The Bank of New York Mellon Co. (NYSE:BK) Shares Sold by Folger Nolan Fleming Douglas Capital Management Inc.

Folger Nolan Fleming Douglas Capital Management Inc. reduced its position in shares of The Bank of New York Mellon Co. (NYSE:BKGet Rating) by 17.9% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 14,246 shares of the bank’s stock after selling 3,100 shares during the period. Folger Nolan Fleming Douglas Capital Management Inc.’s holdings in Bank of New York Mellon were worth $594,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also made changes to their positions in the company. Norges Bank acquired a new stake in Bank of New York Mellon in the fourth quarter worth $555,083,000. AGF Investments Inc. increased its position in Bank of New York Mellon by 9,905.7% in the first quarter. AGF Investments Inc. now owns 2,065,768 shares of the bank’s stock worth $102,524,000 after buying an additional 2,045,122 shares during the period. Millennium Management LLC increased its position in Bank of New York Mellon by 1,368.8% in the fourth quarter. Millennium Management LLC now owns 1,668,416 shares of the bank’s stock worth $96,902,000 after buying an additional 1,554,823 shares during the period. American Century Companies Inc. increased its position in Bank of New York Mellon by 8.3% in the first quarter. American Century Companies Inc. now owns 14,454,703 shares of the bank’s stock worth $717,387,000 after buying an additional 1,110,848 shares during the period. Finally, Qube Research & Technologies Ltd acquired a new position in shares of Bank of New York Mellon during the first quarter valued at $40,504,000. 83.00% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In other news, CEO Thomas P. Gibbons sold 105,062 shares of the firm’s stock in a transaction dated Monday, August 8th. The stock was sold at an average price of $43.24, for a total transaction of $4,542,880.88. Following the completion of the sale, the chief executive officer now directly owns 221,018 shares of the company’s stock, valued at approximately $9,556,818.32. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 0.08% of the company’s stock.

Bank of New York Mellon Stock Down 2.9 %

Bank of New York Mellon stock traded down $1.19 during mid-day trading on Friday, hitting $39.74. The company’s stock had a trading volume of 178,188 shares, compared to its average volume of 3,591,573. The firm’s 50 day moving average is $43.17 and its 200 day moving average is $44.82. The company has a market cap of $32.11 billion, a PE ratio of 10.39, a price-to-earnings-growth ratio of 1.67 and a beta of 1.11. The company has a debt-to-equity ratio of 0.78, a current ratio of 0.67 and a quick ratio of 0.67. The Bank of New York Mellon Co. has a 52-week low of $39.78 and a 52-week high of $64.63.

Bank of New York Mellon (NYSE:BKGet Rating) last announced its quarterly earnings data on Friday, July 15th. The bank reported $1.03 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.12 by ($0.09). The business had revenue of $4.25 billion during the quarter, compared to analysts’ expectations of $4.17 billion. Bank of New York Mellon had a return on equity of 9.49% and a net margin of 20.61%. The firm’s revenue was up 7.4% on a year-over-year basis. During the same period in the prior year, the company posted $1.13 earnings per share. On average, analysts anticipate that The Bank of New York Mellon Co. will post 4.22 earnings per share for the current year.

Bank of New York Mellon Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, August 5th. Investors of record on Monday, July 25th were paid a $0.37 dividend. This is an increase from Bank of New York Mellon’s previous quarterly dividend of $0.34. This represents a $1.48 annualized dividend and a yield of 3.72%. The ex-dividend date was Friday, July 22nd. Bank of New York Mellon’s dividend payout ratio is currently 37.56%.

Analysts Set New Price Targets

A number of research analysts have recently commented on BK shares. Citigroup lowered their price target on Bank of New York Mellon from $50.00 to $46.00 in a report on Tuesday, July 12th. Morgan Stanley lowered their price target on Bank of New York Mellon from $53.00 to $45.00 and set an “equal weight” rating on the stock in a report on Wednesday, July 6th. Credit Suisse Group lowered their price target on Bank of New York Mellon from $52.00 to $50.00 and set an “outperform” rating on the stock in a report on Tuesday, July 19th. Piper Sandler lowered their price target on Bank of New York Mellon from $54.00 to $48.00 and set a “neutral” rating on the stock in a report on Friday, June 24th. Finally, UBS Group lowered their price target on Bank of New York Mellon from $56.00 to $52.00 in a report on Monday, July 11th. Eleven equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the company. According to data from MarketBeat, Bank of New York Mellon currently has a consensus rating of “Hold” and an average price target of $50.73.

Bank of New York Mellon Profile

(Get Rating)

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, prime brokerage, and data analytics.

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Institutional Ownership by Quarter for Bank of New York Mellon (NYSE:BK)

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