The Bank of New York Mellon Co. (NYSE:BK) Shares Sold by Pekin Hardy Strauss Inc.

Pekin Hardy Strauss Inc. lessened its holdings in shares of The Bank of New York Mellon Co. (NYSE:BK) by 1.0% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 22,191 shares of the bank’s stock after selling 225 shares during the quarter. Pekin Hardy Strauss Inc.’s holdings in Bank of New York Mellon were worth $1,595,000 at the end of the most recent quarter.

Several other hedge funds have also made changes to their positions in the business. Summit Trail Advisors LLC raised its stake in Bank of New York Mellon by 19.9% during the third quarter. Summit Trail Advisors LLC now owns 6,039 shares of the bank’s stock worth $434,000 after purchasing an additional 1,004 shares during the period. Borer Denton & Associates Inc. increased its holdings in shares of Bank of New York Mellon by 40.0% during the 3rd quarter. Borer Denton & Associates Inc. now owns 26,620 shares of the bank’s stock worth $1,913,000 after buying an additional 7,610 shares during the last quarter. Larson Financial Group LLC raised its position in shares of Bank of New York Mellon by 7.8% in the 3rd quarter. Larson Financial Group LLC now owns 2,086 shares of the bank’s stock worth $150,000 after buying an additional 151 shares during the period. Sompo Asset Management Co. Ltd. boosted its holdings in Bank of New York Mellon by 9.6% in the third quarter. Sompo Asset Management Co. Ltd. now owns 15,910 shares of the bank’s stock valued at $1,143,000 after acquiring an additional 1,400 shares during the last quarter. Finally, Swedbank AB increased its stake in Bank of New York Mellon by 4.1% during the third quarter. Swedbank AB now owns 725,864 shares of the bank’s stock worth $52,161,000 after acquiring an additional 28,384 shares during the last quarter. Institutional investors and hedge funds own 85.31% of the company’s stock.

Bank of New York Mellon Trading Up 1.6 %

NYSE:BK opened at $80.14 on Friday. The stock has a market cap of $58.27 billion, a price-to-earnings ratio of 17.42, a price-to-earnings-growth ratio of 0.90 and a beta of 1.07. The Bank of New York Mellon Co. has a one year low of $46.81 and a one year high of $80.29. The company has a debt-to-equity ratio of 0.89, a quick ratio of 0.70 and a current ratio of 0.70. The business’s 50-day simple moving average is $75.03 and its 200 day simple moving average is $66.71.

Bank of New York Mellon (NYSE:BK) last announced its earnings results on Friday, October 11th. The bank reported $1.52 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.41 by $0.11. Bank of New York Mellon had a return on equity of 12.06% and a net margin of 9.44%. The company had revenue of $4.65 billion for the quarter, compared to analyst estimates of $4.52 billion. As a group, sell-side analysts predict that The Bank of New York Mellon Co. will post 5.82 earnings per share for the current fiscal year.

Bank of New York Mellon Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, November 1st. Shareholders of record on Monday, October 21st were issued a dividend of $0.47 per share. This represents a $1.88 annualized dividend and a yield of 2.35%. The ex-dividend date was Monday, October 21st. Bank of New York Mellon’s dividend payout ratio is currently 40.87%.

Insider Transactions at Bank of New York Mellon

In other news, VP Hanneke Smits sold 16,475 shares of the business’s stock in a transaction that occurred on Tuesday, October 15th. The stock was sold at an average price of $76.47, for a total value of $1,259,843.25. Following the completion of the sale, the vice president now directly owns 157,455 shares in the company, valued at approximately $12,040,583.85. The trade was a 9.47 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP J Kevin Mccarthy sold 25,000 shares of the company’s stock in a transaction that occurred on Tuesday, October 15th. The shares were sold at an average price of $76.31, for a total value of $1,907,750.00. Following the sale, the executive vice president now directly owns 75,404 shares in the company, valued at approximately $5,754,079.24. This represents a 24.90 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 0.14% of the company’s stock.

Analyst Upgrades and Downgrades

BK has been the topic of several research analyst reports. Citigroup lifted their price objective on Bank of New York Mellon from $65.00 to $70.00 and gave the company a “neutral” rating in a research note on Thursday, September 19th. StockNews.com upgraded shares of Bank of New York Mellon from a “hold” rating to a “buy” rating in a research note on Tuesday, November 19th. Morgan Stanley raised their target price on shares of Bank of New York Mellon from $72.00 to $78.00 and gave the company an “equal weight” rating in a research note on Monday, September 30th. Deutsche Bank Aktiengesellschaft lifted their target price on shares of Bank of New York Mellon from $82.00 to $85.00 and gave the company a “buy” rating in a report on Monday, November 11th. Finally, The Goldman Sachs Group increased their price target on Bank of New York Mellon from $74.00 to $80.00 and gave the company a “buy” rating in a report on Thursday, September 26th. Five research analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $77.23.

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.