American International Group Inc. Cuts Stake in The Bank of New York Mellon Co. (NYSE:BK)

American International Group Inc. cut its holdings in The Bank of New York Mellon Co. (NYSE:BK) by 1.9% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 221,294 shares of the bank’s stock after selling 4,397 shares during the period. American International Group Inc.’s holdings in Bank of New York Mellon were worth $11,518,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in BK. Atlantic Edge Private Wealth Management LLC purchased a new stake in shares of Bank of New York Mellon in the fourth quarter worth about $28,000. Able Wealth Management LLC bought a new stake in Bank of New York Mellon in the 4th quarter worth approximately $32,000. Hartford Financial Management Inc. boosted its position in shares of Bank of New York Mellon by 41.4% during the 4th quarter. Hartford Financial Management Inc. now owns 625 shares of the bank’s stock valued at $33,000 after acquiring an additional 183 shares during the last quarter. Blue Trust Inc. grew its holdings in shares of Bank of New York Mellon by 159.2% in the fourth quarter. Blue Trust Inc. now owns 858 shares of the bank’s stock valued at $45,000 after purchasing an additional 527 shares in the last quarter. Finally, CVA Family Office LLC bought a new stake in Bank of New York Mellon in the fourth quarter worth $66,000. 85.31% of the stock is owned by hedge funds and other institutional investors.

Bank of New York Mellon Trading Up 0.3 %

BK stock opened at $58.19 on Tuesday. The company has a market capitalization of $43.51 billion, a PE ratio of 14.19, a P/E/G ratio of 1.19 and a beta of 1.08. The company has a debt-to-equity ratio of 0.90, a current ratio of 0.71 and a quick ratio of 0.71. The Bank of New York Mellon Co. has a 12 month low of $39.66 and a 12 month high of $60.87. The firm’s 50-day moving average is $57.79 and its 200 day moving average is $55.43.

Bank of New York Mellon (NYSE:BK) last posted its quarterly earnings results on Tuesday, April 16th. The bank reported $1.29 earnings per share for the quarter, beating the consensus estimate of $1.19 by $0.10. The firm had revenue of $4.53 billion during the quarter, compared to the consensus estimate of $4.39 billion. Bank of New York Mellon had a net margin of 9.48% and a return on equity of 11.80%. The company’s revenue was up 3.8% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.13 earnings per share. On average, research analysts anticipate that The Bank of New York Mellon Co. will post 5.45 EPS for the current year.

Bank of New York Mellon Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, May 9th. Investors of record on Friday, April 26th were issued a $0.42 dividend. The ex-dividend date of this dividend was Thursday, April 25th. This represents a $1.68 annualized dividend and a dividend yield of 2.89%. Bank of New York Mellon’s payout ratio is currently 40.98%.

Analysts Set New Price Targets

A number of equities analysts have commented on BK shares. Bank of America lifted their price objective on shares of Bank of New York Mellon from $64.00 to $66.00 and gave the stock a “buy” rating in a research note on Wednesday, April 17th. Morgan Stanley upped their price objective on Bank of New York Mellon from $62.00 to $63.00 and gave the company an “equal weight” rating in a research report on Thursday, April 18th. Jefferies Financial Group lifted their target price on Bank of New York Mellon from $67.00 to $68.00 and gave the stock a “buy” rating in a report on Thursday, April 18th. Evercore ISI increased their price target on Bank of New York Mellon from $57.00 to $61.00 and gave the company an “in-line” rating in a report on Thursday, April 4th. Finally, Royal Bank of Canada reaffirmed a “sector perform” rating and set a $58.00 price objective on shares of Bank of New York Mellon in a research note on Wednesday, March 27th. Five investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $60.17.

Insider Buying and Selling

In other news, VP Catherine Keating sold 54,070 shares of the business’s stock in a transaction dated Thursday, April 18th. The shares were sold at an average price of $54.88, for a total value of $2,967,361.60. Following the completion of the sale, the vice president now owns 78,350 shares in the company, valued at approximately $4,299,848. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. In other Bank of New York Mellon news, VP Senthilkumar Santhanakrishnan sold 15,643 shares of Bank of New York Mellon stock in a transaction dated Wednesday, May 8th. The stock was sold at an average price of $57.65, for a total value of $901,818.95. Following the transaction, the vice president now owns 144,721 shares in the company, valued at $8,343,165.65. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Catherine Keating sold 54,070 shares of the stock in a transaction dated Thursday, April 18th. The shares were sold at an average price of $54.88, for a total transaction of $2,967,361.60. Following the sale, the vice president now directly owns 78,350 shares of the company’s stock, valued at $4,299,848. The disclosure for this sale can be found here. Insiders sold a total of 115,928 shares of company stock valued at $6,475,216 over the last three months. 0.14% of the stock is owned by company insiders.

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.