King Luther Capital Management Corp Decreases Stock Position in The Bank of New York Mellon Co. (NYSE:BK)

King Luther Capital Management Corp lowered its position in The Bank of New York Mellon Co. (NYSE:BK) by 12.8% during the second quarter, according to its most recent filing with the SEC. The institutional investor owned 39,827 shares of the bank’s stock after selling 5,841 shares during the period. King Luther Capital Management Corp’s holdings in Bank of New York Mellon were worth $2,385,000 at the end of the most recent quarter.

A number of other hedge funds also recently bought and sold shares of the business. Olistico Wealth LLC purchased a new position in Bank of New York Mellon during the second quarter worth approximately $30,000. Clearstead Trust LLC acquired a new stake in shares of Bank of New York Mellon during the 2nd quarter worth approximately $32,000. Kathleen S. Wright Associates Inc. purchased a new stake in shares of Bank of New York Mellon during the 1st quarter valued at approximately $32,000. Able Wealth Management LLC purchased a new stake in Bank of New York Mellon in the fourth quarter valued at $32,000. Finally, Family Firm Inc. acquired a new stake in shares of Bank of New York Mellon during the second quarter valued at about $40,000. Institutional investors and hedge funds own 85.31% of the company’s stock.

Insiders Place Their Bets

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 transaction, the vice president now directly owns 173,930 shares of the company’s stock, valued at $11,150,652.30. The sale was disclosed in a filing with the SEC, which is available at this link. Corporate insiders own 0.14% of the company’s stock.

Analyst Ratings Changes

Several equities analysts have commented on the stock. Deutsche Bank Aktiengesellschaft raised their price target 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. Keefe, Bruyette & Woods reiterated an “outperform” rating and issued a $75.00 price objective (up previously from $70.00) on shares of Bank of New York Mellon in a report on Monday, July 15th. Barclays boosted their target price on 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. 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 note on Tuesday, July 30th. Finally, Citigroup upped their target price 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 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 company has an average rating of “Moderate Buy” and an average target price of $66.59.

Bank of New York Mellon Price Performance

BK stock opened at $71.82 on Friday. The firm has a 50 day moving average of $65.98 and a 200-day moving average of $60.68. The company has a market cap of $53.71 billion, a price-to-earnings ratio of 16.63, a PEG ratio of 1.17 and a beta of 1.08. 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 $71.96.

Bank of New York Mellon (NYSE:BK) last issued its quarterly earnings data on Friday, July 12th. The bank reported $1.51 EPS for the quarter, beating analysts’ consensus estimates of $1.43 by $0.08. The firm had revenue of $4.60 billion for the quarter, compared to analysts’ expectations of $4.53 billion. Bank of New York Mellon had a net margin of 9.40% and a return on equity of 11.87%. The firm’s revenue was up 2.1% on a year-over-year basis. During the same period in the prior year, the company earned $1.38 EPS. As a group, equities analysts expect 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 disclosed a quarterly dividend, which was paid on Friday, August 2nd. Investors of record on Monday, July 22nd were paid a dividend of $0.47 per share. This is an increase 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 dividend payout ratio is presently 43.52%.

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.