The Bank of New York Mellon Co. (NYSE:BK) Shares Sold by Novare Capital Management LLC

Novare Capital Management LLC cut its position in shares of The Bank of New York Mellon Co. (NYSE:BK) by 4.9% in the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 177,693 shares of the bank’s stock after selling 9,071 shares during the quarter. Bank of New York Mellon accounts for approximately 1.1% of Novare Capital Management LLC’s holdings, making the stock its 22nd largest position. Novare Capital Management LLC’s holdings in Bank of New York Mellon were worth $13,652,000 as of its most recent SEC filing.

Other institutional investors have also modified their holdings of the company. Studio Investment Management LLC increased its stake in shares of Bank of New York Mellon by 2.1% during the 3rd quarter. Studio Investment Management LLC now owns 6,636 shares of the bank’s stock valued at $477,000 after acquiring an additional 134 shares during the last quarter. Stanley Laman Group Ltd. grew 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 valued at $445,000 after purchasing an additional 135 shares during the period. Grove Bank & Trust increased its position in Bank of New York Mellon by 21.0% during the fourth quarter. Grove Bank & Trust now owns 779 shares of the bank’s stock worth $60,000 after purchasing an additional 135 shares during the last quarter. Avidian Wealth Enterprises LLC raised its stake in Bank of New York Mellon by 2.0% during the third quarter. Avidian Wealth Enterprises LLC now owns 7,024 shares of the bank’s stock worth $505,000 after purchasing an additional 137 shares during the period. Finally, Frank Rimerman Advisors LLC raised its stake in Bank of New York Mellon by 1.1% during the third quarter. Frank Rimerman Advisors LLC now owns 12,908 shares of the bank’s stock worth $928,000 after purchasing an additional 142 shares during the period. Institutional investors and hedge funds own 85.31% of the company’s stock.

Analyst Ratings Changes

A number of analysts have recently commented on the company. Deutsche Bank Aktiengesellschaft upped their price objective on Bank of New York Mellon from $94.00 to $98.00 and gave the stock a “buy” rating in a report on Thursday, January 16th. Wells Fargo & Company upped their price target on Bank of New York Mellon from $82.00 to $86.00 and gave the stock an “equal weight” rating in a research note on Thursday, January 16th. Truist Financial raised their price objective on Bank of New York Mellon from $91.00 to $93.00 and gave the stock a “buy” rating in a report on Thursday, January 16th. Barclays boosted their target price on Bank of New York Mellon from $102.00 to $104.00 and gave the stock an “overweight” rating in a report on Thursday, January 16th. Finally, Morgan Stanley raised their price target on shares of Bank of New York Mellon from $90.00 to $97.00 and gave the company an “overweight” rating in a report on Thursday, January 16th. Six equities research analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. According to MarketBeat, Bank of New York Mellon currently has an average rating of “Moderate Buy” and an average target price of $88.00.

Bank of New York Mellon Stock Performance

Bank of New York Mellon stock opened at $85.82 on Friday. The Bank of New York Mellon Co. has a 12-month low of $52.64 and a 12-month high of $86.34. The company has a debt-to-equity ratio of 0.83, a current ratio of 0.69 and a quick ratio of 0.70. The company has a market capitalization of $62.39 billion, a price-to-earnings ratio of 14.77, a price-to-earnings-growth ratio of 0.96 and a beta of 1.08. The firm’s fifty day moving average price is $79.53 and its 200 day moving average price is $73.09.

Bank of New York Mellon (NYSE:BK) last released its quarterly earnings results on Wednesday, January 15th. The bank reported $1.72 EPS for the quarter, topping the consensus estimate of $1.54 by $0.18. The business had revenue of $4.85 billion for the quarter, compared to analysts’ expectations of $4.66 billion. Bank of New York Mellon had a return on equity of 12.68% and a net margin of 11.35%. The company’s revenue was up 11.2% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $1.28 earnings per share. On average, research analysts forecast that The Bank of New York Mellon Co. will post 6.86 EPS for the current fiscal year.

Bank of New York Mellon Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, February 7th. Stockholders of record on Monday, January 27th will be paid a dividend of $0.47 per share. This represents a $1.88 annualized dividend and a dividend yield of 2.19%. The ex-dividend date is Monday, January 27th. Bank of New York Mellon’s dividend payout ratio (DPR) is currently 32.36%.

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.