Convergence Investment Partners LLC Decreases Stock Position in The Bank of New York Mellon Co. (NYSE:BK)

Convergence Investment Partners LLC cut its stake in The Bank of New York Mellon Co. (NYSE:BK) by 5.9% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 36,966 shares of the bank’s stock after selling 2,313 shares during the period. Convergence Investment Partners LLC’s holdings in Bank of New York Mellon were worth $1,924,000 at the end of the most recent quarter.

A number of other institutional investors also recently bought and sold shares of BK. PGGM Investments increased its position in shares of Bank of New York Mellon by 37.6% during the fourth quarter. PGGM Investments now owns 130,022 shares of the bank’s stock worth $6,768,000 after purchasing an additional 35,497 shares in the last quarter. Unique Wealth Strategies LLC acquired a new stake in shares of Bank of New York Mellon during the fourth quarter worth about $732,000. Citizens Financial Group Inc. RI increased its position in shares of Bank of New York Mellon by 1.8% during the fourth quarter. Citizens Financial Group Inc. RI now owns 35,475 shares of the bank’s stock worth $1,846,000 after purchasing an additional 632 shares in the last quarter. Truist Financial Corp increased its position in shares of Bank of New York Mellon by 33.2% during the fourth quarter. Truist Financial Corp now owns 1,297,698 shares of the bank’s stock worth $67,545,000 after purchasing an additional 323,343 shares in the last quarter. Finally, Spinnaker Trust acquired a new stake in shares of Bank of New York Mellon during the fourth quarter worth about $209,000. 85.31% of the stock is owned by hedge funds and other institutional investors.

Bank of New York Mellon Price Performance

Shares of NYSE:BK traded up $0.14 during trading on Friday, hitting $57.32. 2,058,025 shares of the stock were exchanged, compared to its average volume of 3,589,079. The company has a fifty day moving average price of $56.01 and a two-hundred day moving average price of $51.84. The company has a market cap of $43.15 billion, a PE ratio of 13.98, a P/E/G ratio of 1.23 and a beta of 1.12. The company has a current ratio of 0.71, a quick ratio of 0.72 and a debt-to-equity ratio of 0.90. The Bank of New York Mellon Co. has a 12-month low of $39.65 and a 12-month high of $58.28.

Bank of New York Mellon (NYSE:BK) last posted its earnings results on Tuesday, April 16th. The bank reported $1.29 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 for the quarter, compared to analyst estimates of $4.39 billion. During the same quarter in the prior year, the company earned $1.13 EPS. Bank of New York Mellon’s revenue was up 3.8% on a year-over-year basis. On average, 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 business also recently announced a quarterly dividend, which will be paid on Thursday, May 9th. Investors of record on Friday, April 26th will be paid a $0.42 dividend. This represents a $1.68 dividend on an annualized basis and a yield of 2.93%. The ex-dividend date of this dividend is Thursday, April 25th. Bank of New York Mellon’s payout ratio is currently 40.98%.

Analyst Upgrades and Downgrades

A number of analysts have recently commented on BK shares. UBS Group lifted their target price on Bank of New York Mellon from $54.00 to $62.00 and gave the stock a “buy” rating in a research report on Tuesday, January 9th. Jefferies Financial Group boosted their price target on Bank of New York Mellon from $67.00 to $68.00 and gave the company a “buy” rating in a research report on Thursday, April 18th. Royal Bank of Canada restated a “sector perform” rating and issued a $58.00 price target on shares of Bank of New York Mellon in a research report on Wednesday, March 27th. Bank of America boosted their price target on Bank of New York Mellon from $64.00 to $66.00 and gave the company a “buy” rating in a research report on Wednesday, April 17th. Finally, Morgan Stanley boosted their price target on 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. Five investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $60.17.

Insider Activity at Bank of New York Mellon

In related news, EVP J Kevin Mccarthy sold 40,000 shares of the company’s stock in a transaction that occurred on Friday, April 19th. The stock was sold at an average price of $56.15, for a total value of $2,246,000.00. Following the sale, the executive vice president now owns 100,404 shares of the company’s stock, valued at approximately $5,637,684.60. The transaction was disclosed in a filing with the SEC, which is available through this link. In other Bank of New York Mellon news, EVP J Kevin Mccarthy sold 40,000 shares of the business’s stock in a transaction on Friday, April 19th. The stock was sold at an average price of $56.15, for a total value of $2,246,000.00. Following the completion of the transaction, the executive vice president now directly owns 100,404 shares in the company, valued at approximately $5,637,684.60. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, VP Catherine Keating sold 54,070 shares of the business’s stock in a transaction on Thursday, April 18th. The shares were 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 owns 78,350 shares of the company’s stock, valued at $4,299,848. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 98,568 shares of company stock valued at $5,459,897. 0.14% of the stock is owned by corporate insiders.

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.