First Eagle Investment Management LLC Reduces Stake in The Bank of New York Mellon Co. (NYSE:BK)

First Eagle Investment Management LLC lessened its stake in shares of The Bank of New York Mellon Co. (NYSE:BK) by 1.9% during the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 15,710,928 shares of the bank’s stock after selling 300,093 shares during the period. Bank of New York Mellon accounts for approximately 2.1% of First Eagle Investment Management LLC’s portfolio, making the stock its 17th biggest position. First Eagle Investment Management LLC owned about 2.10% of Bank of New York Mellon worth $940,927,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of BK. Commerzbank Aktiengesellschaft FI lifted its stake in shares of Bank of New York Mellon by 4.5% in the 2nd quarter. Commerzbank Aktiengesellschaft FI now owns 3,847 shares of the bank’s stock valued at $231,000 after purchasing an additional 165 shares during the last quarter. Lake Street Advisors Group LLC lifted its position in Bank of New York Mellon by 3.8% in the second quarter. Lake Street Advisors Group LLC now owns 4,698 shares of the bank’s stock valued at $281,000 after buying an additional 171 shares during the last quarter. Greenleaf Trust boosted its stake in Bank of New York Mellon by 0.7% during the first quarter. Greenleaf Trust now owns 28,349 shares of the bank’s stock worth $1,633,000 after buying an additional 187 shares during the period. 1858 Wealth Management LLC increased its position in shares of Bank of New York Mellon by 4.0% during the second quarter. 1858 Wealth Management LLC now owns 4,866 shares of the bank’s stock valued at $291,000 after acquiring an additional 188 shares during the last quarter. Finally, Semmax Financial Advisors Inc. raised its stake in shares of Bank of New York Mellon by 1.9% in the 1st quarter. Semmax Financial Advisors Inc. now owns 10,214 shares of the bank’s stock valued at $591,000 after acquiring an additional 189 shares during the period. Institutional investors and hedge funds own 85.31% of the company’s stock.

Bank of New York Mellon Stock Up 0.3 %

Shares of NYSE BK opened at $71.04 on Thursday. The business has a 50-day moving average of $65.63 and a two-hundred day moving average of $60.46. The company has a market capitalization of $53.12 billion, a price-to-earnings ratio of 16.44, a price-to-earnings-growth ratio of 1.17 and a beta of 1.08. The Bank of New York Mellon Co. has a 1 year low of $39.66 and a 1 year high of $71.80. The company has a debt-to-equity ratio of 0.85, a current ratio of 0.70 and a quick ratio of 0.70.

Bank of New York Mellon (NYSE:BK) last posted its earnings results on Friday, July 12th. The bank reported $1.51 earnings per share for the quarter, topping the consensus estimate of $1.43 by $0.08. Bank of New York Mellon had a return on equity of 11.87% and a net margin of 9.40%. The firm had revenue of $4.60 billion during the quarter, compared to analysts’ expectations of $4.53 billion. During the same quarter in the previous year, the business earned $1.38 earnings per share. The firm’s revenue was up 2.1% compared to the same quarter last year. On average, analysts forecast that The Bank of New York Mellon Co. will post 5.63 earnings per share for the current fiscal year.

Bank of New York Mellon Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, August 2nd. Investors of record on Monday, July 22nd were given a $0.47 dividend. This represents a $1.88 dividend on an annualized basis and a dividend yield of 2.65%. This is an increase from Bank of New York Mellon’s previous quarterly dividend of $0.42. The ex-dividend date of this dividend was Monday, July 22nd. Bank of New York Mellon’s dividend payout ratio (DPR) is 43.52%.

Wall Street Analyst Weigh In

Several research firms recently weighed in on BK. Citigroup downgraded shares of Bank of New York Mellon from a “buy” rating to a “neutral” rating and set a $65.00 target price for the company. in a report on Monday, July 15th. Morgan Stanley lifted their price objective on Bank of New York Mellon from $65.00 to $72.00 and gave the company an “equal weight” rating in a research note on Tuesday, July 30th. Evercore ISI increased their target price on Bank of New York Mellon from $61.00 to $66.00 and gave the stock an “in-line” rating in a research note on Monday, July 15th. Keefe, Bruyette & Woods reaffirmed an “outperform” rating and issued a $75.00 target price (up from $70.00) on shares of Bank of New York Mellon in a research report on Monday, July 15th. Finally, Deutsche Bank Aktiengesellschaft increased their price target on shares of Bank of New York Mellon from $63.00 to $66.00 and gave the stock a “hold” rating in a research report on Thursday, August 15th. Six investment analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $66.14.

Insider Buying and Selling

In other Bank of New York Mellon news, VP Hanneke Smits sold 15,000 shares of the company’s stock in a transaction on Thursday, July 18th. The shares were sold at an average price of $64.11, for a total value of $961,650.00. Following the completion of the transaction, the vice president now owns 173,930 shares in the company, valued at $11,150,652.30. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 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.