Addison Capital Co Decreases Stake in The Bank of New York Mellon Corporation $BK

Key Points

• Addison Capital Co sold 2,438 shares of The Bank of New York Mellon Corporation, reducing its holdings by 28.3% to 6,189 shares valued at approximately $519,000.
• A number of analysts have raised their price targets for Bank of New York Mellon, with Keefe, Bruyette & Woods setting a new target of $113.00 and maintaining an "outperform" rating.
• The bank recently announced a quarterly dividend of $0.53 per share, marking an increase from the previous dividend of $0.47, reflecting a positive sentiment towards its financial performance.

Addison Capital Co lowered its position in The Bank of New York Mellon Corporation (NYSE:BK - Free Report) by 28.3% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 6,189 shares of the bank's stock after selling 2,438 shares during the period. Addison Capital Co's holdings in Bank of New York Mellon were worth $519,000 as of its most recent SEC filing.

Several other large investors also recently bought and sold shares of the stock. Ameriprise Financial Inc. lifted its stake in Bank of New York Mellon by 1.9% during the 1st quarter. Ameriprise Financial Inc. now owns 12,043,601 shares of the bank's stock valued at $1,010,093,000 after acquiring an additional 221,613 shares during the period. Nuveen LLC purchased a new stake in shares of Bank of New York Mellon during the first quarter worth $773,627,000. Invesco Ltd. grew its holdings in shares of Bank of New York Mellon by 8.8% during the first quarter. Invesco Ltd. now owns 8,264,176 shares of the bank's stock worth $693,116,000 after buying an additional 667,966 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its holdings in shares of Bank of New York Mellon by 5.7% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 8,125,577 shares of the bank's stock valued at $681,492,000 after purchasing an additional 436,100 shares during the period. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its holdings in shares of Bank of New York Mellon by 15.9% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 7,689,477 shares of the bank's stock valued at $590,783,000 after purchasing an additional 1,055,389 shares during the period. Hedge funds and other institutional investors own 85.31% of the company's stock.

Analyst Upgrades and Downgrades

Several brokerages have weighed in on BK. Evercore ISI increased their target price on shares of Bank of New York Mellon from $88.00 to $90.00 and gave the stock an "in-line" rating in a research note on Wednesday, July 2nd. Morgan Stanley lifted their price target on shares of Bank of New York Mellon from $95.00 to $101.00 and gave the stock an "overweight" rating in a research note on Wednesday, July 16th. Keefe, Bruyette & Woods raised their price objective on shares of Bank of New York Mellon from $105.00 to $113.00 and gave the stock an "outperform" rating in a report on Wednesday, July 16th. Citigroup raised their target price on shares of Bank of New York Mellon from $92.00 to $105.00 and gave the stock a "neutral" rating in a research report on Friday, September 5th. Finally, Wells Fargo & Company raised their target price on shares of Bank of New York Mellon from $96.00 to $100.00 and gave the stock an "equal weight" rating in a research report on Wednesday, July 16th. Eight analysts have rated the stock with a Buy rating and six have given a Hold rating to the stock. Based on data from MarketBeat.com, Bank of New York Mellon currently has a consensus rating of "Moderate Buy" and a consensus target price of $96.62.

Insider Activity at Bank of New York Mellon

In other Bank of New York Mellon news, EVP J Kevin Mccarthy sold 20,000 shares of the business's stock in a transaction on Tuesday, July 22nd. The shares were sold at an average price of $98.45, for a total transaction of $1,969,000.00. Following the sale, the executive vice president directly owned 35,115 shares in the company, valued at approximately $3,457,071.75. The trade was a 36.29% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 0.14% of the company's stock.

Bank of New York Mellon Stock Performance

NYSE:BK traded up $0.86 during midday trading on Friday, reaching $106.46. The stock had a trading volume of 2,609,349 shares, compared to its average volume of 2,833,322. The firm has a fifty day simple moving average of $101.15 and a two-hundred day simple moving average of $90.51. The Bank of New York Mellon Corporation has a 12-month low of $68.51 and a 12-month high of $106.57. The company has a quick ratio of 0.72, a current ratio of 0.72 and a debt-to-equity ratio of 0.86. The stock has a market cap of $75.08 billion, a P/E ratio of 16.25, a P/E/G ratio of 1.00 and a beta of 1.14.

Bank of New York Mellon (NYSE:BK - Get Free Report) last posted its quarterly earnings data on Tuesday, July 15th. The bank reported $1.94 earnings per share for the quarter, beating analysts' consensus estimates of $1.73 by $0.21. Bank of New York Mellon had a net margin of 12.27% and a return on equity of 13.46%. The firm had revenue of $4.77 billion for the quarter, compared to analyst estimates of $4.80 billion. During the same period last year, the firm posted $1.51 EPS. Bank of New York Mellon's quarterly revenue was up 9.4% on a year-over-year basis. On average, equities analysts expect that The Bank of New York Mellon Corporation will post 6.96 EPS for the current year.

Bank of New York Mellon Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, August 7th. Investors of record on Friday, July 25th were given a $0.53 dividend. This is a positive change from Bank of New York Mellon's previous quarterly dividend of $0.47. The ex-dividend date was Friday, July 25th. This represents a $2.12 dividend on an annualized basis and a yield of 2.0%. Bank of New York Mellon's payout ratio is 32.37%.

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.