The Bank of New York Mellon Co. (NYSE:BK) Stock Position Raised by City Holding Co.

City Holding Co. raised its position in shares of The Bank of New York Mellon Co. (NYSE:BK) by 10.8% in the first quarter, Holdings Channel reports. The firm owned 2,617 shares of the bank’s stock after buying an additional 256 shares during the period. City Holding Co.’s holdings in Bank of New York Mellon were worth $219,000 as of its most recent SEC filing.

A number of other hedge funds have also made changes to their positions in BK. Parvin Asset Management LLC acquired a new position in shares of Bank of New York Mellon during the 4th quarter valued at about $25,000. Bellwether Advisors LLC acquired a new stake in shares of Bank of New York Mellon during the 4th quarter worth approximately $28,000. REAP Financial Group LLC grew its holdings in shares of Bank of New York Mellon by 123.2% during the 4th quarter. REAP Financial Group LLC now owns 395 shares of the bank’s stock worth $30,000 after purchasing an additional 218 shares in the last quarter. Transce3nd LLC bought a new position in shares of Bank of New York Mellon during the 4th quarter worth approximately $33,000. Finally, South Plains Financial Inc. bought a new position in shares of Bank of New York Mellon during the 4th quarter worth approximately $34,000. Institutional investors and hedge funds own 85.31% of the company’s stock.

Insider Activity at Bank of New York Mellon

In other news, insider Kurtis R. Kurimsky sold 5,641 shares of Bank of New York Mellon stock in a transaction dated Monday, April 14th. The stock was sold at an average price of $77.50, for a total value of $437,177.50. Following the completion of the transaction, the insider now directly owns 21,679 shares of the company’s stock, valued at approximately $1,680,122.50. This trade represents a 20.65% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, VP Catherine Keating sold 65,473 shares of Bank of New York Mellon stock in a transaction dated Monday, April 14th. The stock was sold at an average price of $77.31, for a total value of $5,061,717.63. Following the completion of the transaction, the vice president now directly owns 87,542 shares of the company’s stock, valued at approximately $6,767,872.02. This trade represents a 42.79% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 101,114 shares of company stock valued at $7,869,795 in the last 90 days. 0.14% of the stock is owned by corporate insiders.

Bank of New York Mellon Price Performance

NYSE:BK opened at $90.02 on Tuesday. The firm has a market capitalization of $64.41 billion, a price-to-earnings ratio of 15.49, a P/E/G ratio of 0.97 and a beta of 1.08. 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 Bank of New York Mellon Co. has a 12-month low of $57.18 and a 12-month high of $90.63. The stock’s 50 day moving average price is $82.99 and its two-hundred day moving average price is $82.72.

Bank of New York Mellon (NYSE:BK) last issued its quarterly earnings results on Friday, April 11th. The bank reported $1.58 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.50 by $0.08. The business had revenue of $4.79 billion for the quarter, compared to the consensus estimate of $4.76 billion. Bank of New York Mellon had a return on equity of 12.68% and a net margin of 11.35%. The firm’s quarterly revenue was up 5.9% compared to the same quarter last year. During the same quarter in the prior year, the business posted $1.29 earnings per share. On average, analysts anticipate that The Bank of New York Mellon Co. will post 6.96 earnings per share for the current year.

Bank of New York Mellon Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, May 2nd. Shareholders of record on Monday, April 21st were issued a $0.47 dividend. This represents a $1.88 dividend on an annualized basis and a dividend yield of 2.09%. The ex-dividend date was Monday, April 21st. Bank of New York Mellon’s dividend payout ratio is presently 30.62%.

Wall Street Analyst Weigh In

Several equities analysts recently commented on BK shares. Citigroup raised their target price on Bank of New York Mellon from $82.00 to $85.00 and gave the stock a “neutral” rating in a research report on Monday, March 24th. Evercore ISI lifted their price objective on Bank of New York Mellon from $83.00 to $87.00 and gave the stock an “in-line” rating in a research note on Tuesday, April 1st. Truist Financial cut Bank of New York Mellon from a “buy” rating to a “hold” rating and lifted their price objective for the stock from $87.00 to $97.00 in a research note on Wednesday, May 28th. Royal Bank of Canada reissued a “sector perform” rating and issued a $90.00 target price on shares of Bank of New York Mellon in a research note on Monday, March 17th. Finally, Morgan Stanley upped their price objective on Bank of New York Mellon from $94.00 to $95.00 and gave the stock an “overweight” rating in a research report on Tuesday, June 3rd. Seven analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $91.85.

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.