First National Trust Co Sells 529 Shares of The Bank of New York Mellon Co. (NYSE:BK)

First National Trust Co lessened its stake in shares of The Bank of New York Mellon Co. (NYSE:BK) by 2.3% in the fourth quarter, Holdings Channel reports. The institutional investor owned 22,539 shares of the bank’s stock after selling 529 shares during the quarter. First National Trust Co’s holdings in Bank of New York Mellon were worth $1,173,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of BK. Searle & CO. purchased a new stake in shares of Bank of New York Mellon in the fourth quarter worth $234,000. Mirae Asset Global Investments Co. Ltd. boosted its position in shares of Bank of New York Mellon by 22.5% during the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 222,781 shares of the bank’s stock valued at $11,596,000 after acquiring an additional 40,969 shares during the last quarter. Trust Point Inc. purchased a new position in shares of Bank of New York Mellon during the fourth quarter worth about $310,000. WCG Wealth Advisors LLC bought a new position in shares of Bank of New York Mellon in the third quarter worth approximately $1,552,000. Finally, Meeder Asset Management Inc. purchased a new stake in Bank of New York Mellon in the fourth quarter valued at approximately $1,298,000. 85.31% of the stock is currently owned by institutional investors.

Insider Activity

In other news, VP Catherine Keating sold 4,498 shares of the business’s stock in a transaction that occurred on Thursday, February 8th. The shares were sold at an average price of $54.81, for a total transaction of $246,535.38. Following the completion of the transaction, the vice president now directly owns 123,490 shares of the company’s stock, valued at $6,768,486.90. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, EVP J Kevin Mccarthy sold 40,000 shares of the business’s stock in a transaction that occurred on Friday, April 19th. The stock was sold at an average price of $56.15, for a total transaction of $2,246,000.00. Following the completion of the transaction, the executive vice president now directly owns 100,404 shares in the company, valued at approximately $5,637,684.60. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, VP Catherine Keating sold 4,498 shares of the firm’s stock in a transaction that occurred on Thursday, February 8th. The stock was sold at an average price of $54.81, for a total transaction of $246,535.38. Following the sale, the vice president now owns 123,490 shares in the company, valued at approximately $6,768,486.90. The disclosure for this sale can be found here. Insiders have sold a total of 98,568 shares of company stock valued at $5,459,897 over the last ninety days. 0.14% of the stock is currently owned by corporate insiders.

Bank of New York Mellon Stock Up 0.7 %

Shares of BK traded up $0.40 on Friday, reaching $57.00. The stock had a trading volume of 2,214,001 shares, compared to its average volume of 3,813,908. The firm has a market capitalization of $42.91 billion, a price-to-earnings ratio of 13.90, a price-to-earnings-growth ratio of 1.23 and a beta of 1.11. The company has a 50-day simple moving average of $56.16 and a 200-day simple moving average of $52.30. The Bank of New York Mellon Co. has a 12-month low of $39.65 and a 12-month high of $58.28. The company has a debt-to-equity ratio of 0.90, a quick ratio of 0.72 and a current ratio of 0.71.

Bank of New York Mellon (NYSE:BK) last issued its quarterly earnings results on Tuesday, April 16th. The bank reported $1.29 EPS for the quarter, topping analysts’ consensus estimates of $1.19 by $0.10. Bank of New York Mellon had a return on equity of 11.80% and a net margin of 9.48%. The firm had revenue of $4.53 billion for the quarter, compared to analysts’ expectations of $4.39 billion. During the same period in the previous year, the firm posted $1.13 EPS. The business’s revenue for the quarter was up 3.8% compared to the same quarter last year. Sell-side analysts predict that The Bank of New York Mellon Co. will post 5.43 EPS for the current year.

Bank of New York Mellon Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, May 9th. Shareholders of record on Friday, April 26th will be issued a $0.42 dividend. This represents a $1.68 dividend on an annualized basis and a dividend yield of 2.95%. The ex-dividend date of this dividend is Thursday, April 25th. Bank of New York Mellon’s payout ratio is 40.98%.

Analysts Set New Price Targets

BK has been the subject of a number of research reports. Morgan Stanley boosted their price target on shares of Bank of New York Mellon from $62.00 to $63.00 and gave the stock an “equal weight” rating in a research note on Thursday, April 18th. UBS Group upped their target price on shares of Bank of New York Mellon from $54.00 to $62.00 and gave the stock a “buy” rating in a research report on Tuesday, January 9th. Royal Bank of Canada restated a “sector perform” rating and set a $58.00 price target on shares of Bank of New York Mellon in a research report on Wednesday, March 27th. Evercore ISI increased their price objective on Bank of New York Mellon from $57.00 to $61.00 and gave the company an “in-line” rating in a research report on Thursday, April 4th. Finally, Jefferies Financial Group boosted their target price on Bank of New York Mellon from $67.00 to $68.00 and gave the stock a “buy” rating in a research report on Thursday, April 18th. Five equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $60.17.

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.