The Bank of New York Mellon Co. (NYSE:BK) Stock Position Decreased by Cardinal Capital Management

Cardinal Capital Management cut its position in shares of The Bank of New York Mellon Co. (NYSE:BK) by 1.6% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 140,226 shares of the bank’s stock after selling 2,339 shares during the period. Bank of New York Mellon accounts for about 1.8% of Cardinal Capital Management’s investment portfolio, making the stock its 11th largest position. Cardinal Capital Management’s holdings in Bank of New York Mellon were worth $11,761,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Parvin Asset Management LLC acquired a new stake in Bank of New York Mellon in the 4th quarter valued at approximately $25,000. Opal Wealth Advisors LLC acquired a new stake in Bank of New York Mellon in the 1st quarter valued at approximately $25,000. Bellwether Advisors LLC acquired a new stake in Bank of New York Mellon in the 4th quarter valued at approximately $28,000. REAP Financial Group LLC grew its holdings in Bank of New York Mellon by 123.2% in the 4th quarter. REAP Financial Group LLC now owns 395 shares of the bank’s stock valued at $30,000 after buying an additional 218 shares during the last quarter. Finally, Transce3nd LLC acquired a new stake in Bank of New York Mellon in the 4th quarter valued at approximately $33,000. 85.31% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of analysts have issued reports on BK shares. Wall Street Zen lowered Bank of New York Mellon from a “buy” rating to a “hold” rating in a report on Wednesday, February 19th. Truist Financial lowered Bank of New York Mellon from a “buy” rating to a “hold” rating and raised their target price for the company from $87.00 to $97.00 in a report on Wednesday, May 28th. 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 report on Tuesday, April 1st. Royal Bank of Canada reissued a “sector perform” rating and set a $90.00 price objective on shares of Bank of New York Mellon in a report on Monday, March 17th. Finally, Morgan Stanley lifted their price objective on Bank of New York Mellon from $94.00 to $95.00 and gave the stock an “overweight” rating in a report on Tuesday, June 3rd. Seven research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $91.85.

Insider Buying and Selling at Bank of New York Mellon

In other news, VP Catherine Keating sold 65,473 shares of the business’s stock in a transaction on Monday, April 14th. The stock was sold at an average price of $77.31, for a total transaction of $5,061,717.63. Following the completion of the sale, the vice president now owns 87,542 shares in the company, valued at $6,767,872.02. The trade was a 42.79% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, EVP J Kevin Mccarthy sold 30,000 shares of the business’s stock in a transaction on Tuesday, April 29th. The stock was sold at an average price of $79.03, for a total value of $2,370,900.00. Following the sale, the executive vice president now owns 55,115 shares of the company’s stock, valued at approximately $4,355,738.45. The trade was a 35.25% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 101,114 shares of company stock worth $7,869,795. 0.14% of the stock is currently owned by insiders.

Bank of New York Mellon Price Performance

Bank of New York Mellon stock opened at $90.46 on Tuesday. The company has a debt-to-equity ratio of 0.83, a current ratio of 0.69 and a quick ratio of 0.70. The company has a market capitalization of $64.72 billion, a PE ratio of 15.57, a price-to-earnings-growth ratio of 0.97 and a beta of 1.08. The Bank of New York Mellon Co. has a one year low of $57.18 and a one year high of $90.63. The business has a 50 day simple moving average of $84.48 and a 200 day simple moving average of $83.00.

Bank of New York Mellon (NYSE:BK) last posted its earnings results on Friday, April 11th. The bank reported $1.58 EPS for the quarter, topping the consensus estimate of $1.50 by $0.08. The business had revenue of $4.79 billion during 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%. Bank of New York Mellon’s revenue was up 5.9% on a year-over-year basis. During the same quarter last year, the company earned $1.29 EPS. On average, sell-side analysts forecast that The Bank of New York Mellon Co. will post 6.96 EPS for the current fiscal year.

Bank of New York Mellon Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, May 2nd. Shareholders of record on Monday, April 21st were given a $0.47 dividend. The ex-dividend date of this dividend was Monday, April 21st. This represents a $1.88 annualized dividend and a yield of 2.08%. Bank of New York Mellon’s payout ratio is 30.62%.

Bank of New York Mellon Company 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.