Boyar Asset Management Inc. Sells 2,748 Shares of The Bank of New York Mellon Co. (NYSE:BK)

Boyar Asset Management Inc. decreased its position in The Bank of New York Mellon Co. (NYSE:BK) by 4.9% during the third quarter, Holdings Channel reports. The firm owned 53,844 shares of the bank’s stock after selling 2,748 shares during the quarter. Bank of New York Mellon comprises 2.5% of Boyar Asset Management Inc.’s portfolio, making the stock its 9th largest holding. Boyar Asset Management Inc.’s holdings in Bank of New York Mellon were worth $3,869,000 as of its most recent SEC filing.

A number of other large investors also recently added to or reduced their stakes in the company. McClarren Financial Advisors Inc. grew its holdings in shares of Bank of New York Mellon by 586.4% in the third quarter. McClarren Financial Advisors Inc. now owns 405 shares of the bank’s stock valued at $29,000 after purchasing an additional 346 shares in the last quarter. Clearstead Trust LLC acquired a new position in shares of Bank of New York Mellon in the second quarter worth $32,000. Family Firm Inc. purchased a new stake in shares of Bank of New York Mellon during the second quarter worth $40,000. Fortitude Family Office LLC raised its stake in shares of Bank of New York Mellon by 130.6% in the third quarter. Fortitude Family Office LLC now owns 611 shares of the bank’s stock valued at $44,000 after acquiring an additional 346 shares in the last quarter. Finally, Grove Bank & Trust boosted its holdings in Bank of New York Mellon by 28.8% in the third quarter. Grove Bank & Trust now owns 644 shares of the bank’s stock valued at $46,000 after purchasing an additional 144 shares during the period. 85.31% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on BK. The Goldman Sachs Group upped their price target on Bank of New York Mellon from $74.00 to $80.00 and gave the stock a “buy” rating in a report on Thursday, September 26th. JPMorgan Chase & Co. upped their target price on shares of Bank of New York Mellon from $69.00 to $77.00 and gave the stock an “overweight” rating in a research note on Monday, October 7th. Citigroup lifted their price target on shares of Bank of New York Mellon from $75.00 to $82.00 and gave the stock a “neutral” rating in a research note on Monday, November 25th. Royal Bank of Canada reissued a “sector perform” rating and issued a $79.00 price objective on shares of Bank of New York Mellon in a research report on Monday, October 14th. Finally, Wells Fargo & Company lifted their price objective on shares of Bank of New York Mellon from $79.00 to $81.00 and gave the stock an “equal weight” rating in a research report on Friday, November 15th. Five research analysts have rated the stock with a hold rating and nine have given a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $81.00.

Insider Activity at Bank of New York Mellon

In other news, 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 completion of the sale, the executive vice president now directly owns 75,404 shares of the company’s stock, valued at $5,754,079.24. This trade represents a 24.90 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, VP Hanneke Smits sold 16,475 shares of Bank of New York Mellon stock in a transaction that occurred on Tuesday, October 15th. The shares were 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 owns 157,455 shares in the company, valued at approximately $12,040,583.85. This trade represents a 9.47 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.14% of the stock is currently owned by insiders.

Bank of New York Mellon Stock Down 1.2 %

Shares of NYSE BK opened at $79.68 on Thursday. The business has a 50-day moving average price of $77.51 and a 200 day moving average price of $68.74. The stock has a market cap of $57.93 billion, a PE ratio of 17.32, a price-to-earnings-growth ratio of 0.92 and a beta of 1.07. The company has a quick ratio of 0.70, a current ratio of 0.70 and a debt-to-equity ratio of 0.89. The Bank of New York Mellon Co. has a 52-week low of $49.48 and a 52-week high of $82.72.

Bank of New York Mellon (NYSE:BK) last posted its quarterly earnings data on Friday, October 11th. The bank reported $1.52 earnings per share for the quarter, beating the consensus estimate of $1.41 by $0.11. The business had revenue of $4.65 billion during the quarter, compared to the consensus estimate of $4.52 billion. Bank of New York Mellon had a return on equity of 12.06% and a net margin of 9.44%. Equities research analysts forecast that The Bank of New York Mellon Co. will post 5.84 earnings per share for the current 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 issued a dividend of $0.47 per share. This represents a $1.88 annualized dividend and a dividend yield of 2.36%. The ex-dividend date of this dividend was Monday, October 21st. 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.