The Bank of New York Mellon Corporation (NYSE:BK) Shares Sold by Cidel Asset Management Inc.

Cidel Asset Management Inc. lowered its position in The Bank of New York Mellon Corporation (NYSE:BK) by 9.7% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 6,386 shares of the bank’s stock after selling 687 shares during the period. Cidel Asset Management Inc.’s holdings in Bank of New York Mellon were worth $536,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors also recently added to or reduced their stakes in the company. Parvin Asset Management LLC purchased a new stake in shares of Bank of New York Mellon during the 4th quarter worth $25,000. Opal Wealth Advisors LLC acquired a new stake in shares of Bank of New York Mellon in the first quarter valued at about $25,000. Alpine Bank Wealth Management purchased a new stake in Bank of New York Mellon during the first quarter worth about $25,000. Bellwether Advisors LLC acquired a new position in Bank of New York Mellon during the fourth quarter worth about $28,000. Finally, REAP Financial Group LLC grew its position in Bank of New York Mellon by 123.2% during the fourth quarter. REAP Financial Group LLC now owns 395 shares of the bank’s stock worth $30,000 after buying an additional 218 shares during the period. Hedge funds and other institutional investors own 85.31% of the company’s stock.

Analyst Upgrades and Downgrades

BK has been the topic of several research analyst reports. Morgan Stanley boosted their price target on Bank of New York Mellon from $94.00 to $95.00 and gave the stock an “overweight” rating in a research note on Tuesday, June 3rd. Royal Bank Of Canada reiterated a “sector perform” rating and set a $90.00 target price on shares of Bank of New York Mellon in a research report on Monday, March 17th. Evercore ISI upped their target price on Bank of New York Mellon from $83.00 to $87.00 and gave the company an “in-line” rating in a report on Tuesday, April 1st. Truist Financial downgraded Bank of New York Mellon from a “buy” rating to a “hold” rating and lifted their price target for the stock from $87.00 to $97.00 in a research note on Wednesday, May 28th. Finally, Citigroup boosted their price objective on shares of 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. Seven investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $91.85.

Insider Buying and Selling

In other Bank of New York Mellon 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 sale, the insider owned 21,679 shares in the company, valued at $1,680,122.50. The trade was a 20.65% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, VP Catherine Keating sold 65,473 shares of the stock in a transaction dated 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 transaction, the vice president owned 87,542 shares in the company, valued at approximately $6,767,872.02. The trade was a 42.79% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 101,114 shares of company stock worth $7,869,795. 0.14% of the stock is owned by company insiders.

Bank of New York Mellon Stock Performance

NYSE:BK opened at $90.59 on Wednesday. The company has a debt-to-equity ratio of 0.81, a current ratio of 0.69 and a quick ratio of 0.69. The firm has a market cap of $64.81 billion, a PE ratio of 14.75, a P/E/G ratio of 1.02 and a beta of 1.07. The firm has a 50 day simple moving average of $87.50 and a 200-day simple moving average of $83.77. The Bank of New York Mellon Corporation has a 1-year low of $59.19 and a 1-year high of $92.64.

Bank of New York Mellon (NYSE:BK) last released 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. Bank of New York Mellon had a net margin of 11.78% and a return on equity of 12.96%. The firm had revenue of $4.79 billion during the quarter, compared to analysts’ expectations of $4.76 billion. During the same period in the previous year, the company earned $1.29 EPS. Bank of New York Mellon’s revenue for the quarter was up 5.9% on a year-over-year basis. On average, equities analysts expect that The Bank of New York Mellon Corporation will post 6.96 EPS 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. Investors of record on Monday, April 21st were paid a $0.47 dividend. The ex-dividend date 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 currently 30.62%.

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.