Novare Capital Management LLC Reduces Stock Holdings in The Bank of New York Mellon Corporation (NYSE:BK)

Novare Capital Management LLC reduced its holdings in The Bank of New York Mellon Corporation (NYSE:BK - Free Report) by 6.0% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 167,110 shares of the bank's stock after selling 10,583 shares during the period. Bank of New York Mellon comprises 1.2% of Novare Capital Management LLC's holdings, making the stock its 22nd biggest position. Novare Capital Management LLC's holdings in Bank of New York Mellon were worth $14,016,000 as of its most recent SEC filing.

Several other large investors have also made changes to their positions in BK. Norges Bank purchased a new stake in Bank of New York Mellon during the fourth quarter worth $1,150,462,000. FMR LLC boosted its holdings in Bank of New York Mellon by 19.3% during the fourth quarter. FMR LLC now owns 23,071,584 shares of the bank's stock worth $1,772,590,000 after buying an additional 3,732,862 shares in the last quarter. Northern Trust Corp boosted its holdings in Bank of New York Mellon by 19.1% during the fourth quarter. Northern Trust Corp now owns 9,533,615 shares of the bank's stock worth $732,468,000 after buying an additional 1,526,686 shares in the last quarter. GAMMA Investing LLC boosted its holdings in Bank of New York Mellon by 9,538.9% during the first quarter. GAMMA Investing LLC now owns 1,399,958 shares of the bank's stock worth $117,414,000 after buying an additional 1,385,434 shares in the last quarter. Finally, Raymond James Financial Inc. purchased a new stake in Bank of New York Mellon during the fourth quarter worth $90,955,000. 85.31% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Bank of New York Mellon

In other Bank of New York Mellon news, EVP J Kevin Mccarthy sold 30,000 shares of Bank of New York Mellon stock in a transaction dated 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 completion of the sale, the executive vice president directly owned 55,115 shares in the company, valued at $4,355,738.45. This trade represents a 35.25% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Kurtis R. Kurimsky sold 5,641 shares of Bank of New York Mellon stock in a transaction dated Monday, April 14th. The shares were sold at an average price of $77.50, for a total transaction of $437,177.50. Following the sale, the insider owned 21,679 shares of the company's stock, valued at approximately $1,680,122.50. This represents a 20.65% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 101,114 shares of company stock worth $7,869,795 over the last three months. Insiders own 0.14% of the company's stock.

Wall Street Analyst Weigh In

BK has been the topic of a number of recent analyst reports. Royal Bank Of Canada reissued a "sector perform" rating and set a $90.00 price target on shares of Bank of New York Mellon in a report on Monday, March 17th. Truist Financial downgraded shares of Bank of New York Mellon from a "buy" rating to a "hold" rating and increased their price objective for the company from $87.00 to $97.00 in a report on Wednesday, May 28th. Evercore ISI increased their price objective on shares of Bank of New York Mellon from $88.00 to $90.00 and gave the company an "in-line" rating in a report on Wednesday. Morgan Stanley increased 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 report on Tuesday, June 3rd. Finally, Citigroup increased 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 report on Monday, March 24th. 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.com, the company has an average rating of "Moderate Buy" and a consensus target price of $92.08.

Bank of New York Mellon Price Performance

Bank of New York Mellon stock opened at $91.93 on Friday. The Bank of New York Mellon Corporation has a 12-month low of $59.19 and a 12-month high of $92.85. The stock has a market cap of $65.77 billion, a P/E ratio of 14.97, a PEG ratio of 1.03 and a beta of 1.07. The company has a 50-day moving average price of $88.32 and a 200 day moving average price of $84.01. The company has a current ratio of 0.69, a quick ratio of 0.69 and a debt-to-equity ratio of 0.81.

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

Bank of New York Mellon Dividend Announcement

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

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.

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