The Bank of New York Mellon Corporation $BK Stock Holdings Lessened by BOCHK Asset Management Ltd

BOCHK Asset Management Ltd lessened its holdings in shares of The Bank of New York Mellon Corporation (NYSE:BK) by 69.2% in the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 4,000 shares of the bank’s stock after selling 9,000 shares during the period. BOCHK Asset Management Ltd’s holdings in Bank of New York Mellon were worth $364,000 at the end of the most recent reporting period.

A number of other large investors have also recently bought and sold shares of BK. Opal Wealth Advisors LLC acquired a new stake in shares of Bank of New York Mellon during the 1st quarter worth approximately $25,000. Alpine Bank Wealth Management bought a new position in Bank of New York Mellon during the 1st quarter worth $25,000. Cornerstone Planning Group LLC increased its position in Bank of New York Mellon by 100.0% in the first quarter. Cornerstone Planning Group LLC now owns 392 shares of the bank’s stock worth $30,000 after buying an additional 196 shares during the period. Orion Capital Management LLC bought a new stake in Bank of New York Mellon in the first quarter valued at $32,000. Finally, Hoey Investments Inc. acquired a new position in shares of Bank of New York Mellon during the second quarter valued at $32,000. Institutional investors own 85.31% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have commented on BK. TD Cowen assumed coverage on shares of Bank of New York Mellon in a research report on Thursday, September 25th. They issued a “buy” rating for the company. Citigroup boosted their price objective on Bank of New York Mellon from $92.00 to $105.00 and gave the stock a “neutral” rating in a research report on Friday, September 5th. Morgan Stanley raised their target price on Bank of New York Mellon from $101.00 to $116.00 and gave the company an “overweight” rating in a research report on Monday. Evercore ISI boosted their price target on Bank of New York Mellon from $91.00 to $110.00 and gave the stock an “in-line” rating in a research report on Tuesday. Finally, Wells Fargo & Company increased their price target on Bank of New York Mellon from $96.00 to $100.00 and gave the stock an “equal weight” rating in a research note on Wednesday, July 16th. Eight research analysts have rated the stock with a Buy rating and six have given a Hold rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $100.92.

Insider Activity

In other news, EVP J Kevin Mccarthy sold 20,000 shares of the business’s stock in a transaction on Tuesday, July 22nd. The stock was sold at an average price of $98.45, for a total transaction of $1,969,000.00. Following the sale, the executive vice president directly owned 35,115 shares of the company’s stock, valued at $3,457,071.75. The trade was a 36.29% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.14% of the stock is owned by insiders.

Bank of New York Mellon Price Performance

NYSE:BK opened at $106.89 on Thursday. The Bank of New York Mellon Corporation has a 52-week low of $70.41 and a 52-week high of $110.87. The company has a quick ratio of 0.72, a current ratio of 0.72 and a debt-to-equity ratio of 0.86. The firm has a market cap of $75.39 billion, a P/E ratio of 16.32, a PEG ratio of 1.03 and a beta of 1.13. The business’s 50-day moving average price is $104.36 and its 200 day moving average price is $92.60.

Bank of New York Mellon (NYSE:BK) last announced its quarterly earnings data on Tuesday, July 15th. The bank reported $1.94 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.73 by $0.21. Bank of New York Mellon had a net margin of 12.27% and a return on equity of 13.46%. The company had revenue of $4.77 billion for the quarter, compared to analysts’ expectations of $4.80 billion. During the same quarter in the previous year, the company posted $1.51 EPS. The business’s revenue was up 9.4% compared to the same quarter last year. As a group, sell-side analysts predict that The Bank of New York Mellon Corporation will post 6.96 earnings per share for the current fiscal year.

Bank of New York Mellon Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, August 7th. Stockholders of record on Friday, July 25th were paid a dividend of $0.53 per share. The ex-dividend date of this dividend was Friday, July 25th. This represents a $2.12 annualized dividend and a dividend yield of 2.0%. This is a boost from Bank of New York Mellon’s previous quarterly dividend of $0.47. Bank of New York Mellon’s dividend payout ratio is 32.37%.

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.