Patton Fund Management Inc. Sells 23,212 Shares of The Bank of New York Mellon Corporation $BK

Key Points

• Patton Fund Management Inc. reduced its stake in The Bank of New York Mellon by 43.6%, selling 23,212 shares and retaining 30,005 shares valued at approximately $2.73 million as of its latest SEC filing.
• Several institutional investors increased their positions in the bank during the second quarter, contributing to institutional ownership reaching 85.31% of the company's stock.
• The Bank of New York Mellon announced a dividend increase to $0.53 per share, reflecting a positive change from the previous dividend of $0.47, with an annualized yield of 1.9% and a payout ratio of 32.37%.

Patton Fund Management Inc. lowered its stake in shares of The Bank of New York Mellon Corporation (NYSE:BK - Free Report) by 43.6% in the 2nd quarter, according to the company in its most recent disclosure with the SEC. The firm owned 30,005 shares of the bank's stock after selling 23,212 shares during the quarter. Patton Fund Management Inc.'s holdings in Bank of New York Mellon were worth $2,734,000 as of its most recent SEC filing.

Several other institutional investors also recently added to or reduced their stakes in the stock. ST Germain D J Co. Inc. grew its position in Bank of New York Mellon by 7.4% during the second quarter. ST Germain D J Co. Inc. now owns 3,017 shares of the bank's stock valued at $275,000 after buying an additional 209 shares during the period. TCI Wealth Advisors Inc. bought a new position in Bank of New York Mellon during the second quarter valued at about $209,000. Legend Financial Advisors Inc. bought a new position in Bank of New York Mellon during the second quarter worth about $94,000. CX Institutional boosted its position in Bank of New York Mellon by 6.8% during the second quarter. CX Institutional now owns 9,177 shares of the bank's stock worth $836,000 after purchasing an additional 581 shares during the period. Finally, Perigon Wealth Management LLC boosted its position in Bank of New York Mellon by 7.3% during the second quarter. Perigon Wealth Management LLC now owns 7,234 shares of the bank's stock worth $659,000 after purchasing an additional 493 shares during the period. Institutional investors own 85.31% of the company's stock.

Insider Activity

In related news, EVP J Kevin Mccarthy sold 20,000 shares of the firm's stock in a transaction that occurred on Tuesday, July 22nd. The shares were sold at an average price of $98.45, for a total value 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. This trade represents a 36.29% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Insiders own 0.14% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on BK shares. 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 report on Wednesday, July 2nd. Wells Fargo & Company increased 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. Citigroup increased 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. Morgan Stanley increased their target price on shares of Bank of New York Mellon from $95.00 to $101.00 and gave the stock an "overweight" rating in a research report on Wednesday, July 16th. Finally, TD Cowen started coverage on shares of Bank of New York Mellon in a research report on Thursday. They set a "buy" rating for the company. Eight research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the stock. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $98.00.

Bank of New York Mellon Trading Up 0.5%

Shares of Bank of New York Mellon stock opened at $109.58 on Friday. The Bank of New York Mellon Corporation has a 12-month low of $70.41 and a 12-month high of $110.87. The company has a market cap of $77.28 billion, a price-to-earnings ratio of 16.73, a PEG ratio of 1.03 and a beta of 1.14. The company has a current ratio of 0.72, a quick ratio of 0.72 and a debt-to-equity ratio of 0.86. The company's 50-day moving average price is $103.79 and its 200-day moving average price is $92.02.

Bank of New York Mellon (NYSE:BK - Get Free Report) last announced its quarterly earnings results on Tuesday, July 15th. The bank reported $1.94 earnings per share (EPS) for the quarter, topping 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 the consensus estimate of $4.80 billion. During the same period in the prior year, the firm posted $1.51 earnings per share. The company's revenue for the quarter 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 earnings per share for the current fiscal year.

Bank of New York Mellon Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, August 7th. Stockholders of record on Friday, July 25th were issued a $0.53 dividend. The ex-dividend date of this dividend was Friday, July 25th. This is a positive change from Bank of New York Mellon's previous quarterly dividend of $0.47. This represents a $2.12 dividend on an annualized basis and a dividend yield of 1.9%. Bank of New York Mellon's payout ratio is currently 32.37%.

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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