Boyar Asset Management Inc. Cuts Stake in The Bank of New York Mellon Corporation $BK

Boyar Asset Management Inc. lessened its holdings in shares of The Bank of New York Mellon Corporation (NYSE:BK) by 1.7% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 49,650 shares of the bank’s stock after selling 848 shares during the period. Bank of New York Mellon accounts for about 3.0% of Boyar Asset Management Inc.’s investment portfolio, making the stock its 7th biggest holding. Boyar Asset Management Inc.’s holdings in Bank of New York Mellon were worth $4,524,000 at the end of the most recent quarter.

A number of other hedge funds also recently made changes to their positions in BK. Revolve Wealth Partners LLC bought a new stake in shares of Bank of New York Mellon during the fourth quarter valued at approximately $220,000. Merit Financial Group LLC increased its stake in shares of Bank of New York Mellon by 89.0% during the first quarter. Merit Financial Group LLC now owns 13,296 shares of the bank’s stock valued at $1,115,000 after acquiring an additional 6,262 shares during the period. Apella Capital LLC acquired a new position in shares of Bank of New York Mellon during the first quarter valued at approximately $257,000. Beacon Financial Group increased its stake in shares of Bank of New York Mellon by 3.9% during the first quarter. Beacon Financial Group now owns 17,693 shares of the bank’s stock valued at $1,484,000 after acquiring an additional 666 shares during the period. Finally, Vest Financial LLC acquired a new position in shares of Bank of New York Mellon during the first quarter valued at approximately $43,093,000. Institutional investors own 85.31% of the company’s stock.

Analysts Set New Price Targets

BK has been the topic of a number of research analyst reports. Evercore ISI raised their price objective on shares of Bank of New York Mellon from $91.00 to $110.00 and gave the company an “in-line” rating in a research note on Tuesday. TD Cowen initiated coverage on shares of Bank of New York Mellon in a research note on Thursday, September 25th. They set a “buy” rating on the stock. Keefe, Bruyette & Woods raised their price objective on shares of Bank of New York Mellon from $105.00 to $113.00 and gave the company an “outperform” rating in a research note on Wednesday, July 16th. Wells Fargo & Company raised their price objective on shares of Bank of New York Mellon from $96.00 to $100.00 and gave the company an “equal weight” rating in a research note on Wednesday, July 16th. Finally, Weiss Ratings reiterated a “buy (b+)” rating on shares of Bank of New York Mellon in a research note on Saturday, September 27th. Ten investment analysts have rated the stock with a Buy rating and six have issued a Hold rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $103.46.

Insider Buying and Selling

In related news, EVP J Kevin Mccarthy sold 20,000 shares of the firm’s stock in a transaction that occurred on Tuesday, July 22nd. The shares were sold at an average price of $98.45, for a total value of $1,969,000.00. Following the completion of the transaction, the executive vice president owned 35,115 shares of the company’s stock, valued at approximately $3,457,071.75. This trade represents a 36.29% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Corporate insiders own 0.14% of the company’s stock.

Bank of New York Mellon Trading Up 0.1%

Bank of New York Mellon stock opened at $106.48 on Friday. The company has a debt-to-equity ratio of 0.86, a quick ratio of 0.72 and a current ratio of 0.72. The firm has a market cap of $75.09 billion, a price-to-earnings ratio of 16.26, a price-to-earnings-growth ratio of 1.00 and a beta of 1.13. The Bank of New York Mellon Corporation has a 1 year low of $70.46 and a 1 year high of $110.87. The firm’s 50 day moving average price is $104.60 and its two-hundred day moving average price is $92.93.

Bank of New York Mellon (NYSE:BK) last posted its quarterly earnings data on Tuesday, July 15th. The bank reported $1.94 EPS for the quarter, topping analysts’ consensus estimates 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 firm had revenue of $4.77 billion during the quarter, compared to analyst estimates of $4.80 billion. During the same quarter last year, the business posted $1.51 EPS. The company’s revenue was up 9.4% on a year-over-year basis. On average, research analysts predict that The Bank of New York Mellon Corporation will post 6.96 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 Thursday, August 7th. Investors of record on Friday, July 25th were paid a $0.53 dividend. The ex-dividend date of this dividend was Friday, July 25th. This represents a $2.12 dividend on an annualized basis and a yield of 2.0%. This is a positive change from Bank of New York Mellon’s previous quarterly dividend of $0.47. Bank of New York Mellon’s dividend payout ratio (DPR) is 32.37%.

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.