Sei Investments Co. Lowers Position in The Bank of New York Mellon Co. (NYSE:BK)

Sei Investments Co. lessened its stake in The Bank of New York Mellon Co. (NYSE:BK) by 2.1% during the 2nd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 943,150 shares of the bank’s stock after selling 20,275 shares during the quarter. Sei Investments Co. owned approximately 0.13% of Bank of New York Mellon worth $56,487,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in the company. Olistico Wealth LLC bought a new stake in Bank of New York Mellon in the second quarter worth about $30,000. Able Wealth Management LLC acquired a new position in shares of Bank of New York Mellon during the fourth quarter worth $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 $32,000. Clearstead Trust LLC acquired a new stake in shares of Bank of New York Mellon in the 2nd quarter worth $32,000. Finally, Family Firm Inc. purchased a new position in Bank of New York Mellon during the 2nd quarter worth $40,000. 85.31% of the stock is currently owned by hedge funds and other institutional investors.

Bank of New York Mellon Price Performance

Shares of BK opened at $71.82 on Monday. 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 stock’s 50 day moving average is $65.98 and its two-hundred day moving average is $60.72. The firm 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 Bank of New York Mellon Co. has a twelve month low of $39.66 and a twelve month high of $71.96.

Bank of New York Mellon (NYSE:BK) last announced its earnings results 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. The company had revenue of $4.60 billion during 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 quarterly revenue was up 2.1% compared to the same quarter last year. During the same quarter in the previous year, the business posted $1.38 earnings per share. Research analysts anticipate that The Bank of New York Mellon Co. will post 5.63 earnings per share for the current year.

Bank of New York Mellon Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, August 2nd. Investors of record on Monday, July 22nd were given a $0.47 dividend. The ex-dividend date was Monday, July 22nd. This is a boost from Bank of New York Mellon’s previous quarterly dividend of $0.42. This represents a $1.88 annualized dividend and a dividend yield of 2.62%. Bank of New York Mellon’s dividend payout ratio (DPR) is currently 43.52%.

Insider Buying and Selling at Bank of New York Mellon

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. 0.14% of the stock is owned by company insiders.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on the stock. Morgan Stanley boosted 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 report on Tuesday, July 30th. Citigroup raised 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 report on Thursday. Evercore ISI upped their price objective 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. Keefe, Bruyette & Woods reiterated an “outperform” rating and set a $75.00 price target (up from $70.00) on shares of Bank of New York Mellon in a research report on Monday, July 15th. Finally, Barclays increased their price objective on shares of 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. Six analysts have rated the stock with a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price 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.