Western Wealth Management LLC Cuts Stock Position in The Bank of New York Mellon Co. (NYSE:BK)

Western Wealth Management LLC lowered its position in The Bank of New York Mellon Co. (NYSE:BK) by 8.4% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 12,917 shares of the bank’s stock after selling 1,189 shares during the period. Western Wealth Management LLC’s holdings in Bank of New York Mellon were worth $672,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently modified their holdings of BK. Geode Capital Management LLC grew its position in Bank of New York Mellon by 1.5% during the 1st quarter. Geode Capital Management LLC now owns 15,302,537 shares of the bank’s stock worth $693,747,000 after purchasing an additional 227,602 shares during the last quarter. Norges Bank purchased a new stake in Bank of New York Mellon during the 4th quarter worth approximately $503,489,000. Northern Trust Corp grew its position in Bank of New York Mellon by 8.2% during the 3rd quarter. Northern Trust Corp now owns 9,453,880 shares of the bank’s stock worth $403,208,000 after purchasing an additional 715,421 shares during the last quarter. Victory Capital Management Inc. grew its position in Bank of New York Mellon by 1.5% during the 3rd quarter. Victory Capital Management Inc. now owns 8,757,443 shares of the bank’s stock worth $373,505,000 after purchasing an additional 129,929 shares during the last quarter. Finally, Morgan Stanley grew its position in Bank of New York Mellon by 13.2% during the 4th quarter. Morgan Stanley now owns 7,863,929 shares of the bank’s stock worth $357,966,000 after purchasing an additional 916,664 shares during the last quarter. Hedge funds and other institutional investors own 85.31% of the company’s stock.

Insiders Place Their Bets

In other Bank of New York Mellon news, VP Catherine Keating sold 4,498 shares of the company’s stock in a transaction on Thursday, February 8th. The shares were sold at an average price of $54.81, for a total transaction of $246,535.38. Following the completion of the transaction, the vice president now directly owns 123,490 shares in the company, valued at $6,768,486.90. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.14% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

BK has been the subject of several research reports. Citigroup lifted 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 note on Wednesday, February 14th. 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 note on Thursday. Royal Bank of Canada restated a “sector perform” rating and set a $58.00 price objective on shares of Bank of New York Mellon in a research note on Wednesday, March 27th. UBS Group lifted their price objective on shares of Bank of New York Mellon from $54.00 to $62.00 and gave the company a “buy” rating in a research note on Tuesday, January 9th. Finally, Bank of America lifted their price objective on shares of Bank of New York Mellon from $64.00 to $66.00 and gave the company a “buy” rating in a research note on Wednesday. Five analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to MarketBeat, Bank of New York Mellon presently has an average rating of “Moderate Buy” and an average price target of $60.06.

Bank of New York Mellon Stock Performance

BK opened at $56.29 on Friday. The company has a debt-to-equity ratio of 0.90, a current ratio of 0.71 and a quick ratio of 0.72. The firm has a fifty day moving average price of $55.76 and a 200 day moving average price of $51.30. The Bank of New York Mellon Co. has a 1 year low of $39.65 and a 1 year high of $58.28. The stock has a market cap of $42.38 billion, a P/E ratio of 13.73, a P/E/G ratio of 1.19 and a beta of 1.12.

Bank of New York Mellon (NYSE:BK) last posted its quarterly earnings data on Tuesday, April 16th. The bank reported $1.29 earnings per share for the quarter, topping analysts’ consensus estimates of $1.19 by $0.10. The company had revenue of $4.53 billion during the quarter, compared to analysts’ expectations 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 firm’s revenue for the quarter was up 3.8% on a year-over-year basis. During the same period in the prior year, the business posted $1.13 earnings per share. Equities research analysts anticipate that The Bank of New York Mellon Co. will post 5.42 earnings per share for the current year.

Bank of New York Mellon Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, May 9th. Shareholders of record on Friday, April 26th will be given a dividend of $0.42 per share. This represents a $1.68 dividend on an annualized basis and a yield of 2.98%. The ex-dividend date of this dividend is Thursday, April 25th. Bank of New York Mellon’s dividend payout ratio is presently 40.98%.

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.