PFG Investments LLC Trims Stock Position in The Bank of New York Mellon Co. (NYSE:BK)

PFG Investments LLC lessened its holdings in The Bank of New York Mellon Co. (NYSE:BK) by 3.4% during the 2nd quarter, Holdings Channel reports. The firm owned 4,689 shares of the bank’s stock after selling 167 shares during the quarter. PFG Investments LLC’s holdings in Bank of New York Mellon were worth $281,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently modified their holdings of BK. Atlantic Edge Private Wealth Management LLC purchased a new stake in shares of Bank of New York Mellon in the fourth quarter valued at about $28,000. Olistico Wealth LLC purchased a new position in shares of Bank of New York Mellon during the second quarter valued at approximately $30,000. Able Wealth Management LLC purchased a new position in shares of Bank of New York Mellon during the fourth quarter valued at approximately $32,000. Kathleen S. Wright Associates Inc. purchased a new position in shares of Bank of New York Mellon during the first quarter valued at approximately $32,000. Finally, Family Firm Inc. purchased a new position in shares of Bank of New York Mellon during the second quarter valued at approximately $40,000. Hedge funds and other institutional investors own 85.31% of the company’s stock.

Insider Activity at Bank of New York Mellon

In other Bank of New York Mellon news, VP Hanneke Smits sold 15,000 shares of the stock in a transaction 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 in the company, valued at approximately $11,150,652.30. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 0.14% of the company’s stock.

Bank of New York Mellon Price Performance

Bank of New York Mellon stock opened at $68.70 on Friday. The Bank of New York Mellon Co. has a 52-week low of $39.66 and a 52-week high of $69.74. The firm has a fifty day moving average of $64.99 and a 200-day moving average of $60.11. The firm has a market capitalization of $50.70 billion, a P/E ratio of 15.90, a PEG ratio of 1.17 and a beta of 1.08. 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 quarterly earnings data on Friday, July 12th. The bank reported $1.51 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.43 by $0.08. Bank of New York Mellon had a net margin of 9.40% and a return on equity of 11.87%. The company had revenue of $4.60 billion during the quarter, compared to analyst estimates of $4.53 billion. During the same quarter in the prior year, the business earned $1.38 earnings per share. The business’s quarterly revenue was up 2.1% compared to the same quarter last year. As a group, analysts predict that The Bank of New York Mellon Co. will post 5.63 EPS for the current year.

Bank of New York Mellon Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, August 2nd. Investors of record on Monday, July 22nd were issued a dividend of $0.47 per share. This represents a $1.88 dividend on an annualized basis and a yield of 2.74%. This is a positive change from Bank of New York Mellon’s previous quarterly dividend of $0.42. The ex-dividend date of this dividend was Monday, July 22nd. Bank of New York Mellon’s dividend payout ratio (DPR) is presently 43.52%.

Wall Street Analysts Forecast Growth

BK has been the topic of several recent analyst reports. Deutsche Bank Aktiengesellschaft upped their price objective on shares of Bank of New York Mellon from $63.00 to $66.00 and gave the company a “hold” rating in a research note on Thursday, August 15th. Evercore ISI upped their price objective 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 note on Monday, July 15th. Barclays increased their price target on shares of 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. Keefe, Bruyette & Woods reaffirmed an “outperform” rating and set a $75.00 price target (up previously from $70.00) on shares of Bank of New York Mellon in a research note on Monday, July 15th. Finally, Citigroup downgraded shares of Bank of New York Mellon from a “buy” rating to a “neutral” rating and set a $65.00 price target on the stock. in a research note on Monday, July 15th. Six analysts have rated the stock with a hold rating and six have assigned 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 a consensus target price 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.