The Bank of New York Mellon Co. (NYSE:BK) Insider Sells $360,034.95 in Stock

The Bank of New York Mellon Co. (NYSE:BK) insider Kurtis R. Kurimsky sold 6,215 shares of the stock in a transaction that occurred on 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 sale, the insider now directly owns 24,346 shares in the company, valued at $1,410,363.78. The sale was disclosed in a filing with the SEC, which is available at this hyperlink.

Bank of New York Mellon Stock Performance

Shares of NYSE:BK traded up $0.84 on Thursday, reaching $58.35. The company’s stock had a trading volume of 3,790,703 shares, compared to its average volume of 3,864,657. The company has a debt-to-equity ratio of 0.90, a current ratio of 0.71 and a quick ratio of 0.72. The Bank of New York Mellon Co. has a 52-week low of $39.65 and a 52-week high of $58.52. The stock’s 50-day moving average is $56.28 and its two-hundred day moving average is $52.68. The stock has a market capitalization of $43.93 billion, a P/E ratio of 14.23, a PEG ratio of 1.23 and a beta of 1.11.

Bank of New York Mellon (NYSE:BK) last posted its quarterly earnings data on Tuesday, April 16th. The bank reported $1.29 EPS for the quarter, beating the consensus estimate of $1.19 by $0.10. Bank of New York Mellon had a return on equity of 11.80% and a net margin of 9.48%. The firm had revenue of $4.53 billion during the quarter, compared to the consensus estimate of $4.39 billion. During the same period in the prior year, the business earned $1.13 EPS. The firm’s revenue was up 3.8% compared to the same quarter last year. As a group, sell-side analysts forecast that The Bank of New York Mellon Co. will post 5.43 EPS for the current year.

Bank of New York Mellon Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, May 9th. Investors of record on Friday, April 26th will be given a $0.42 dividend. The ex-dividend date of this dividend is Thursday, April 25th. This represents a $1.68 dividend on an annualized basis and a yield of 2.88%. Bank of New York Mellon’s dividend payout ratio (DPR) is 40.98%.

Hedge Funds Weigh In On Bank of New York Mellon

A number of large investors have recently bought and sold shares of BK. Searle & CO. acquired a new position in Bank of New York Mellon during the fourth quarter worth $234,000. Mirae Asset Global Investments Co. Ltd. increased its holdings in shares of Bank of New York Mellon by 22.5% in the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 222,781 shares of the bank’s stock valued at $11,596,000 after purchasing an additional 40,969 shares in the last quarter. Trust Point Inc. acquired a new stake in shares of Bank of New York Mellon in the fourth quarter valued at about $310,000. WCG Wealth Advisors LLC purchased a new stake in Bank of New York Mellon during the third quarter worth about $1,552,000. Finally, Meeder Asset Management Inc. acquired a new position in Bank of New York Mellon during the fourth quarter worth about $1,298,000. Hedge funds and other institutional investors own 85.31% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on BK. Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $58.00 price target on shares of Bank of New York Mellon in a report on Wednesday, March 27th. Morgan Stanley increased their target price on shares of Bank of New York Mellon from $62.00 to $63.00 and gave the company an “equal weight” rating in a research report on Thursday, April 18th. Bank of America lifted their price target on shares of Bank of New York Mellon from $64.00 to $66.00 and gave the stock a “buy” rating in a research note on Wednesday, April 17th. Citigroup upped their price objective on shares of Bank of New York Mellon from $60.00 to $65.00 and gave the company a “buy” rating in a research note on Wednesday, February 14th. Finally, Evercore ISI lifted their target price on Bank of New York Mellon from $57.00 to $61.00 and gave the stock an “in-line” rating in a research report on Thursday, April 4th. Five investment analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $60.17.

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.