Garland Capital Management Inc. Sells 10,750 Shares of The Bank of New York Mellon Corporation (NYSE:BK)

Garland Capital Management Inc. lowered its position in shares of The Bank of New York Mellon Corporation (NYSE:BK - Free Report) by 13.8% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 67,390 shares of the bank's stock after selling 10,750 shares during the quarter. Bank of New York Mellon accounts for about 5.3% of Garland Capital Management Inc.'s holdings, making the stock its 3rd largest position. Garland Capital Management Inc.'s holdings in Bank of New York Mellon were worth $5,652,000 at the end of the most recent reporting period.

A number of other large investors have also made changes to their positions in BK. Parvin Asset Management LLC purchased a new position in Bank of New York Mellon during the fourth quarter valued at approximately $25,000. Opal Wealth Advisors LLC purchased a new position in Bank of New York Mellon during the first quarter valued at approximately $25,000. Bellwether Advisors LLC purchased a new position in Bank of New York Mellon during the fourth quarter valued at approximately $28,000. REAP Financial Group LLC grew its position in Bank of New York Mellon by 123.2% during the fourth quarter. REAP Financial Group LLC now owns 395 shares of the bank's stock valued at $30,000 after purchasing an additional 218 shares in the last quarter. Finally, Transce3nd LLC purchased a new position in Bank of New York Mellon during the fourth quarter valued at approximately $33,000. Institutional investors and hedge funds own 85.31% of the company's stock.

Bank of New York Mellon Stock Performance

BK stock opened at $91.58 on Friday. The company has a quick ratio of 0.69, a current ratio of 0.69 and a debt-to-equity ratio of 0.81. The company has a market capitalization of $65.52 billion, a price-to-earnings ratio of 14.92, a P/E/G ratio of 1.02 and a beta of 1.08. The Bank of New York Mellon Corporation has a 12 month low of $58.19 and a 12 month high of $92.64. The firm has a 50 day moving average of $85.50 and a two-hundred day moving average of $83.25.

Bank of New York Mellon (NYSE:BK - Get Free Report) last posted its earnings results on Friday, April 11th. The bank reported $1.58 EPS for the quarter, topping the consensus estimate of $1.50 by $0.08. The company had revenue of $4.79 billion during the quarter, compared to the consensus estimate of $4.76 billion. Bank of New York Mellon had a net margin of 11.78% and a return on equity of 12.96%. The company's revenue for the quarter was up 5.9% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.29 earnings per share. As a group, equities analysts anticipate that The Bank of New York Mellon Corporation will post 6.96 EPS for the current fiscal year.

Bank of New York Mellon Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, May 2nd. Investors of record on Monday, April 21st were paid a $0.47 dividend. The ex-dividend date was Monday, April 21st. This represents a $1.88 dividend on an annualized basis and a yield of 2.05%. Bank of New York Mellon's payout ratio is presently 30.62%.

Wall Street Analysts Forecast Growth

BK has been the topic of a number of research analyst reports. Evercore ISI boosted their price objective 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. Morgan Stanley boosted their price objective on shares of Bank of New York Mellon from $94.00 to $95.00 and gave the company an "overweight" rating in a research report on Tuesday, June 3rd. Citigroup boosted their price objective 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. Wells Fargo & Company boosted their price objective 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. Finally, Truist Financial downgraded shares of Bank of New York Mellon from a "buy" rating to a "hold" rating and boosted their price objective for the company from $87.00 to $97.00 in a research report on Wednesday, May 28th. Seven equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. According to data from MarketBeat.com, Bank of New York Mellon currently has a consensus rating of "Moderate Buy" and an average price target of $91.85.

Insider Activity at Bank of New York Mellon

In related news, EVP J Kevin Mccarthy sold 30,000 shares of the firm's stock in a transaction on Tuesday, April 29th. The shares were sold at an average price of $79.03, for a total value of $2,370,900.00. Following the transaction, the executive vice president now directly owns 55,115 shares in the company, valued at approximately $4,355,738.45. This trade represents a 35.25% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, VP Catherine Keating sold 65,473 shares of the firm's stock in a transaction on Monday, April 14th. The shares were sold at an average price of $77.31, for a total transaction of $5,061,717.63. Following the completion of the transaction, 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. In the last three months, insiders have sold 101,114 shares of company stock worth $7,869,795. 0.14% of the stock is owned by insiders.

Bank of New York Mellon 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.

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