Louisbourg Investments Inc. Sells 1,350 Shares of The Bank of New York Mellon Corporation $BK

Louisbourg Investments Inc. reduced its holdings in The Bank of New York Mellon Corporation (NYSE:BK) by 3.1% during the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 42,173 shares of the bank’s stock after selling 1,350 shares during the quarter. Louisbourg Investments Inc.’s holdings in Bank of New York Mellon were worth $3,842,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. Canada Post Corp Registered Pension Plan purchased a new position in shares of Bank of New York Mellon in the 1st quarter worth about $1,035,000. TrueMark Investments LLC purchased a new position in shares of Bank of New York Mellon in the 1st quarter worth about $4,282,000. Wealth Enhancement Advisory Services LLC boosted its holdings in shares of Bank of New York Mellon by 29.1% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 223,438 shares of the bank’s stock worth $18,740,000 after purchasing an additional 50,368 shares in the last quarter. Formidable Asset Management LLC purchased a new position in shares of Bank of New York Mellon in the 1st quarter worth about $247,000. Finally, Sumitomo Mitsui DS Asset Management Company Ltd boosted its holdings in shares of Bank of New York Mellon by 121.8% in the 1st quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 183,602 shares of the bank’s stock worth $15,399,000 after purchasing an additional 100,810 shares in the last quarter. 85.31% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other Bank of New York Mellon news, EVP J Kevin Mccarthy sold 20,000 shares of the stock in a transaction that occurred on Tuesday, July 22nd. The stock was sold at an average price of $98.45, for a total value of $1,969,000.00. Following the completion of the sale, the executive vice president owned 35,115 shares in the company, valued at approximately $3,457,071.75. This trade represents a 36.29% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Company insiders own 0.14% of the company’s stock.

Bank of New York Mellon Trading Down 2.1%

Shares of BK stock opened at $104.63 on Friday. The Bank of New York Mellon Corporation has a 1-year low of $70.46 and a 1-year high of $110.87. The company has a debt-to-equity ratio of 0.86, a current ratio of 0.72 and a quick ratio of 0.72. The business has a 50-day moving average of $105.10 and a 200 day moving average of $93.68. The stock has a market capitalization of $73.79 billion, a PE ratio of 15.97, a P/E/G ratio of 1.00 and a beta of 1.13.

Bank of New York Mellon (NYSE:BK) last released its quarterly earnings data on Tuesday, March 26th. The bank reported $1.30 earnings per share for the quarter. Bank of New York Mellon had a return on equity of 13.46% and a net margin of 12.27%.The business had revenue of $4.38 billion during the quarter. As a group, sell-side analysts anticipate that The Bank of New York Mellon Corporation will post 6.96 earnings per share for the current year.

Bank of New York Mellon Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, August 7th. Shareholders of record on Friday, July 25th were issued a $0.53 dividend. This is an increase from Bank of New York Mellon’s previous quarterly dividend of $0.47. The ex-dividend date was Friday, July 25th. This represents a $2.12 annualized dividend and a yield of 2.0%. Bank of New York Mellon’s dividend payout ratio (DPR) is 32.37%.

Analyst Upgrades and Downgrades

BK has been the subject of a number of research reports. The Goldman Sachs Group upped their price objective on Bank of New York Mellon from $106.00 to $120.00 and gave the stock a “buy” rating in a report on Monday, October 6th. Truist Financial upped their price objective on Bank of New York Mellon from $109.00 to $118.00 and gave the stock a “hold” rating in a report on Thursday, October 2nd. BMO Capital Markets began coverage on Bank of New York Mellon in a report on Friday, October 3rd. They set an “outperform” rating and a $125.00 target price for the company. Morgan Stanley increased their target price on Bank of New York Mellon from $101.00 to $116.00 and gave the company an “overweight” rating in a report on Monday, September 29th. Finally, Keefe, Bruyette & Woods increased their target price on Bank of New York Mellon from $105.00 to $113.00 and gave the company an “outperform” rating in a report on Wednesday, July 16th. Ten investment analysts have rated the stock with a Buy rating and six have given a Hold rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $106.77.

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.