The trade was a 42.79 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Kurtis R. Kurimsky sold 5,641 shares of the firm’s stock in a transaction that occurred on Monday, April 14th. The stock was sold at an average price of $77.50, for a total value of $437,177.50. Following the transaction, the insider now owns 21,679 shares in the company, valued at $1,680,122.50. This represents a 20.65 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 101,114 shares of company stock valued at $7,869,795. 0.14% of the stock is owned by corporate insiders.

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.