First Citizens Bank & Trust Co. Cuts Stock Position in The Bank of New York Mellon Co. (NYSE:BK)

First Citizens Bank & Trust Co. lessened its stake in The Bank of New York Mellon Co. (NYSE:BK) by 1.6% in the 1st quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 11,825 shares of the bank’s stock after selling 198 shares during the quarter. First Citizens Bank & Trust Co.’s holdings in Bank of New York Mellon were worth $992,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Capital Investment Advisors LLC increased its holdings in Bank of New York Mellon by 34.2% in the 1st quarter. Capital Investment Advisors LLC now owns 3,774 shares of the bank’s stock worth $317,000 after acquiring an additional 962 shares in the last quarter. Park Avenue Securities LLC boosted its stake in Bank of New York Mellon by 18.8% during the 1st quarter. Park Avenue Securities LLC now owns 46,615 shares of the bank’s stock worth $3,910,000 after purchasing an additional 7,369 shares during the last quarter. Patriot Financial Group Insurance Agency LLC boosted its stake in Bank of New York Mellon by 6.0% during the 1st quarter. Patriot Financial Group Insurance Agency LLC now owns 18,589 shares of the bank’s stock worth $1,559,000 after purchasing an additional 1,048 shares during the last quarter. Whitaker Myers Wealth Managers LTD. acquired a new stake in Bank of New York Mellon during the 1st quarter worth $378,000. Finally, Wedmont Private Capital boosted its stake in Bank of New York Mellon by 12.4% during the 1st quarter. Wedmont Private Capital now owns 7,075 shares of the bank’s stock worth $550,000 after purchasing an additional 783 shares during the last quarter. Hedge funds and other institutional investors own 85.31% of the company’s stock.

Bank of New York Mellon Trading Down 0.1%

NYSE BK opened at $89.96 on Wednesday. The firm’s 50-day moving average is $83.19 and its two-hundred day moving average is $82.77. The Bank of New York Mellon Co. has a 12 month low of $57.18 and a 12 month high of $90.63. The company has a debt-to-equity ratio of 0.83, a current ratio of 0.69 and a quick ratio of 0.70. The stock has a market capitalization of $64.36 billion, a P/E ratio of 15.48, a PEG ratio of 0.97 and a beta of 1.08.

Bank of New York Mellon (NYSE:BK) last issued its quarterly earnings results on Friday, April 11th. The bank reported $1.58 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.50 by $0.08. The company had revenue of $4.79 billion for the quarter, compared to analyst estimates of $4.76 billion. Bank of New York Mellon had a net margin of 11.35% and a return on equity of 12.68%. The business’s revenue for the quarter was up 5.9% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.29 earnings per share. On average, sell-side analysts anticipate that The Bank of New York Mellon Co. will post 6.96 earnings per share for the current year.

Bank of New York Mellon Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, May 2nd. Shareholders of record on Monday, April 21st were paid a dividend of $0.47 per share. The ex-dividend date was Monday, April 21st. This represents a $1.88 dividend on an annualized basis and a yield of 2.09%. Bank of New York Mellon’s dividend payout ratio (DPR) is presently 30.62%.

Insiders Place Their Bets

In related news, EVP J Kevin Mccarthy sold 30,000 shares of the company’s stock in a transaction that occurred on Tuesday, April 29th. The shares were sold at an average price of $79.03, for a total transaction of $2,370,900.00. Following the sale, the executive vice president now directly owns 55,115 shares in the company, valued at approximately $4,355,738.45. This represents a 35.25% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Catherine Keating sold 65,473 shares of the company’s stock in a transaction that occurred on Monday, April 14th. The stock was sold at an average price of $77.31, for a total transaction of $5,061,717.63. Following the sale, the vice president now owns 87,542 shares in the company, valued at $6,767,872.02. The trade was a 42.79% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 101,114 shares of company stock worth $7,869,795 over the last three months. Company insiders own 0.14% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have recently weighed in on BK shares. Truist Financial cut shares of Bank of New York Mellon from a “buy” rating to a “hold” rating and boosted their price target for the company from $87.00 to $97.00 in a research report on Wednesday, May 28th. Evercore ISI boosted their price target on shares of Bank of New York Mellon from $83.00 to $87.00 and gave the company an “in-line” rating in a research report on Tuesday, April 1st. Wells Fargo & Company boosted their price target on shares of Bank of New York Mellon from $86.00 to $96.00 and gave the company an “equal weight” rating in a research report on Monday, March 3rd. Citigroup boosted their price target on shares of Bank of New York Mellon from $82.00 to $85.00 and gave the company a “neutral” rating in a research report on Monday, March 24th. Finally, Wall Street Zen cut shares of Bank of New York Mellon from a “buy” rating to a “hold” rating in a research report on Wednesday, February 19th. Seven equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. According to data from MarketBeat, Bank of New York Mellon has a consensus rating of “Moderate Buy” and an average target price of $91.85.

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.