The Bank of New York Mellon Co. (NYSE:BK) Position Lessened by Elo Mutual Pension Insurance Co

Elo Mutual Pension Insurance Co reduced its stake in shares of The Bank of New York Mellon Co. (NYSE:BK) by 4.8% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 66,035 shares of the bank’s stock after selling 3,348 shares during the quarter. Elo Mutual Pension Insurance Co’s holdings in Bank of New York Mellon were worth $3,955,000 at the end of the most recent quarter.

Other large investors have also recently added to or reduced their stakes in the company. Olistico Wealth LLC bought a new stake in shares of Bank of New York Mellon during the second quarter valued at approximately $30,000. Clearstead Trust LLC acquired a new stake in Bank of New York Mellon in the 2nd quarter valued at approximately $32,000. Kathleen S. Wright Associates Inc. acquired a new stake in Bank of New York Mellon in the 1st quarter valued at approximately $32,000. Able Wealth Management LLC bought a new stake in Bank of New York Mellon during the 4th quarter valued at $32,000. Finally, Family Firm Inc. acquired a new position in Bank of New York Mellon during the 2nd quarter worth $40,000. 85.31% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on BK shares. Citigroup lowered Bank of New York Mellon from a “buy” rating to a “neutral” rating and set a $65.00 price target on the stock. in a report on Monday, July 15th. Evercore ISI raised their target price on shares of Bank of New York Mellon from $61.00 to $66.00 and gave the company an “in-line” rating in a research note on Monday, July 15th. Barclays upped their price target on shares of Bank of New York Mellon from $68.00 to $75.00 and gave the stock an “overweight” rating in a research note on Monday, July 15th. Deutsche Bank Aktiengesellschaft raised their price objective on shares of Bank of New York Mellon from $63.00 to $66.00 and gave the company a “hold” rating in a research note on Thursday, August 15th. Finally, Keefe, Bruyette & Woods restated 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. Six investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $66.14.

Bank of New York Mellon Price Performance

Shares of NYSE:BK opened at $71.04 on Thursday. The company has a market capitalization of $53.12 billion, a PE ratio of 16.44, a price-to-earnings-growth ratio of 1.17 and a beta of 1.08. The company has a debt-to-equity ratio of 0.85, a quick ratio of 0.70 and a current ratio of 0.70. The stock has a fifty day moving average of $65.63 and a 200-day moving average of $60.46. The Bank of New York Mellon Co. has a one year low of $39.66 and a one year high of $71.80.

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

Bank of New York Mellon Increases Dividend

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

Insider Activity

In related news, VP Hanneke Smits sold 15,000 shares of the firm’s stock in a transaction that occurred 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 of the company’s stock, valued at approximately $11,150,652.30. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 0.14% of the stock is owned by company insiders.

Bank of New York Mellon Company 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.