Estabrook Capital Management Sells 1,054 Shares of The Bank of New York Mellon Co. (NYSE:BK)

Estabrook Capital Management decreased its position in The Bank of New York Mellon Co. (NYSE:BK) by 1.8% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 58,709 shares of the bank’s stock after selling 1,054 shares during the quarter. Estabrook Capital Management’s holdings in Bank of New York Mellon were worth $3,516,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Gilbert & Cook Inc. increased its stake in Bank of New York Mellon by 4.7% in the 4th quarter. Gilbert & Cook Inc. now owns 9,361 shares of the bank’s stock valued at $487,000 after buying an additional 419 shares during the last quarter. Corient Private Wealth LLC lifted its holdings in Bank of New York Mellon by 7.2% during the fourth quarter. Corient Private Wealth LLC now owns 312,188 shares of the bank’s stock worth $16,249,000 after acquiring an additional 20,917 shares during the period. CreativeOne Wealth LLC purchased a new position in Bank of New York Mellon in the fourth quarter worth $257,000. Franklin Resources Inc. grew its stake in Bank of New York Mellon by 27.9% in the 4th quarter. Franklin Resources Inc. now owns 731,241 shares of the bank’s stock valued at $38,061,000 after purchasing an additional 159,698 shares during the period. Finally, Ontario Teachers Pension Plan Board purchased a new stake in shares of Bank of New York Mellon during the 4th quarter valued at $397,000. Hedge funds and other institutional investors own 85.31% of the company’s stock.

Insider Buying and Selling

In other Bank of New York Mellon 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 $11,150,652.30. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. 0.14% of the stock is owned by company insiders.

Bank of New York Mellon Stock Performance

NYSE BK opened at $71.82 on Friday. The company’s 50 day simple moving average is $65.98 and its two-hundred day simple moving average is $60.68. The stock has a market capitalization of $53.71 billion, a PE ratio of 16.63, a P/E/G ratio of 1.17 and a beta of 1.08. The company has a debt-to-equity ratio of 0.85, a current ratio of 0.70 and a quick ratio of 0.70. The Bank of New York Mellon Co. has a 1 year low of $39.66 and a 1 year high of $71.96.

Bank of New York Mellon (NYSE:BK) last issued its quarterly earnings data on Friday, July 12th. The bank reported $1.51 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 company 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 earnings per share. The firm’s revenue was up 2.1% compared to the same quarter last year. Analysts predict 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 firm also recently disclosed a quarterly dividend, which was paid on Friday, August 2nd. Stockholders of record on Monday, July 22nd were issued a dividend of $0.47 per share. This is a positive change from Bank of New York Mellon’s previous quarterly dividend of $0.42. The ex-dividend date was Monday, July 22nd. This represents a $1.88 annualized dividend and a dividend yield of 2.62%. Bank of New York Mellon’s payout ratio is presently 43.52%.

Wall Street Analyst Weigh In

Several equities analysts recently weighed in on BK shares. Morgan Stanley increased their price target 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. Deutsche Bank Aktiengesellschaft increased their target price on shares of 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 lifted 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 report on Monday, July 15th. Barclays increased their price objective on Bank of New York Mellon from $68.00 to $75.00 and gave the company an “overweight” rating in a report on Monday, July 15th. Finally, Citigroup boosted their target price on Bank of New York Mellon from $65.00 to $70.00 and gave the company a “neutral” rating in a research note on Thursday. Six investment analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $66.59.

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.