Prime Capital Investment Advisors LLC Sells 2,532 Shares of The Bank of New York Mellon Corporation $BK

Key Points

• Prime Capital Investment Advisors LLC has reduced its stake in The Bank of New York Mellon (BK) by 34.4%, selling 2,532 shares and owning 4,826 shares worth approximately $440,000 after the sale.
• The Bank of New York Mellon announced an increase in its dividend to $0.53 per share, resulting in an annualized yield of 2.0%.
• Analysts have given Bank of New York Mellon a moderate buy rating, with various target prices ranging from $105.00 to $120.00 per share.

Prime Capital Investment Advisors LLC decreased its stake in The Bank of New York Mellon Corporation (NYSE:BK - Free Report) by 34.4% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 4,826 shares of the bank's stock after selling 2,532 shares during the period. Prime Capital Investment Advisors LLC's holdings in Bank of New York Mellon were worth $440,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Opal Wealth Advisors LLC bought a new position in shares of Bank of New York Mellon in the 1st quarter valued at $25,000. Alpine Bank Wealth Management bought a new position in Bank of New York Mellon in the first quarter valued at about $25,000. Cornerstone Planning Group LLC raised its position in Bank of New York Mellon by 100.0% in the first quarter. Cornerstone Planning Group LLC now owns 392 shares of the bank's stock valued at $30,000 after purchasing an additional 196 shares during the last quarter. Orion Capital Management LLC bought a new position in Bank of New York Mellon in the first quarter valued at about $32,000. Finally, Hoey Investments Inc. bought a new position in Bank of New York Mellon in the 2nd quarter valued at approximately $32,000. Institutional investors own 85.31% of the company's stock.

Insider Buying and Selling at Bank of New York Mellon

In other news, EVP J Kevin Mccarthy sold 20,000 shares of Bank of New York Mellon stock in a transaction 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 completion of the sale, the executive vice president owned 35,115 shares in the company, valued at $3,457,071.75. The trade was a 36.29% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. 0.14% of the stock is owned by corporate insiders.

Bank of New York Mellon Price Performance

Shares of NYSE BK opened at $104.63 on Friday. The Bank of New York Mellon Corporation has a twelve month low of $70.46 and a twelve month high of $110.87. The firm has a fifty day simple moving average of $105.10 and a 200 day simple moving average of $93.68. The company has a market capitalization of $73.79 billion, a PE ratio of 15.97, a P/E/G ratio of 1.00 and a beta of 1.13. The company has a quick ratio of 0.72, a current ratio of 0.72 and a debt-to-equity ratio of 0.86.

Bank of New York Mellon (NYSE:BK - Get Free Report) last posted its quarterly earnings data on Tuesday, March 26th. The bank reported $1.30 earnings per share for the quarter. Bank of New York Mellon had a return on equity of 13.46% and a net margin of 12.27%.The firm had revenue of $4.38 billion during the quarter. On average, sell-side analysts forecast that The Bank of New York Mellon Corporation will post 6.96 EPS for the current year.

Bank of New York Mellon Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, August 7th. Shareholders of record on Friday, July 25th were issued a $0.53 dividend. The ex-dividend date was Friday, July 25th. This is an increase 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 yield of 2.0%. Bank of New York Mellon's dividend payout ratio is presently 32.37%.

Wall Street Analyst Weigh In

BK has been the subject of a number of research reports. The Goldman Sachs Group raised 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. TD Cowen began coverage on shares of Bank of New York Mellon in a research note on Thursday, September 25th. They set a "buy" rating for the company. Morgan Stanley raised their target price on Bank of New York Mellon from $101.00 to $116.00 and gave the stock an "overweight" rating in a research report on Monday, September 29th. Citigroup raised their target price on 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. Finally, Weiss Ratings reaffirmed a "buy (b+)" rating on shares of Bank of New York Mellon in a research report on Wednesday. Ten research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company. According to MarketBeat.com, Bank of New York Mellon presently has an average rating of "Moderate Buy" and a consensus target price of $106.77.

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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