Bradley Foster & Sargent Inc. CT Has $5.67 Million Stake in The Bank of New York Mellon Co. (NYSE:BK)

Bradley Foster & Sargent Inc. CT trimmed its stake in shares of The Bank of New York Mellon Co. (NYSE:BK) by 0.4% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 94,690 shares of the bank’s stock after selling 400 shares during the quarter. Bradley Foster & Sargent Inc. CT’s holdings in Bank of New York Mellon were worth $5,671,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Olistico Wealth LLC bought a new position in Bank of New York Mellon during the second quarter worth $30,000. Clearstead Trust LLC bought a new position in Bank of New York Mellon during the second quarter worth $32,000. Kathleen S. Wright Associates Inc. bought a new position in Bank of New York Mellon during the first quarter worth $32,000. Able Wealth Management LLC bought a new position in Bank of New York Mellon during the fourth quarter worth $32,000. Finally, Family Firm Inc. bought a new position in Bank of New York Mellon during the second quarter worth $40,000. 85.31% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other news, VP Hanneke Smits sold 15,000 shares of the company’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 completion of the transaction, the vice president now owns 173,930 shares of the company’s stock, valued at $11,150,652.30. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Insiders own 0.14% of the company’s stock.

Bank of New York Mellon Stock Up 0.3 %

Shares of NYSE BK 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 company has a market cap of $53.12 billion, a price-to-earnings ratio of 16.44, a PEG ratio of 1.17 and a beta of 1.08. The Bank of New York Mellon Co. has a 12 month low of $39.66 and a 12 month high of $71.80. The stock has a 50-day moving average price of $65.63 and a two-hundred day moving average price of $60.46.

Bank of New York Mellon (NYSE:BK) last issued its earnings results on Friday, July 12th. The bank reported $1.51 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 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%. The business’s quarterly revenue was up 2.1% on a year-over-year basis. During the same quarter in the previous year, the firm earned $1.38 earnings per share. As a group, analysts forecast 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 announced a quarterly dividend, which was paid on Friday, August 2nd. Shareholders 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 of this dividend was Monday, July 22nd. This represents a $1.88 annualized dividend and a yield of 2.65%. Bank of New York Mellon’s payout ratio is presently 43.52%.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on BK. Deutsche Bank Aktiengesellschaft boosted 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 boosted 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 report on Monday, July 15th. Citigroup cut shares of Bank of New York Mellon from a “buy” rating to a “neutral” rating and set a $65.00 target price for the company. in a research report on Monday, July 15th. Morgan Stanley boosted their target price 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. Finally, Keefe, Bruyette & Woods reissued an “outperform” rating and issued a $75.00 target price (up previously from $70.00) on shares of Bank of New York Mellon in a research report on Monday, July 15th. 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 data from MarketBeat.com, Bank of New York Mellon has a consensus rating of “Moderate Buy” and an average 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.