Mount Lucas Management LP Cuts Stock Holdings in The Bank of New York Mellon Co. (NYSE:BK)

Mount Lucas Management LP cut its stake in The Bank of New York Mellon Co. (NYSE:BK) by 0.9% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 41,680 shares of the bank’s stock after selling 368 shares during the period. Mount Lucas Management LP’s holdings in Bank of New York Mellon were worth $2,496,000 at the end of the most recent reporting period.

A number of other hedge funds also recently added to or reduced their stakes in BK. LSV Asset Management boosted its holdings in shares of Bank of New York Mellon by 3.9% in the 2nd quarter. LSV Asset Management now owns 7,569,133 shares of the bank’s stock valued at $453,315,000 after purchasing an additional 286,820 shares during the last quarter. Ballentine Partners LLC grew its holdings in Bank of New York Mellon by 11.0% during the 2nd quarter. Ballentine Partners LLC now owns 18,945 shares of the bank’s stock worth $1,135,000 after acquiring an additional 1,880 shares in the last quarter. Acadian Asset Management LLC grew its holdings in Bank of New York Mellon by 629.2% during the 2nd quarter. Acadian Asset Management LLC now owns 386,401 shares of the bank’s stock worth $23,136,000 after acquiring an additional 333,412 shares in the last quarter. Chris Bulman Inc acquired a new position in Bank of New York Mellon during the 2nd quarter worth $139,000. Finally, Greystone Financial Group LLC boosted its holdings in shares of Bank of New York Mellon by 3.7% in the 2nd quarter. Greystone Financial Group LLC now owns 173,745 shares of the bank’s stock valued at $10,406,000 after buying an additional 6,134 shares during the period. 85.31% of the stock is owned by hedge funds and other institutional investors.

Bank of New York Mellon Stock Performance

Shares of NYSE BK traded down $1.59 during mid-day trading on Friday, hitting $66.41. The company had a trading volume of 4,114,892 shares, compared to its average volume of 3,802,205. The company has a debt-to-equity ratio of 0.85, a current ratio of 0.70 and a quick ratio of 0.70. The business’s 50-day simple moving average is $64.20 and its 200-day simple moving average is $59.69. The Bank of New York Mellon Co. has a 12 month low of $39.66 and a 12 month high of $68.60. The firm has a market cap of $49.66 billion, a P/E ratio of 15.37, a PEG ratio of 1.18 and a beta of 1.08.

Bank of New York Mellon (NYSE:BK) last issued its quarterly earnings results on Friday, July 12th. The bank reported $1.51 earnings per share for the quarter, beating analysts’ consensus estimates of $1.43 by $0.08. Bank of New York Mellon had a net margin of 9.40% and a return on equity of 11.87%. The business had revenue of $4.60 billion during the quarter, compared to analyst estimates of $4.53 billion. During the same quarter last year, the business posted $1.38 earnings per share. Bank of New York Mellon’s revenue for the quarter was up 2.1% compared to the same quarter last year. As a group, analysts predict that The Bank of New York Mellon Co. will post 5.63 earnings per share for the current fiscal year.

Bank of New York Mellon Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, August 2nd. Investors of record on Monday, July 22nd were issued a dividend of $0.47 per share. This is an increase 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 annualized dividend and a dividend yield of 2.83%. Bank of New York Mellon’s payout ratio is presently 43.52%.

Analysts Set New Price Targets

A number of analysts have commented on the stock. Keefe, Bruyette & Woods restated an “outperform” rating and set a $75.00 price target (up from $70.00) on shares of Bank of New York Mellon in a research report on Monday, July 15th. Citigroup downgraded shares of Bank of New York Mellon from a “buy” rating to a “neutral” rating and set a $65.00 target price on the stock. in a report on Monday, July 15th. Deutsche Bank Aktiengesellschaft boosted their target price on shares of Bank of New York Mellon from $63.00 to $66.00 and gave the stock a “hold” rating in a report on Thursday, August 15th. Morgan Stanley boosted their target price on shares of Bank of New York Mellon from $65.00 to $72.00 and gave the stock an “equal weight” rating in a report on Tuesday, July 30th. Finally, Barclays boosted their target price on shares of Bank of New York Mellon from $68.00 to $75.00 and gave the stock an “overweight” rating in a report on Monday, July 15th. Six investment analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $66.14.

Insider Buying and Selling

In related news, VP Hanneke Smits sold 15,000 shares of the company’s stock in a transaction that occurred on Thursday, July 18th. The shares were sold at an average price of $64.11, for a total transaction of $961,650.00. Following the completion of the transaction, the vice president now directly owns 173,930 shares in the company, valued at approximately $11,150,652.30. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. 0.14% of the stock is currently owned by insiders.

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.