Thrivent Financial for Lutherans Decreases Holdings in The Bank of New York Mellon Co. (NYSE:BK)

Thrivent Financial for Lutherans reduced its stake in The Bank of New York Mellon Co. (NYSE:BK) by 0.8% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,951,120 shares of the bank’s stock after selling 15,527 shares during the period. Thrivent Financial for Lutherans owned approximately 0.26% of Bank of New York Mellon worth $116,852,000 at the end of the most recent reporting period.

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

Analysts Set New Price Targets

BK has been the subject of a number of analyst reports. Morgan Stanley upped their price objective on shares of Bank of New York Mellon from $65.00 to $72.00 and gave the company an “equal weight” rating in a research report on Tuesday, July 30th. Keefe, Bruyette & Woods restated an “outperform” rating and set a $75.00 price objective (up previously from $70.00) on shares of Bank of New York Mellon in a research note on Monday, July 15th. Deutsche Bank Aktiengesellschaft upped their target price on Bank of New York Mellon from $63.00 to $66.00 and gave the company a “hold” rating in a research report on Thursday, August 15th. Evercore ISI raised their price target on shares of Bank of New York Mellon from $61.00 to $66.00 and gave the stock an “in-line” rating in a research report on Monday, July 15th. Finally, Citigroup upped their price target on shares of Bank of New York Mellon from $65.00 to $70.00 and gave the company a “neutral” rating in a report on Thursday. Six research analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $66.59.

Insider Buying and Selling at Bank of New York Mellon

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 stock was sold at an average price of $64.11, for a total value of $961,650.00. Following 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 can be accessed through this hyperlink. 0.14% of the stock is owned by company insiders.

Bank of New York Mellon Price Performance

Shares of NYSE:BK opened at $71.82 on Friday. The company has a quick ratio of 0.70, a current ratio of 0.70 and a debt-to-equity ratio of 0.85. The firm has a 50-day simple moving average of $65.98 and a 200 day simple moving average of $60.65. The Bank of New York Mellon Co. has a fifty-two week low of $39.66 and a fifty-two week high of $71.96. The company has a market cap of $53.71 billion, a PE ratio of 16.63, a P/E/G ratio of 1.17 and a beta of 1.08.

Bank of New York Mellon (NYSE:BK) last announced its quarterly earnings results 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. Bank of New York Mellon had a return on equity of 11.87% and a net margin of 9.40%. The business had revenue of $4.60 billion for the quarter, compared to the consensus estimate of $4.53 billion. During the same quarter last year, the business posted $1.38 EPS. The business’s revenue was up 2.1% on a year-over-year basis. On average, sell-side analysts anticipate 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 company also recently announced a quarterly dividend, which was paid on Friday, August 2nd. Shareholders of record on Monday, July 22nd were given 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 yield of 2.62%. Bank of New York Mellon’s dividend payout ratio is 43.52%.

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.