Cobblestone Capital Advisors LLC NY Sells 1,400 Shares of The Bank of New York Mellon Corporation $BK

Cobblestone Capital Advisors LLC NY cut its stake in The Bank of New York Mellon Corporation (NYSE:BK) by 5.3% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 24,963 shares of the bank’s stock after selling 1,400 shares during the quarter. Cobblestone Capital Advisors LLC NY’s holdings in Bank of New York Mellon were worth $2,274,000 as of its most recent SEC filing.

A number of other institutional investors also recently bought and sold shares of the stock. Convergence Investment Partners LLC lifted its position in Bank of New York Mellon by 52.3% in the second quarter. Convergence Investment Partners LLC now owns 55,416 shares of the bank’s stock worth $5,049,000 after buying an additional 19,031 shares during the last quarter. Resonant Capital Advisors LLC lifted its position in Bank of New York Mellon by 10.1% in the second quarter. Resonant Capital Advisors LLC now owns 5,554 shares of the bank’s stock worth $506,000 after buying an additional 508 shares during the last quarter. Wealthfront Advisers LLC lifted its position in shares of Bank of New York Mellon by 6.6% during the second quarter. Wealthfront Advisers LLC now owns 87,200 shares of the bank’s stock worth $7,945,000 after purchasing an additional 5,401 shares during the last quarter. VestGen Investment Management lifted its position in shares of Bank of New York Mellon by 1.7% during the second quarter. VestGen Investment Management now owns 8,753 shares of the bank’s stock worth $797,000 after purchasing an additional 147 shares during the last quarter. Finally, Interchange Capital Partners LLC lifted its position in shares of Bank of New York Mellon by 7.9% during the second quarter. Interchange Capital Partners LLC now owns 3,913 shares of the bank’s stock worth $356,000 after purchasing an additional 287 shares during the last quarter. 85.31% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on BK shares. Truist Financial lifted their target price on Bank of New York Mellon from $118.00 to $119.00 and gave the stock a “hold” rating in a research report on Friday, October 17th. BMO Capital Markets started coverage on Bank of New York Mellon in a research report on Friday, October 3rd. They set an “outperform” rating and a $125.00 target price for the company. Evercore ISI lifted their target price 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, September 30th. Citigroup lifted their target price 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. Finally, Keefe, Bruyette & Woods lifted their target price on Bank of New York Mellon from $120.00 to $124.00 and gave the stock an “outperform” rating in a research report on Friday, October 17th. One investment analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and six have assigned a Hold rating to the stock. Based on data from MarketBeat, Bank of New York Mellon has a consensus rating of “Moderate Buy” and an average price target of $111.29.

Bank of New York Mellon Stock Performance

Shares of Bank of New York Mellon stock opened at $107.91 on Monday. The firm has a market cap of $76.10 billion, a P/E ratio of 15.57, a P/E/G ratio of 0.99 and a beta of 1.13. The company has a current ratio of 0.70, a quick ratio of 0.72 and a debt-to-equity ratio of 0.83. The Bank of New York Mellon Corporation has a 12 month low of $70.46 and a 12 month high of $110.87. The stock’s fifty day moving average price is $106.07 and its 200-day moving average price is $95.79.

Bank of New York Mellon (NYSE:BK) last announced its quarterly earnings results on Tuesday, March 26th. The bank reported $1.30 EPS for the quarter. The firm had revenue of $4.38 billion for the quarter. Bank of New York Mellon had a return on equity of 14.03% and a net margin of 12.86%. On average, equities research analysts expect 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 Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, November 7th. Investors of record on Monday, October 27th will be given a dividend of $0.53 per share. The ex-dividend date of this dividend is Monday, October 27th. This represents a $2.12 dividend on an annualized basis and a yield of 2.0%. Bank of New York Mellon’s dividend payout ratio (DPR) is presently 30.59%.

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.