National Bank of Canada FI Sells 414,801 Shares of The Bank of New York Mellon Co. (NYSE:BK)

National Bank of Canada FI trimmed its holdings in The Bank of New York Mellon Co. (NYSE:BK) by 63.7% in the fourth quarter, according to the company in its most recent filing with the SEC. The fund owned 236,312 shares of the bank’s stock after selling 414,801 shares during the quarter. National Bank of Canada FI’s holdings in Bank of New York Mellon were worth $12,377,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in BK. Sapient Capital LLC bought a new stake in Bank of New York Mellon during the 4th quarter valued at $267,000. Axxcess Wealth Management LLC raised its holdings in Bank of New York Mellon by 3.7% in the 4th quarter. Axxcess Wealth Management LLC now owns 12,111 shares of the bank’s stock worth $630,000 after purchasing an additional 429 shares in the last quarter. Signature Resources Capital Management LLC purchased a new stake in shares of Bank of New York Mellon in the 4th quarter worth about $83,000. U.S. Capital Wealth Advisors LLC purchased a new stake in shares of Bank of New York Mellon in the 4th quarter worth about $5,430,000. Finally, LSV Asset Management grew its position in shares of Bank of New York Mellon by 1.0% in the 4th quarter. LSV Asset Management now owns 7,372,209 shares of the bank’s stock worth $383,723,000 after buying an additional 72,880 shares during the period. 85.31% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on BK. Citigroup increased their price objective on shares of Bank of New York Mellon from $60.00 to $65.00 and gave the company a “buy” rating in a research report on Wednesday, February 14th. Morgan Stanley increased their price objective on shares of Bank of New York Mellon from $62.00 to $63.00 and gave the stock an “equal weight” rating in a research note on Thursday, April 18th. Jefferies Financial Group lifted their price objective on shares of Bank of New York Mellon from $67.00 to $68.00 and gave the company a “buy” rating in a research report on Thursday, April 18th. Royal Bank of Canada reiterated a “sector perform” rating and set a $58.00 price objective on shares of Bank of New York Mellon in a research report on Wednesday, March 27th. Finally, Evercore ISI lifted their price objective on shares of Bank of New York Mellon from $57.00 to $61.00 and gave the company an “in-line” rating in a research report on Thursday, April 4th. Five investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $60.17.

Insider Activity

In related news, VP Catherine Keating sold 54,070 shares of the company’s stock in a transaction dated Thursday, April 18th. The shares were sold at an average price of $54.88, for a total value of $2,967,361.60. Following the completion of the sale, the vice president now directly owns 78,350 shares of the company’s stock, valued at $4,299,848. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In other Bank of New York Mellon news, EVP J Kevin Mccarthy sold 40,000 shares of the stock in a transaction dated Friday, April 19th. The shares were sold at an average price of $56.15, for a total transaction of $2,246,000.00. Following the completion of the sale, the executive vice president now directly owns 100,404 shares of the company’s stock, valued at $5,637,684.60. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, VP Catherine Keating sold 54,070 shares of the stock in a transaction dated Thursday, April 18th. The shares were sold at an average price of $54.88, for a total transaction of $2,967,361.60. Following the sale, the vice president now directly owns 78,350 shares of the company’s stock, valued at $4,299,848. The disclosure for this sale can be found here. Insiders own 0.14% of the company’s stock.

Bank of New York Mellon Stock Up 0.2 %

Shares of BK opened at $57.51 on Thursday. The firm has a market capitalization of $43.30 billion, a P/E ratio of 14.03, a P/E/G ratio of 1.23 and a beta of 1.11. The Bank of New York Mellon Co. has a 12-month low of $39.65 and a 12-month high of $58.28. The company has a current ratio of 0.71, a quick ratio of 0.72 and a debt-to-equity ratio of 0.90. The firm has a fifty day moving average price of $56.25 and a 200-day moving average price of $52.64.

Bank of New York Mellon (NYSE:BK) last issued its earnings results on Tuesday, April 16th. The bank reported $1.29 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.19 by $0.10. The firm had revenue of $4.53 billion during the quarter, compared to analyst estimates of $4.39 billion. Bank of New York Mellon had a net margin of 9.48% and a return on equity of 11.80%. The business’s revenue was up 3.8% on a year-over-year basis. During the same period in the previous year, the firm earned $1.13 earnings per share. Equities research analysts expect that The Bank of New York Mellon Co. will post 5.43 earnings per share for the current year.

Bank of New York Mellon Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, May 9th. Stockholders of record on Friday, April 26th will be paid a dividend of $0.42 per share. This represents a $1.68 dividend on an annualized basis and a dividend yield of 2.92%. The ex-dividend date is Thursday, April 25th. Bank of New York Mellon’s dividend payout ratio is currently 40.98%.

Bank of New York Mellon 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.