Westchester Capital Management Inc. Cuts Position in The Bank of New York Mellon Corporation $BK

Westchester Capital Management Inc. reduced its position in shares of The Bank of New York Mellon Corporation (NYSE:BK) by 0.3% in the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 182,612 shares of the bank’s stock after selling 528 shares during the period. Bank of New York Mellon comprises about 3.9% of Westchester Capital Management Inc.’s holdings, making the stock its 11th largest holding. Westchester Capital Management Inc.’s holdings in Bank of New York Mellon were worth $16,638,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of BK. Canada Post Corp Registered Pension Plan acquired a new position in Bank of New York Mellon in the 1st quarter valued at about $1,035,000. TrueMark Investments LLC acquired a new stake in shares of Bank of New York Mellon during the first quarter worth about $4,282,000. Wealth Enhancement Advisory Services LLC boosted its stake in shares of Bank of New York Mellon by 29.1% in the first quarter. Wealth Enhancement Advisory Services LLC now owns 223,438 shares of the bank’s stock valued at $18,740,000 after purchasing an additional 50,368 shares during the period. Formidable Asset Management LLC acquired a new position in shares of Bank of New York Mellon in the first quarter valued at approximately $247,000. Finally, Sumitomo Mitsui DS Asset Management Company Ltd increased its stake in Bank of New York Mellon by 121.8% during the 1st quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 183,602 shares of the bank’s stock worth $15,399,000 after buying an additional 100,810 shares during the period. Hedge funds and other institutional investors own 85.31% of the company’s stock.

Insider Buying and Selling at Bank of New York Mellon

In other news, EVP J Kevin Mccarthy sold 20,000 shares of the business’s stock in a transaction on Tuesday, July 22nd. The shares were sold at an average price of $98.45, for a total transaction of $1,969,000.00. Following the completion of the sale, the executive vice president directly owned 35,115 shares of the company’s stock, valued at $3,457,071.75. The trade was a 36.29% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 0.14% of the stock is currently owned by company insiders.

Bank of New York Mellon Price Performance

Shares of NYSE:BK opened at $104.63 on Monday. The company has a market cap of $73.79 billion, a P/E ratio of 15.97, a P/E/G ratio of 0.98 and a beta of 1.13. The business has a fifty day simple moving average of $105.10 and a 200-day simple moving average of $93.80. The Bank of New York Mellon Corporation has a 52 week low of $70.46 and a 52 week high of $110.87. The company has a quick ratio of 0.72, a current ratio of 0.72 and a debt-to-equity ratio of 0.86.

Bank of New York Mellon (NYSE:BK) last issued its quarterly earnings results on Tuesday, March 26th. The bank reported $1.30 earnings per share (EPS) for the quarter. Bank of New York Mellon had a return on equity of 13.46% and a net margin of 12.27%.The firm had revenue of $4.38 billion for the quarter. Equities research analysts forecast that The Bank of New York Mellon Corporation will post 6.96 EPS for the current year.

Bank of New York Mellon Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, August 7th. Shareholders of record on Friday, July 25th were paid a dividend of $0.53 per share. This is an increase from Bank of New York Mellon’s previous quarterly dividend of $0.47. This represents a $2.12 dividend on an annualized basis and a yield of 2.0%. The ex-dividend date of this dividend was Friday, July 25th. Bank of New York Mellon’s payout ratio is 32.37%.

Analyst Upgrades and Downgrades

Several equities analysts have commented on the stock. BMO Capital Markets began coverage on shares of Bank of New York Mellon in a research report on Friday, October 3rd. They issued an “outperform” rating and a $125.00 price target for the company. The Goldman Sachs Group lifted their target price on Bank of New York Mellon from $106.00 to $120.00 and gave the company a “buy” rating in a report on Monday, October 6th. Evercore ISI increased their price target on Bank of New York Mellon from $91.00 to $110.00 and gave the company an “in-line” rating in a research report on Tuesday, September 30th. Morgan Stanley boosted their target price on Bank of New York Mellon from $101.00 to $116.00 and gave the company an “overweight” rating in a report on Monday, September 29th. Finally, Keefe, Bruyette & Woods raised their price target on Bank of New York Mellon from $105.00 to $113.00 and gave the stock an “outperform” rating in a research note on Wednesday, July 16th. Ten equities research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $106.77.

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.