The Bank of New York Mellon Co. (NYSE:BK) Shares Sold by Hsbc Holdings PLC

Hsbc Holdings PLC decreased its stake in The Bank of New York Mellon Co. (NYSE:BK) by 4.8% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 2,518,130 shares of the bank’s stock after selling 128,308 shares during the period. Hsbc Holdings PLC owned 0.34% of Bank of New York Mellon worth $150,694,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently modified their holdings of the stock. Olistico Wealth LLC acquired a new position in Bank of New York Mellon in the second quarter valued at $30,000. Clearstead Trust LLC purchased a new stake in shares of Bank of New York Mellon in the 2nd quarter valued at about $32,000. Kathleen S. Wright Associates Inc. acquired a new stake in shares of Bank of New York Mellon in the 1st quarter valued at about $32,000. Able Wealth Management LLC purchased a new position in Bank of New York Mellon during the 4th quarter worth approximately $32,000. Finally, Family Firm Inc. acquired a new position in Bank of New York Mellon during the second quarter worth approximately $40,000. 85.31% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, VP Hanneke Smits sold 15,000 shares of Bank of New York Mellon stock in a transaction that occurred on Thursday, July 18th. The shares were sold at an average price of $64.11, for a total transaction of $961,650.00. Following the completion of the sale, the vice president now directly owns 173,930 shares in the company, valued at approximately $11,150,652.30. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. 0.14% of the stock is currently owned by company insiders.

Bank of New York Mellon Stock Performance

Shares of BK stock opened at $71.04 on Thursday. The company has a current ratio of 0.70, a quick ratio of 0.70 and a debt-to-equity ratio of 0.85. The Bank of New York Mellon Co. has a 12-month low of $39.66 and a 12-month high of $71.80. The company has a market cap 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 stock has a 50 day simple moving average of $65.63 and a 200-day simple moving average of $60.46.

Bank of New York Mellon (NYSE:BK) last released its quarterly earnings data on Friday, July 12th. The bank reported $1.51 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.43 by $0.08. The firm had revenue of $4.60 billion during the quarter, compared to analysts’ expectations 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 quarter in the prior year, the business posted $1.38 earnings per share. On average, equities analysts forecast that The Bank of New York Mellon Co. will post 5.63 EPS for the current year.

Bank of New York Mellon Increases Dividend

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

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on BK. Evercore ISI increased their price objective on Bank of New York Mellon from $61.00 to $66.00 and gave the company an “in-line” rating in a report on Monday, July 15th. Barclays increased 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. Keefe, Bruyette & Woods restated an “outperform” rating and issued a $75.00 price objective (up from $70.00) on shares of Bank of New York Mellon in a research note on Monday, July 15th. Deutsche Bank Aktiengesellschaft increased their target price on shares of Bank of New York Mellon from $63.00 to $66.00 and gave the stock a “hold” rating in a research note on Thursday, August 15th. Finally, Citigroup cut 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 research report on Monday, July 15th. Six analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $66.14.

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.