Carret Asset Management LLC Sells 1,051 Shares of The Bank of New York Mellon Corporation $BK

Carret Asset Management LLC decreased its holdings in shares of The Bank of New York Mellon Corporation (NYSE:BK) by 4.3% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 23,299 shares of the bank’s stock after selling 1,051 shares during the period. Carret Asset Management LLC’s holdings in Bank of New York Mellon were worth $2,123,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also recently modified their holdings of the business. Savvy Advisors Inc. bought a new stake in shares of Bank of New York Mellon during the 2nd quarter valued at $213,000. Assetmark Inc. grew its position in shares of Bank of New York Mellon by 101.0% during the 2nd quarter. Assetmark Inc. now owns 142,655 shares of the bank’s stock valued at $12,997,000 after acquiring an additional 71,694 shares during the period. Premier Path Wealth Partners LLC grew its position in shares of Bank of New York Mellon by 3.1% during the 2nd quarter. Premier Path Wealth Partners LLC now owns 23,935 shares of the bank’s stock valued at $2,181,000 after acquiring an additional 721 shares during the period. Arkadios Wealth Advisors grew its position in shares of Bank of New York Mellon by 5.6% during the 2nd quarter. Arkadios Wealth Advisors now owns 56,705 shares of the bank’s stock valued at $5,166,000 after acquiring an additional 3,004 shares during the period. Finally, World Investment Advisors grew its position in shares of Bank of New York Mellon by 33.7% during the 2nd quarter. World Investment Advisors now owns 60,499 shares of the bank’s stock valued at $5,512,000 after acquiring an additional 15,245 shares during the period. Institutional investors own 85.31% of the company’s stock.

Bank of New York Mellon Stock Down 1.3%

BK opened at $107.00 on Thursday. The firm has a 50-day simple moving average of $106.46 and a two-hundred day simple moving average of $96.42. The company has a quick ratio of 0.72, a current ratio of 0.70 and a debt-to-equity ratio of 0.83. The company has a market capitalization of $75.46 billion, a PE ratio of 15.44, a price-to-earnings-growth ratio of 0.99 and a beta of 1.13. The Bank of New York Mellon Corporation has a 52 week low of $70.46 and a 52 week high of $110.87.

Bank of New York Mellon (NYSE:BK) last announced its 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 net margin of 12.86% and a return on equity of 14.03%. The firm had revenue of $4.38 billion for the quarter. Analysts forecast that The Bank of New York Mellon Corporation will post 6.96 earnings per share for the current fiscal year.

Bank of New York Mellon Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, November 7th. Investors of record on Monday, October 27th will be issued a dividend of $0.53 per share. This represents a $2.12 annualized dividend and a yield of 2.0%. The ex-dividend date of this dividend is Monday, October 27th. Bank of New York Mellon’s dividend payout ratio (DPR) is presently 30.59%.

Wall Street Analyst Weigh In

BK has been the subject of a number of recent research reports. Truist Financial boosted their price objective on shares of Bank of New York Mellon from $118.00 to $119.00 and gave the company a “hold” rating in a research report on Friday, October 17th. Barclays boosted their price objective on shares of Bank of New York Mellon from $104.00 to $120.00 and gave the company an “overweight” rating in a research report on Friday, October 17th. Morgan Stanley upped their target price on shares of Bank of New York Mellon from $101.00 to $116.00 and gave the stock an “overweight” rating in a report on Monday, September 29th. Evercore ISI upped their target price on shares of Bank of New York Mellon from $91.00 to $110.00 and gave the stock an “in-line” rating in a report on Tuesday, September 30th. Finally, Wells Fargo & Company upped their target price on shares of Bank of New York Mellon from $100.00 to $109.00 and gave the stock an “equal weight” rating in a report on Friday, October 17th. One equities research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and six have assigned a Hold rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $111.29.

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.