Kathmere Capital Management LLC Cuts Stock Holdings in The Bank of New York Mellon Co. (NYSE:BK)

Kathmere Capital Management LLC lessened its holdings in The Bank of New York Mellon Co. (NYSE:BK) by 8.6% in the 2nd quarter, according to its most recent filing with the SEC. The firm owned 6,441 shares of the bank’s stock after selling 606 shares during the period. Kathmere Capital Management LLC’s holdings in Bank of New York Mellon were worth $386,000 at the end of the most recent quarter.

Other hedge funds have also recently modified their holdings of the company. Blue Trust Inc. lifted its position in shares of Bank of New York Mellon by 159.2% during the fourth quarter. Blue Trust Inc. now owns 858 shares of the bank’s stock valued at $45,000 after buying an additional 527 shares during the last quarter. Global Retirement Partners LLC grew its holdings in Bank of New York Mellon by 51.5% in the fourth quarter. Global Retirement Partners LLC now owns 4,024 shares of the bank’s stock worth $223,000 after purchasing an additional 1,368 shares during the last quarter. Trust Point Inc. purchased a new position in Bank of New York Mellon in the fourth quarter worth $310,000. Ballentine Partners LLC increased its position in shares of Bank of New York Mellon by 18.4% during the fourth quarter. Ballentine Partners LLC now owns 12,798 shares of the bank’s stock worth $666,000 after purchasing an additional 1,990 shares in the last quarter. Finally, Boston Trust Walden Corp purchased a new stake in shares of Bank of New York Mellon during the 4th quarter valued at $215,000. Hedge funds and other institutional investors own 85.31% of the company’s stock.

Insiders Place Their Bets

In other Bank of New York Mellon news, insider Kurtis R. Kurimsky sold 6,215 shares of the firm’s stock in a transaction that occurred on Tuesday, May 7th. The stock was sold at an average price of $57.93, for a total value of $360,034.95. Following the sale, the insider now directly owns 24,346 shares of the company’s stock, valued at $1,410,363.78. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other news, VP Senthilkumar Santhanakrishnan sold 15,643 shares of the business’s stock in a transaction dated Wednesday, May 8th. The shares were sold at an average price of $57.65, for a total transaction of $901,818.95. Following the completion of the sale, the vice president now owns 144,721 shares of the company’s stock, valued at $8,343,165.65. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Kurtis R. Kurimsky sold 6,215 shares of the firm’s stock in a transaction dated Tuesday, May 7th. The shares were sold at an average price of $57.93, for a total transaction of $360,034.95. Following the completion of the transaction, the insider now directly owns 24,346 shares in the company, valued at $1,410,363.78. The disclosure for this sale can be found here. Over the last quarter, insiders sold 36,858 shares of company stock worth $2,223,504. Company insiders own 0.14% of the company’s stock.

Analysts Set New Price Targets

BK has been the topic of several recent analyst reports. Deutsche Bank Aktiengesellschaft upped their target price on Bank of New York Mellon from $61.00 to $63.00 and gave the company a “hold” rating in a research report on Monday, July 15th. Barclays upped their price objective on shares of Bank of New York Mellon from $68.00 to $75.00 and gave the company an “overweight” rating in a report on Monday, July 15th. Keefe, Bruyette & Woods reiterated an “outperform” rating and issued a $75.00 target price (up from $70.00) on shares of Bank of New York Mellon in a research note on Monday, July 15th. Citigroup lowered shares of Bank of New York Mellon from a “buy” rating to a “neutral” rating and set a $65.00 price target on the stock. in a research note on Monday, July 15th. Finally, Jefferies Financial Group lifted their price objective on shares of Bank of New York Mellon from $67.00 to $68.00 and gave the stock a “buy” rating in a research note on Thursday, April 18th. Six research analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. According to MarketBeat, Bank of New York Mellon has a consensus rating of “Moderate Buy” and an average target price of $65.86.

Bank of New York Mellon Stock Performance

Shares of BK stock traded down $1.52 on Friday, hitting $63.12. The company had a trading volume of 6,162,182 shares, compared to its average volume of 4,774,799. The firm has a market cap of $47.20 billion, a P/E ratio of 14.61, a price-to-earnings-growth ratio of 1.14 and a beta of 1.09. The Bank of New York Mellon Co. has a twelve month low of $39.66 and a twelve month high of $65.90. The company has a 50-day moving average price of $60.95 and a 200-day moving average price of $57.88. The company has a quick ratio of 0.71, a current ratio of 0.70 and a debt-to-equity ratio of 0.85.

Bank of New York Mellon (NYSE:BK) last released its quarterly earnings data on Friday, July 12th. The bank reported $1.51 EPS for the quarter, topping the consensus estimate of $1.43 by $0.08. The business had revenue of $4.60 billion for the quarter, compared to analyst estimates of $4.53 billion. Bank of New York Mellon had a return on equity of 11.87% and a net margin of 9.40%. The business’s quarterly revenue was up 2.1% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.38 EPS. As a group, equities research analysts predict that The Bank of New York Mellon Co. will post 5.6 earnings per share for the current fiscal year.

Bank of New York Mellon Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, August 2nd. Shareholders of record on Monday, July 22nd were issued a $0.47 dividend. This is a boost from Bank of New York Mellon’s previous quarterly dividend of $0.42. The ex-dividend date was Monday, July 22nd. This represents a $1.88 dividend on an annualized basis and a yield of 2.98%. Bank of New York Mellon’s payout ratio is presently 43.52%.

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.