Pettee Investors Inc. Sells 3,168 Shares of The Bank of New York Mellon Corporation (NYSE:BK)

Pettee Investors Inc. reduced its stake in The Bank of New York Mellon Corporation (NYSE:BK - Free Report) by 24.3% in the 1st quarter, according to the company in its most recent filing with the SEC. The fund owned 9,852 shares of the bank's stock after selling 3,168 shares during the quarter. Pettee Investors Inc.'s holdings in Bank of New York Mellon were worth $826,000 at the end of the most recent reporting period.

A number of other large investors have also recently added to or reduced their stakes in BK. Parvin Asset Management LLC bought a new stake in Bank of New York Mellon during the 4th quarter valued at approximately $25,000. Opal Wealth Advisors LLC bought a new stake in shares of Bank of New York Mellon in the first quarter valued at approximately $25,000. Alpine Bank Wealth Management acquired a new stake in shares of Bank of New York Mellon in the first quarter worth $25,000. Bellwether Advisors LLC bought a new position in Bank of New York Mellon during the fourth quarter worth $28,000. Finally, REAP Financial Group LLC boosted its holdings in Bank of New York Mellon by 123.2% in the 4th quarter. REAP Financial Group LLC now owns 395 shares of the bank's stock valued at $30,000 after purchasing an additional 218 shares during the period. Institutional investors own 85.31% of the company's stock.

Wall Street Analysts Forecast Growth

BK has been the topic of several research reports. Keefe, Bruyette & Woods boosted 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. Citigroup upped their price target on 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. Wells Fargo & Company lifted their price objective on Bank of New York Mellon from $96.00 to $100.00 and gave the stock an "equal weight" rating in a report on Wednesday. Truist Financial upped their target price on Bank of New York Mellon from $97.00 to $100.00 and gave the company a "hold" rating in a research note on Wednesday. Finally, Evercore ISI lifted their price target 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. Seven 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, the company has a consensus rating of "Moderate Buy" and an average price target of $94.38.

Bank of New York Mellon Price Performance

Shares of NYSE:BK traded up $0.89 during trading on Friday, reaching $98.81. The stock had a trading volume of 5,658,224 shares, compared to its average volume of 4,131,179. The stock has a market capitalization of $70.69 billion, a PE ratio of 15.09, a P/E/G ratio of 0.96 and a beta of 1.07. The company has a debt-to-equity ratio of 0.86, a current ratio of 0.72 and a quick ratio of 0.69. The Bank of New York Mellon Corporation has a 52 week low of $60.93 and a 52 week high of $99.04. The business's 50-day moving average price is $90.84 and its 200 day moving average price is $85.22.

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

Bank of New York Mellon Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, August 7th. Shareholders of record on Friday, July 25th will be issued a dividend of $0.53 per share. The ex-dividend date of this dividend is Friday, July 25th. This represents a $2.12 dividend on an annualized basis and a yield of 2.15%. This is a positive change from Bank of New York Mellon's previous quarterly dividend of $0.47. Bank of New York Mellon's dividend payout ratio is currently 32.37%.

Insider Buying and Selling

In other news, EVP J Kevin Mccarthy sold 30,000 shares of the company's stock in a transaction on Tuesday, April 29th. The stock was sold at an average price of $79.03, for a total transaction of $2,370,900.00. Following the transaction, the executive vice president owned 55,115 shares of the company's stock, valued at $4,355,738.45. This represents a 35.25% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. 0.14% of the stock is currently owned by corporate 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.