Grove Bank & Trust Sells 700 Shares of The Bank of New York Mellon Co. (NYSE:BK)

Grove Bank & Trust decreased its position in shares of The Bank of New York Mellon Co. (NYSE:BK) by 58.3% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 500 shares of the bank’s stock after selling 700 shares during the period. Grove Bank & Trust’s holdings in Bank of New York Mellon were worth $30,000 at the end of the most recent quarter.

Several other large investors have also added to or reduced their stakes in BK. Vanguard Group Inc. grew its position in shares of Bank of New York Mellon by 6.1% during the fourth quarter. Vanguard Group Inc. now owns 74,501,451 shares of the bank’s stock worth $3,877,801,000 after purchasing an additional 4,293,751 shares in the last quarter. Artisan Partners Limited Partnership grew its holdings in Bank of New York Mellon by 0.7% during the 4th quarter. Artisan Partners Limited Partnership now owns 19,793,539 shares of the bank’s stock valued at $1,030,254,000 after buying an additional 144,162 shares in the last quarter. Norges Bank purchased a new position in shares of Bank of New York Mellon in the fourth quarter worth $813,701,000. LSV Asset Management boosted its position in shares of Bank of New York Mellon by 1.0% during the fourth quarter. LSV Asset Management now owns 7,372,209 shares of the bank’s stock worth $383,723,000 after acquiring an additional 72,880 shares during the last quarter. Finally, Dimensional Fund Advisors LP grew its stake in Bank of New York Mellon by 3.4% during the fourth quarter. Dimensional Fund Advisors LP now owns 6,758,152 shares of the bank’s stock valued at $351,775,000 after acquiring an additional 223,867 shares in the last quarter. Hedge funds and other institutional investors own 85.31% of the company’s stock.

Insider Buying and Selling at Bank of New York Mellon

In other Bank of New York Mellon news, VP Hanneke Smits sold 15,000 shares of the business’s stock in a transaction dated Thursday, July 18th. The shares were sold at an average price of $64.11, for a total value of $961,650.00. Following the completion of the transaction, the vice president now directly owns 173,930 shares in the company, valued at $11,150,652.30. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 0.14% of the company’s stock.

Bank of New York Mellon Trading Up 1.4 %

Shares of Bank of New York Mellon stock traded up $0.91 on Friday, hitting $66.40. 2,747,238 shares of the company traded hands, compared to its average volume of 3,831,891. The Bank of New York Mellon Co. has a 52 week low of $39.66 and a 52 week high of $66.53. The company has a market cap of $49.65 billion, a PE ratio of 15.37, a PEG ratio of 1.14 and a beta of 1.09. The stock’s 50 day moving average price is $62.49 and its 200-day moving average price is $58.79. The company has a current ratio of 0.70, a quick ratio of 0.71 and a debt-to-equity ratio of 0.85.

Bank of New York Mellon (NYSE:BK) last announced its quarterly earnings results on Friday, July 12th. The bank reported $1.51 EPS for the quarter, beating 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 analyst estimates of $4.53 billion. During the same quarter last year, the firm posted $1.38 earnings per share. The business’s revenue for the quarter was up 2.1% on a year-over-year basis. Equities research analysts predict that The Bank of New York Mellon Co. will post 5.6 EPS for the current year.

Bank of New York Mellon Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, August 2nd. Investors of record on Monday, July 22nd were paid a $0.47 dividend. This is an increase from Bank of New York Mellon’s previous quarterly dividend of $0.42. The ex-dividend date was Monday, July 22nd. This represents a $1.88 dividend on an annualized basis and a yield of 2.83%. Bank of New York Mellon’s payout ratio is 43.52%.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on the company. Barclays boosted their target price on Bank of New York Mellon from $68.00 to $75.00 and gave the stock an “overweight” rating in a research report on Monday, July 15th. Keefe, Bruyette & Woods reiterated an “outperform” rating and set a $75.00 price objective (up previously from $70.00) on shares of Bank of New York Mellon in a research report on Monday, July 15th. Deutsche Bank Aktiengesellschaft boosted their target price on shares of Bank of New York Mellon from $63.00 to $66.00 and gave the stock a “hold” rating in a report on Thursday, August 15th. Evercore ISI upped their target price on shares of Bank of New York Mellon from $61.00 to $66.00 and gave the company an “in-line” rating in a research report on Monday, July 15th. Finally, Citigroup lowered Bank of New York Mellon from a “buy” rating to a “neutral” rating and set a $65.00 price target for the company. in a research report on Monday, July 15th. Six investment analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $66.14.

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.