Novare Capital Management LLC Sells 7,301 Shares of The Bank of New York Mellon Corporation $BK

Key Points

• Novare Capital Management LLC reduced its holdings in The Bank of New York Mellon Corporation by 4.4%, selling 7,301 shares and now owning 159,809 shares valued at $14.56 million.
• The Bank of New York Mellon has received positive reports from analysts, with price targets being raised to as high as $125 and an average rating of "Moderate Buy."
• The company announced a quarterly dividend of $0.53 per share, scheduled for payment on November 7th, representing an annualized yield of 2.0%.

Novare Capital Management LLC lowered its position in The Bank of New York Mellon Corporation (NYSE:BK - Free Report) by 4.4% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 159,809 shares of the bank's stock after selling 7,301 shares during the period. Bank of New York Mellon makes up approximately 1.2% of Novare Capital Management LLC's investment portfolio, making the stock its 22nd biggest holding. Novare Capital Management LLC's holdings in Bank of New York Mellon were worth $14,560,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently modified their holdings of BK. Nuveen LLC bought a new stake in shares of Bank of New York Mellon during the first quarter valued at approximately $773,627,000. AustralianSuper Pty Ltd bought a new stake in shares of Bank of New York Mellon during the first quarter valued at approximately $92,502,000. Goldman Sachs Group Inc. raised its stake in shares of Bank of New York Mellon by 26.3% during the first quarter. Goldman Sachs Group Inc. now owns 5,053,744 shares of the bank's stock valued at $423,858,000 after acquiring an additional 1,052,145 shares in the last quarter. Wellington Management Group LLP raised its stake in shares of Bank of New York Mellon by 257.6% during the first quarter. Wellington Management Group LLP now owns 1,236,255 shares of the bank's stock valued at $103,685,000 after acquiring an additional 890,593 shares in the last quarter. Finally, AQR Capital Management LLC raised its stake in shares of Bank of New York Mellon by 37.7% during the first quarter. AQR Capital Management LLC now owns 3,244,204 shares of the bank's stock valued at $266,349,000 after acquiring an additional 887,361 shares in the last quarter. Institutional investors own 85.31% of the company's stock.

Wall Street Analysts Forecast Growth

BK has been the topic of several research reports. Wells Fargo & Company lifted their price objective on shares of Bank of New York Mellon from $100.00 to $109.00 and gave the company an "equal weight" rating in a report on Friday. BMO Capital Markets initiated coverage on shares of Bank of New York Mellon in a report on Friday, October 3rd. They set an "outperform" rating and a $125.00 price objective on the stock. Weiss Ratings reissued a "buy (b+)" rating on shares of Bank of New York Mellon in a report on Wednesday, October 8th. Evercore ISI lifted their price objective on shares of Bank of New York Mellon from $91.00 to $110.00 and gave the company an "in-line" rating in a report on Tuesday, September 30th. Finally, The Goldman Sachs Group lifted their price objective on shares of Bank of New York Mellon from $106.00 to $120.00 and gave the company a "buy" rating in a report on Monday, October 6th. Ten investment analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company's stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $109.62.

Bank of New York Mellon Price Performance

NYSE BK opened at $105.77 on Friday. The firm's fifty day simple moving average is $105.59 and its two-hundred day simple moving average is $94.47. The company has a current ratio of 0.70, a quick ratio of 0.72 and a debt-to-equity ratio of 0.83. The Bank of New York Mellon Corporation has a 12-month low of $70.46 and a 12-month high of $110.87. The firm has a market capitalization of $74.59 billion, a P/E ratio of 15.26, a P/E/G ratio of 1.00 and a beta of 1.13.

Bank of New York Mellon (NYSE:BK - Get Free Report) last released its quarterly earnings results on Tuesday, March 26th. The bank reported $1.30 earnings per share (EPS) for the quarter. Bank of New York Mellon had a net margin of 12.86% and a return on equity of 14.03%. The business had revenue of $4.38 billion for the quarter. Analysts forecast that The Bank of New York Mellon Corporation will post 6.96 EPS for the current fiscal year.

Bank of New York Mellon Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, November 7th. Stockholders of record on Monday, October 27th will be issued a dividend of $0.53 per share. The ex-dividend date of this dividend is Monday, October 27th. This represents a $2.12 dividend on an annualized basis and a dividend yield of 2.0%. Bank of New York Mellon's payout ratio is 32.37%.

Insider Buying and Selling at Bank of New York Mellon

In other 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 of the company's stock, valued at $3,457,071.75. The trade was a 36.29% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.14% of the stock is owned by company 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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