Hartford Investment Management Co. Sells 1,404 Shares of The Bank of New York Mellon Co. (NYSE:BK)

Hartford Investment Management Co. lowered its stake in shares of The Bank of New York Mellon Co. (NYSE:BK) by 3.0% in the fourth quarter, according to its most recent disclosure with the SEC. The fund owned 45,041 shares of the bank’s stock after selling 1,404 shares during the period. Hartford Investment Management Co.’s holdings in Bank of New York Mellon were worth $3,460,000 as of its most recent filing with the SEC.

Other large investors have also made changes to their positions in the company. Studio Investment Management LLC increased its stake in Bank of New York Mellon by 2.1% during the third quarter. Studio Investment Management LLC now owns 6,636 shares of the bank’s stock valued at $477,000 after acquiring an additional 134 shares during the period. Stanley Laman Group Ltd. increased its position in shares of Bank of New York Mellon by 2.2% during the third quarter. Stanley Laman Group Ltd. now owns 6,198 shares of the bank’s stock valued at $445,000 after purchasing an additional 135 shares during the period. Grove Bank & Trust increased its position in shares of Bank of New York Mellon by 21.0% during the fourth quarter. Grove Bank & Trust now owns 779 shares of the bank’s stock valued at $60,000 after purchasing an additional 135 shares during the period. Avidian Wealth Enterprises LLC lifted its position in Bank of New York Mellon by 2.0% in the third quarter. Avidian Wealth Enterprises LLC now owns 7,024 shares of the bank’s stock worth $505,000 after purchasing an additional 137 shares during the period. Finally, Frank Rimerman Advisors LLC boosted its stake in Bank of New York Mellon by 1.1% during the third quarter. Frank Rimerman Advisors LLC now owns 12,908 shares of the bank’s stock worth $928,000 after buying an additional 142 shares in the last quarter. Institutional investors and hedge funds own 85.31% of the company’s stock.

Bank of New York Mellon Stock Down 0.2 %

Shares of NYSE:BK opened at $85.30 on Thursday. The company has a quick ratio of 0.70, a current ratio of 0.69 and a debt-to-equity ratio of 0.83. The firm has a market cap of $62.02 billion, a P/E ratio of 14.68, a P/E/G ratio of 0.98 and a beta of 1.08. The Bank of New York Mellon Co. has a 12 month low of $52.64 and a 12 month high of $87.70. The company’s 50-day moving average price is $80.87 and its two-hundred day moving average price is $75.11.

Bank of New York Mellon (NYSE:BK) last released its quarterly earnings results on Wednesday, January 15th. The bank reported $1.72 EPS for the quarter, beating the consensus estimate of $1.54 by $0.18. Bank of New York Mellon had a net margin of 11.35% and a return on equity of 12.68%. The business had revenue of $4.85 billion for the quarter, compared to analysts’ expectations of $4.66 billion. During the same period in the prior year, the firm earned $1.28 earnings per share. Bank of New York Mellon’s revenue was up 11.2% compared to the same quarter last year. As a group, research analysts forecast that The Bank of New York Mellon Co. will post 6.89 EPS for the current fiscal year.

Bank of New York Mellon Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, February 7th. Stockholders of record on Monday, January 27th were paid a $0.47 dividend. The ex-dividend date was Monday, January 27th. This represents a $1.88 annualized dividend and a dividend yield of 2.20%. Bank of New York Mellon’s dividend payout ratio (DPR) is currently 32.36%.

Wall Street Analysts Forecast Growth

BK has been the topic of several analyst reports. Wells Fargo & Company boosted their price target on shares of Bank of New York Mellon from $82.00 to $86.00 and gave the company an “equal weight” rating in a report on Thursday, January 16th. Keefe, Bruyette & Woods raised their price target on shares of Bank of New York Mellon from $87.00 to $96.00 and gave the stock an “outperform” rating in a research note on Tuesday, December 3rd. Bank of America lifted their price objective on Bank of New York Mellon from $90.00 to $95.00 and gave the company a “buy” rating in a report on Thursday, January 16th. UBS Group increased their target price on Bank of New York Mellon from $88.00 to $94.00 and gave the stock a “buy” rating in a report on Tuesday, January 21st. Finally, Wolfe Research lowered Bank of New York Mellon from an “outperform” rating to a “peer perform” rating in a research note on Friday, January 3rd. Six research analysts have rated the stock with a hold rating and ten have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $88.00.

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.