Concentric Wealth Management LLC Sells 1,057 Shares of The Bank of New York Mellon Co. (NYSE:BK)

Concentric Wealth Management LLC lessened its holdings in shares of The Bank of New York Mellon Co. (NYSE:BK) by 1.6% in the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 63,782 shares of the bank’s stock after selling 1,057 shares during the quarter. Concentric Wealth Management LLC’s holdings in Bank of New York Mellon were worth $4,583,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Studio Investment Management LLC raised its holdings in Bank of New York Mellon by 2.1% in the 3rd quarter. Studio Investment Management LLC now owns 6,636 shares of the bank’s stock worth $477,000 after purchasing an additional 134 shares in the last quarter. Stanley Laman Group Ltd. lifted its holdings in Bank of New York Mellon by 2.2% in the third quarter. Stanley Laman Group Ltd. now owns 6,198 shares of the bank’s stock worth $445,000 after buying an additional 135 shares during the period. Avidian Wealth Enterprises LLC grew its holdings in shares of Bank of New York Mellon by 2.0% during the 3rd quarter. Avidian Wealth Enterprises LLC now owns 7,024 shares of the bank’s stock worth $505,000 after acquiring an additional 137 shares during the period. Frank Rimerman Advisors LLC raised its position in shares of Bank of New York Mellon by 1.1% in the 3rd quarter. Frank Rimerman Advisors LLC now owns 12,908 shares of the bank’s stock worth $928,000 after acquiring an additional 142 shares in the last quarter. Finally, Sigma Planning Corp lifted its stake in shares of Bank of New York Mellon by 2.7% in the 3rd quarter. Sigma Planning Corp now owns 5,470 shares of the bank’s stock valued at $393,000 after purchasing an additional 143 shares during the period. Hedge funds and other institutional investors own 85.31% of the company’s stock.

Insiders Place Their Bets

In other news, VP Hanneke Smits sold 16,475 shares of the company’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 transaction of $1,259,843.25. Following the transaction, the vice president now owns 157,455 shares of the company’s stock, valued at approximately $12,040,583.85. This represents a 9.47 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, EVP J Kevin Mccarthy sold 25,000 shares of the firm’s stock in a transaction that occurred on Tuesday, October 15th. The stock was 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 of the company’s stock, valued at $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. 0.14% of the stock is owned by insiders.

Analyst Ratings Changes

A number of equities analysts have issued reports on BK shares. Barclays increased their price objective on Bank of New York Mellon from $75.00 to $86.00 and gave the stock an “overweight” rating in a report on Monday, October 14th. Royal Bank of Canada reissued a “sector perform” rating and issued a $79.00 price target on shares of Bank of New York Mellon in a research report on Monday, October 14th. Citigroup raised 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 report on Thursday, September 19th. Evercore ISI boosted their target price on Bank of New York Mellon from $66.00 to $77.00 and gave the stock an “in-line” rating in a report on Monday, October 14th. Finally, Morgan Stanley increased their target price on Bank of New York Mellon from $72.00 to $78.00 and gave the stock an “equal weight” rating in a research note on Monday, September 30th. Five research analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $77.23.

Bank of New York Mellon Trading Up 1.6 %

Bank of New York Mellon stock opened at $80.14 on Monday. The stock has a market cap of $58.27 billion, a P/E ratio of 17.42, a PEG ratio of 0.92 and a beta of 1.07. The firm’s 50 day moving average price is $75.03 and its 200-day moving average price is $66.77. The Bank of New York Mellon Co. has a 1 year low of $46.81 and a 1 year high of $80.29. The company has a debt-to-equity ratio of 0.89, a current ratio of 0.70 and a quick ratio of 0.70.

Bank of New York Mellon (NYSE:BK) last released its quarterly earnings results on Friday, October 11th. The bank reported $1.52 EPS for the quarter, topping the consensus estimate 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 during the quarter, compared to analyst estimates of $4.52 billion. On average, equities 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 Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, November 1st. Investors of record on Monday, October 21st were given a $0.47 dividend. The ex-dividend date was Monday, October 21st. This represents a $1.88 dividend on an annualized basis and a yield of 2.35%. Bank of New York Mellon’s dividend payout ratio is presently 40.87%.

About Bank of New York Mellon

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.