Clearbridge Investments LLC Sells 2,257 Shares of The Bank of New York Mellon Co. (NYSE:BK)

Clearbridge Investments LLC decreased its holdings in The Bank of New York Mellon Co. (NYSE:BK) by 4.3% in the first quarter, Holdings Channel reports. The firm owned 50,234 shares of the bank’s stock after selling 2,257 shares during the quarter. Clearbridge Investments LLC’s holdings in Bank of New York Mellon were worth $2,894,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also modified their holdings of BK. Wetzel Investment Advisors Inc. increased its holdings in shares of Bank of New York Mellon by 82.1% in the 1st quarter. Wetzel Investment Advisors Inc. now owns 510 shares of the bank’s stock worth $28,000 after purchasing an additional 230 shares in the last quarter. Atlantic Edge Private Wealth Management LLC purchased a new position in shares of Bank of New York Mellon in the 4th quarter worth $28,000. Able Wealth Management LLC purchased a new position in shares of Bank of New York Mellon in the 4th quarter worth $32,000. Kathleen S. Wright Associates Inc. purchased a new position in shares of Bank of New York Mellon in the 1st quarter worth $32,000. Finally, Hartford Financial Management Inc. boosted its stake in shares of Bank of New York Mellon by 41.4% in the 4th quarter. Hartford Financial Management Inc. now owns 625 shares of the bank’s stock worth $33,000 after buying an additional 183 shares during the last quarter. Institutional investors own 85.31% of the company’s stock.

Insiders Place Their Bets

In other Bank of New York Mellon news, insider Kurtis R. Kurimsky sold 6,215 shares of the business’s stock in a transaction that occurred on Tuesday, May 7th. The stock was sold at an average price of $57.93, for a total transaction of $360,034.95. Following the sale, the insider now directly owns 24,346 shares of the company’s stock, valued at $1,410,363.78. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other Bank of New York Mellon news, VP Hanneke Smits sold 15,000 shares of the business’s stock in a transaction that occurred on Thursday, July 18th. The stock was sold at an average price of $64.11, for a total transaction of $961,650.00. Following the completion of the transaction, the vice president now owns 173,930 shares in the company, valued at $11,150,652.30. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Kurtis R. Kurimsky sold 6,215 shares of the business’s stock in a transaction that occurred on Tuesday, May 7th. The shares were sold at an average price of $57.93, for a total value of $360,034.95. Following the transaction, the insider now owns 24,346 shares of the company’s stock, valued at approximately $1,410,363.78. The disclosure for this sale can be found here. Insiders have sold 36,858 shares of company stock valued at $2,223,504 over the last ninety days. 0.14% of the stock is owned by insiders.

Analysts Set New Price Targets

BK has been the topic of several analyst reports. Royal Bank of Canada reiterated a “sector perform” rating and set a $58.00 target price on shares of Bank of New York Mellon in a research report on Wednesday, March 27th. Barclays lifted their target price on Bank of New York Mellon from $68.00 to $75.00 and gave the company an “overweight” rating in a research report on Monday, July 15th. Keefe, Bruyette & Woods reiterated an “outperform” rating and set a $75.00 target price (up from $70.00) on shares of Bank of New York Mellon in a research report on Monday, July 15th. Bank of America lifted their target price on Bank of New York Mellon from $64.00 to $66.00 and gave the company a “buy” rating in a research report on Wednesday, April 17th. Finally, Evercore ISI raised their price target on Bank of New York Mellon from $61.00 to $66.00 and gave the company an “in-line” rating in a report on Monday, July 15th. Six analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $65.23.

Bank of New York Mellon Price Performance

Shares of BK stock traded up $0.47 during trading hours on Thursday, hitting $64.37. The stock had a trading volume of 124,009 shares, compared to its average volume of 3,808,047. The Bank of New York Mellon Co. has a one year low of $39.66 and a one year high of $65.90. The company has a debt-to-equity ratio of 0.85, a current ratio of 0.70 and a quick ratio of 0.71. The stock’s 50-day moving average price is $60.15 and its two-hundred day moving average price is $57.35. The stock has a market capitalization of $48.14 billion, a price-to-earnings ratio of 14.79, a PEG ratio of 1.13 and a beta of 1.09.

Bank of New York Mellon (NYSE:BK) last issued its earnings results on Friday, July 12th. The bank reported $1.51 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.43 by $0.08. Bank of New York Mellon had a return on equity of 11.87% and a net margin of 9.40%. The firm had revenue of $4.60 billion for the quarter, compared to analysts’ expectations of $4.53 billion. During the same period in the previous year, the firm posted $1.38 earnings per share. The business’s revenue was up 2.1% compared to the same quarter last year. Equities analysts forecast that The Bank of New York Mellon Co. will post 5.58 EPS for the current year.

Bank of New York Mellon Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, August 2nd. Shareholders of record on Monday, July 22nd will be paid a dividend of $0.47 per share. This is a boost from Bank of New York Mellon’s previous quarterly dividend of $0.42. This represents a $1.88 annualized dividend and a yield of 2.92%. The ex-dividend date of this dividend is Monday, July 22nd. Bank of New York Mellon’s payout ratio is presently 43.52%.

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.