Sabal Trust CO Cuts Stock Position in The Bank of New York Mellon Corporation (NYSE:BK)

Sabal Trust CO decreased its holdings in shares of The Bank of New York Mellon Corporation (NYSE:BK - Free Report) by 2.0% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 374,780 shares of the bank's stock after selling 7,620 shares during the period. Bank of New York Mellon comprises approximately 1.7% of Sabal Trust CO's holdings, making the stock its 19th largest position. Sabal Trust CO owned about 0.05% of Bank of New York Mellon worth $31,433,000 as of its most recent SEC filing.

Other hedge funds have also recently modified their holdings of the company. Alpine Bank Wealth Management bought a new stake in shares of Bank of New York Mellon during the 1st quarter valued at $25,000. Opal Wealth Advisors LLC bought a new stake in shares of Bank of New York Mellon during the 1st quarter valued at $25,000. Parvin Asset Management LLC bought a new stake in shares of Bank of New York Mellon during the 4th quarter valued at $25,000. Bellwether Advisors LLC bought a new stake in shares of Bank of New York Mellon during the 4th quarter valued at $28,000. Finally, REAP Financial Group LLC grew its position in shares of Bank of New York Mellon by 123.2% during the 4th quarter. REAP Financial Group LLC now owns 395 shares of the bank's stock valued at $30,000 after acquiring an additional 218 shares during the period. Institutional investors own 85.31% of the company's stock.

Insider Activity

In other news, insider Kurtis R. Kurimsky sold 5,641 shares of Bank of New York Mellon stock in a transaction that occurred on Monday, April 14th. The shares were sold at an average price of $77.50, for a total transaction of $437,177.50. Following the completion of the sale, the insider now owns 21,679 shares of the company's stock, valued at approximately $1,680,122.50. The trade was a 20.65% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, VP Catherine Keating sold 65,473 shares of Bank of New York Mellon stock in a transaction dated Monday, April 14th. The shares were sold at an average price of $77.31, for a total value of $5,061,717.63. Following the completion of the sale, the vice president now owns 87,542 shares of the company's stock, valued at $6,767,872.02. The trade was a 42.79% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 101,114 shares of company stock worth $7,869,795. 0.14% of the stock is currently owned by corporate insiders.

Bank of New York Mellon Price Performance

BK stock traded up $1.24 during mid-day trading on Friday, hitting $91.28. The company had a trading volume of 6,279,061 shares, compared to its average volume of 4,100,671. The company has a market capitalization of $65.31 billion, a price-to-earnings ratio of 14.87, a P/E/G ratio of 1.02 and a beta of 1.08. The Bank of New York Mellon Corporation has a 12-month low of $59.19 and a 12-month high of $92.64. The company has a quick ratio of 0.69, a current ratio of 0.69 and a debt-to-equity ratio of 0.81. The company has a 50-day moving average price of $86.88 and a 200 day moving average price of $83.64.

Bank of New York Mellon (NYSE:BK - Get Free Report) last announced its quarterly earnings results on Friday, April 11th. The bank reported $1.58 EPS for the quarter, topping the consensus estimate of $1.50 by $0.08. The business had revenue of $4.79 billion for the quarter, compared to analysts' expectations of $4.76 billion. Bank of New York Mellon had a net margin of 11.78% and a return on equity of 12.96%. The business's quarterly revenue was up 5.9% compared to the same quarter last year. During the same quarter in the previous year, the company earned $1.29 EPS. On average, research 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 Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, May 2nd. Stockholders of record on Monday, April 21st were given a dividend of $0.47 per share. This represents a $1.88 annualized dividend and a dividend yield of 2.06%. The ex-dividend date of this dividend was Monday, April 21st. Bank of New York Mellon's dividend payout ratio is 30.62%.

Analyst Ratings Changes

BK has been the subject of a number of recent research reports. Evercore ISI boosted their price objective on shares of Bank of New York Mellon from $83.00 to $87.00 and gave the company an "in-line" rating in a research report on Tuesday, April 1st. Citigroup upped their target price on shares of Bank of New York Mellon from $82.00 to $85.00 and gave the stock a "neutral" rating in a report on Monday, March 24th. Truist Financial downgraded shares of Bank of New York Mellon from a "buy" rating to a "hold" rating and upped their target price for the stock from $87.00 to $97.00 in a report on Wednesday, May 28th. Wells Fargo & Company upped their target price on shares of Bank of New York Mellon from $86.00 to $96.00 and gave the stock an "equal weight" rating in a report on Monday, March 3rd. Finally, Morgan Stanley upped their target price on shares of Bank of New York Mellon from $94.00 to $95.00 and gave the stock an "overweight" rating in a report on Tuesday, June 3rd. Seven investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $91.85.

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.