Cetera Investment Advisers Sells 50,020 Shares of The Bank of New York Mellon Co. (NYSE:BK)

Cetera Investment Advisers reduced its position in The Bank of New York Mellon Co. (NYSE:BK) by 17.5% during the second quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 236,026 shares of the bank’s stock after selling 50,020 shares during the period. Cetera Investment Advisers’ holdings in Bank of New York Mellon were worth $14,136,000 at the end of the most recent quarter.

A number of other institutional investors have also modified their holdings of BK. Entropy Technologies LP acquired a new stake in Bank of New York Mellon in the first quarter valued at approximately $1,027,000. QRG Capital Management Inc. boosted its position in shares of Bank of New York Mellon by 6.9% in the 1st quarter. QRG Capital Management Inc. now owns 127,576 shares of the bank’s stock worth $7,351,000 after purchasing an additional 8,204 shares in the last quarter. Wakefield Asset Management LLLP purchased a new position in Bank of New York Mellon during the 1st quarter worth $3,740,000. Bessemer Group Inc. increased its position in Bank of New York Mellon by 128.8% during the 1st quarter. Bessemer Group Inc. now owns 30,755 shares of the bank’s stock valued at $1,771,000 after buying an additional 17,312 shares in the last quarter. Finally, Cibc World Markets Corp raised its stake in Bank of New York Mellon by 42.8% in the fourth quarter. Cibc World Markets Corp now owns 178,631 shares of the bank’s stock valued at $9,298,000 after buying an additional 53,552 shares during the last quarter. 85.31% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Bank of New York Mellon

In other news, VP Hanneke Smits sold 15,000 shares of Bank of New York Mellon stock in a transaction 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 sale, the vice president now directly owns 173,930 shares of the company’s stock, valued at approximately $11,150,652.30. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. 0.14% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

BK has been the subject of a number of recent research reports. Morgan Stanley raised their price target on shares of Bank of New York Mellon from $72.00 to $78.00 and gave the stock an “equal weight” rating in a research report on Monday, September 30th. The Goldman Sachs Group raised their target price on Bank of New York Mellon from $74.00 to $80.00 and gave the stock a “buy” rating in a report on Thursday, September 26th. 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. Evercore ISI lifted 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 report on Monday, July 15th. Finally, Deutsche Bank Aktiengesellschaft raised shares of Bank of New York Mellon from a “hold” rating to a “buy” rating and increased their price target for the stock from $66.00 to $80.00 in a report on Monday, September 23rd. Five research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. According to data from MarketBeat.com, Bank of New York Mellon presently has an average rating of “Moderate Buy” and an average price target of $69.38.

Bank of New York Mellon Stock Up 1.7 %

BK stock opened at $71.99 on Friday. The stock has a market capitalization of $53.84 billion, a P/E ratio of 16.66, a P/E/G ratio of 1.24 and a beta of 1.08. The Bank of New York Mellon Co. has a 52 week low of $39.66 and a 52 week high of $73.19. The firm has a 50-day simple moving average of $67.46 and a 200-day simple moving average of $61.78. The company has a quick ratio of 0.70, a current ratio of 0.70 and a debt-to-equity ratio of 0.85.

Bank of New York Mellon (NYSE:BK) last released its earnings results on Friday, July 12th. The bank reported $1.51 earnings per share for the quarter, beating 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 earnings per share. The business’s quarterly revenue was up 2.1% compared to the same quarter last year. Equities 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 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 represents a $1.88 annualized dividend and a yield of 2.61%. The ex-dividend date of this dividend was Monday, July 22nd. This is a boost from Bank of New York Mellon’s previous quarterly dividend of $0.42. Bank of New York Mellon’s dividend payout ratio is currently 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.