Cornerstone Advisors LLC Sells 5,100 Shares of The Bank of New York Mellon Co. (NYSE:BK)

Cornerstone Advisors LLC trimmed its holdings in shares of The Bank of New York Mellon Co. (NYSE:BK) by 34.7% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 9,600 shares of the bank’s stock after selling 5,100 shares during the period. Cornerstone Advisors LLC’s holdings in Bank of New York Mellon were worth $575,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in BK. United Services Automobile Association grew its holdings in Bank of New York Mellon by 6.9% during the fourth quarter. United Services Automobile Association now owns 25,447 shares of the bank’s stock valued at $1,325,000 after purchasing an additional 1,640 shares during the period. Entropy Technologies LP purchased a new stake in Bank of New York Mellon in the 1st quarter worth about $1,027,000. QRG Capital Management Inc. increased its holdings in 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 acquiring an additional 8,204 shares during the last quarter. Wakefield Asset Management LLLP purchased a new stake in Bank of New York Mellon during the first quarter valued at about $3,740,000. Finally, Bessemer Group Inc. lifted its holdings in Bank of New York Mellon by 128.8% during the first quarter. Bessemer Group Inc. now owns 30,755 shares of the bank’s stock valued at $1,771,000 after purchasing an additional 17,312 shares during the last quarter. 85.31% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research firms have recently issued reports on BK. Keefe, Bruyette & Woods reissued an “outperform” rating and issued a $75.00 price target (up previously from $70.00) on shares of Bank of New York Mellon in a research report on Monday, July 15th. Barclays increased their target price on Bank of New York Mellon from $68.00 to $75.00 and gave the stock an “overweight” rating in a research report on Monday, July 15th. Morgan Stanley raised their price target on Bank of New York Mellon from $65.00 to $72.00 and gave the stock an “equal weight” rating in a report on Tuesday, July 30th. Citigroup lowered Bank of New York Mellon from a “buy” rating to a “neutral” rating and set a $65.00 price objective on the stock. in a research note on Monday, July 15th. Finally, Evercore ISI raised their target price on 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. Six analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $66.14.

Bank of New York Mellon Stock Performance

Shares of BK opened at $70.81 on Wednesday. The Bank of New York Mellon Co. has a 12-month low of $39.66 and a 12-month high of $70.92. 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 $52.95 billion, a PE ratio of 16.39, a price-to-earnings-growth ratio of 1.17 and a beta of 1.08. The stock has a 50-day moving average price of $65.42 and a 200-day moving average price of $60.38.

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, beating the consensus estimate of $1.43 by $0.08. The business had revenue of $4.60 billion during the quarter, compared to analyst estimates of $4.53 billion. Bank of New York Mellon had a net margin of 9.40% and a return on equity of 11.87%. Bank of New York Mellon’s revenue for the quarter was up 2.1% on a year-over-year basis. During the same period in the previous year, the business posted $1.38 earnings per share. As a group, 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 company also recently declared a quarterly dividend, which was paid on Friday, August 2nd. Shareholders of record on Monday, July 22nd were given 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 dividend on an annualized basis and a yield of 2.65%. Bank of New York Mellon’s dividend payout ratio (DPR) is presently 43.52%.

Insiders Place Their Bets

In other news, VP Hanneke Smits sold 15,000 shares of the stock in a transaction dated Thursday, July 18th. The stock was 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 sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Corporate 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.