The Bank of New York Mellon Co. (NYSE:BK) Position Reduced by MMA Asset Management LLC

MMA Asset Management LLC cut its position in shares of The Bank of New York Mellon Co. (NYSE:BK) by 74.7% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 3,809 shares of the bank’s stock after selling 11,245 shares during the quarter. MMA Asset Management LLC’s holdings in Bank of New York Mellon were worth $210,000 at the end of the most recent quarter.

Other large investors also recently made changes to their positions in the company. Atlantic Edge Private Wealth Management LLC acquired a new position in shares of Bank of New York Mellon in the 4th quarter valued at about $28,000. Hartford Financial Management Inc. increased its holdings in shares of Bank of New York Mellon by 41.4% in the 4th quarter. Hartford Financial Management Inc. now owns 625 shares of the bank’s stock valued at $33,000 after purchasing an additional 183 shares during the period. Addison Advisors LLC increased its holdings in Bank of New York Mellon by 603.2% in the third quarter. Addison Advisors LLC now owns 879 shares of the bank’s stock worth $37,000 after buying an additional 754 shares during the last quarter. First Command Advisory Services Inc. acquired a new position in Bank of New York Mellon in the third quarter worth approximately $38,000. Finally, Blue Trust Inc. increased its holdings in Bank of New York Mellon by 159.2% in the fourth quarter. Blue Trust Inc. now owns 858 shares of the bank’s stock worth $45,000 after buying an additional 527 shares during the last quarter. Institutional investors and hedge funds own 85.31% of the company’s stock.

Bank of New York Mellon Stock Performance

Shares of BK traded up $0.76 during mid-day trading on Friday, hitting $59.09. The company’s stock had a trading volume of 2,098,327 shares, compared to its average volume of 2,819,826. The Bank of New York Mellon Co. has a one year low of $39.66 and a one year high of $59.70. The company has a debt-to-equity ratio of 0.90, a quick ratio of 0.71 and a current ratio of 0.71. The firm has a market capitalization of $44.19 billion, a PE ratio of 14.41, a price-to-earnings-growth ratio of 1.21 and a beta of 1.11. The stock’s 50-day moving average is $57.08 and its two-hundred day moving average is $54.06.

Bank of New York Mellon (NYSE:BK) last posted its quarterly earnings data on Tuesday, April 16th. The bank reported $1.29 earnings per share 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 company had revenue of $4.53 billion during the quarter, compared to analysts’ expectations of $4.39 billion. During the same period in the prior year, the business earned $1.13 earnings per share. Bank of New York Mellon’s revenue for the quarter was up 3.8% compared to the same quarter last year. As a group, sell-side analysts anticipate that The Bank of New York Mellon Co. will post 5.45 EPS for the current year.

Bank of New York Mellon Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, May 9th. Stockholders of record on Friday, April 26th were given a $0.42 dividend. The ex-dividend date of this dividend was Thursday, April 25th. This represents a $1.68 annualized dividend and a dividend yield of 2.84%. Bank of New York Mellon’s dividend payout ratio is 40.98%.

Insider Activity

In related news, VP Catherine Keating sold 54,070 shares of the firm’s stock in a transaction on Thursday, April 18th. The stock was sold at an average price of $54.88, for a total value of $2,967,361.60. Following the completion of the transaction, the vice president now directly owns 78,350 shares of the company’s stock, valued at $4,299,848. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In related news, insider Kurtis R. Kurimsky sold 6,215 shares of the firm’s stock in a transaction 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 completion of the transaction, 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 document filed with the SEC, which can be accessed through the SEC website. Also, VP Catherine Keating sold 54,070 shares of the firm’s stock in a transaction on Thursday, April 18th. The stock was sold at an average price of $54.88, for a total value of $2,967,361.60. Following the completion of the transaction, the vice president now directly owns 78,350 shares of the company’s stock, valued at $4,299,848. The disclosure for this sale can be found here. Over the last three months, insiders sold 115,928 shares of company stock valued at $6,475,216. 0.14% of the stock is owned by company insiders.

Analysts Set New Price Targets

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

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.