Western Wealth Management LLC Has $702,000 Stake in The Bank of New York Mellon Co. (NYSE:BK)

Western Wealth Management LLC reduced its stake in shares of The Bank of New York Mellon Co. (NYSE:BK) by 5.7% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 11,721 shares of the bank’s stock after selling 706 shares during the quarter. Western Wealth Management LLC’s holdings in Bank of New York Mellon were worth $702,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently made changes to their positions in BK. International Assets Investment Management LLC acquired a new position in shares of Bank of New York Mellon in the 4th quarter worth approximately $7,754,000. Daiwa Securities Group Inc. boosted its position in Bank of New York Mellon by 10.1% in the 4th quarter. Daiwa Securities Group Inc. now owns 75,900 shares of the bank’s stock valued at $3,950,000 after buying an additional 6,960 shares during the last quarter. Livforsakringsbolaget Skandia Omsesidigt increased its stake in shares of Bank of New York Mellon by 95.1% in the 4th quarter. Livforsakringsbolaget Skandia Omsesidigt now owns 1,539 shares of the bank’s stock valued at $80,000 after buying an additional 750 shares during the period. Xponance Inc. raised its position in shares of Bank of New York Mellon by 0.8% during the fourth quarter. Xponance Inc. now owns 115,192 shares of the bank’s stock worth $5,996,000 after acquiring an additional 914 shares during the last quarter. Finally, Greenleaf Trust lifted its stake in shares of Bank of New York Mellon by 6.2% during the fourth quarter. Greenleaf Trust now owns 28,162 shares of the bank’s stock valued at $1,466,000 after acquiring an additional 1,645 shares during the period. 85.31% of the stock is owned by institutional investors.

Bank of New York Mellon Stock Up 0.2 %

Shares of Bank of New York Mellon stock opened at $65.74 on Tuesday. The company has a market capitalization of $49.16 billion, a P/E ratio of 15.22, a price-to-earnings-growth ratio of 1.14 and a beta of 1.09. The company has a debt-to-equity ratio of 0.85, a current ratio of 0.70 and a quick ratio of 0.71. The business has a 50-day moving average of $61.92 and a two-hundred day moving average of $58.55. The Bank of New York Mellon Co. has a 1 year low of $39.66 and a 1 year high of $65.93.

Bank of New York Mellon (NYSE:BK) last posted 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. 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 during the quarter, compared to analysts’ expectations of $4.53 billion. During the same period in the prior year, the business earned $1.38 EPS. Bank of New York Mellon’s revenue for the quarter was up 2.1% compared to the same quarter last year. As a group, equities analysts predict that The Bank of New York Mellon Co. will post 5.6 EPS for the current year.

Bank of New York Mellon Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, August 2nd. Investors of record on Monday, July 22nd were given a $0.47 dividend. 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 yield of 2.86%. The ex-dividend date of this dividend was Monday, July 22nd. Bank of New York Mellon’s payout ratio is currently 43.52%.

Wall Street Analyst Weigh In

Several brokerages have weighed in on BK. Keefe, Bruyette & Woods reissued an “outperform” rating and set a $75.00 price objective (up from $70.00) on shares of Bank of New York Mellon in a report on Monday, July 15th. Evercore ISI boosted 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 research note on Monday, July 15th. Barclays raised 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 research note on Monday, July 15th. Deutsche Bank Aktiengesellschaft upped 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. Finally, Morgan Stanley increased their price target on 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. Six investment analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $66.14.

Insider Buying and Selling

In other news, VP Hanneke Smits sold 15,000 shares of the business’s stock in a transaction dated Thursday, July 18th. The stock was sold at an average price of $64.11, for a total value of $961,650.00. Following 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 filing with the SEC, which is accessible through the SEC website. Company insiders own 0.14% of the company’s stock.

Bank of New York Mellon 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.