Shayne & Jacobs LLC Sells 4,900 Shares of The Bank of New York Mellon Corporation $BK

Key Points

• Shayne & Jacobs LLC sold 4,900 shares of The Bank of New York Mellon Corporation, reducing its stake by 7.7%, which now comprises approximately 1.8% of their portfolio.
• The Bank of New York Mellon announced a quarterly dividend increase to $0.53 per share, up from the previous $0.47, reflecting a 2.0% dividend yield.
• Research analysts have a positive outlook on the bank, with a consensus target price of $106.77, as several firms have upgraded their ratings and price objectives for the stock.

Shayne & Jacobs LLC trimmed its position in shares of The Bank of New York Mellon Corporation (NYSE:BK - Free Report) by 7.7% during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 59,137 shares of the bank's stock after selling 4,900 shares during the quarter. Bank of New York Mellon accounts for approximately 1.8% of Shayne & Jacobs LLC's portfolio, making the stock its 9th largest holding. Shayne & Jacobs LLC's holdings in Bank of New York Mellon were worth $5,388,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also made changes to their positions in the company. Aberdeen Group plc increased its stake in shares of Bank of New York Mellon by 10.5% during the second quarter. Aberdeen Group plc now owns 676,637 shares of the bank's stock worth $61,608,000 after acquiring an additional 64,157 shares during the period. JFS Wealth Advisors LLC increased its stake in shares of Bank of New York Mellon by 12.5% during the second quarter. JFS Wealth Advisors LLC now owns 4,738 shares of the bank's stock worth $432,000 after acquiring an additional 527 shares during the period. PDS Planning Inc increased its stake in shares of Bank of New York Mellon by 12.5% during the second quarter. PDS Planning Inc now owns 4,119 shares of the bank's stock worth $375,000 after acquiring an additional 459 shares during the period. Blue Trust Inc. increased its stake in shares of Bank of New York Mellon by 9.8% during the second quarter. Blue Trust Inc. now owns 4,848 shares of the bank's stock worth $442,000 after acquiring an additional 434 shares during the period. Finally, Endeavor Private Wealth Inc. boosted its holdings in Bank of New York Mellon by 5.4% during the second quarter. Endeavor Private Wealth Inc. now owns 14,908 shares of the bank's stock worth $1,358,000 after buying an additional 763 shares in the last quarter. 85.31% of the stock is currently owned by institutional investors and hedge funds.

Bank of New York Mellon Stock Down 2.1%

Shares of NYSE BK opened at $104.63 on Friday. The Bank of New York Mellon Corporation has a 12-month low of $70.46 and a 12-month high of $110.87. The company has a market capitalization of $73.79 billion, a PE ratio of 15.97, a price-to-earnings-growth ratio of 1.00 and a beta of 1.13. The company has a debt-to-equity ratio of 0.86, a current ratio of 0.72 and a quick ratio of 0.72. The firm's 50-day moving average is $105.10 and its two-hundred day moving average is $93.68.

Bank of New York Mellon (NYSE:BK - Get Free Report) last announced 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 12.27% and a return on equity of 13.46%. The company had revenue of $4.38 billion for the quarter. Equities analysts anticipate that The Bank of New York Mellon Corporation will post 6.96 EPS for the current fiscal year.

Bank of New York Mellon Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, August 7th. Stockholders of record on Friday, July 25th were given a $0.53 dividend. This is a boost 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 2.0%. The ex-dividend date of this dividend was Friday, July 25th. Bank of New York Mellon's dividend payout ratio (DPR) is presently 32.37%.

Wall Street Analyst Weigh In

BK has been the topic of a number of research analyst 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, July 16th. Evercore ISI boosted their price objective on shares of Bank of New York Mellon from $91.00 to $110.00 and gave the stock an "in-line" rating in a report on Tuesday, September 30th. Weiss Ratings reissued a "buy (b+)" rating on shares of Bank of New York Mellon in a report on Wednesday. Morgan Stanley boosted their price objective on shares of Bank of New York Mellon from $101.00 to $116.00 and gave the stock an "overweight" rating in a report on Monday, September 29th. Finally, TD Cowen initiated coverage on shares of Bank of New York Mellon in a report on Thursday, September 25th. They set a "buy" rating on the stock. Ten research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the stock. According to MarketBeat.com, Bank of New York Mellon presently has an average rating of "Moderate Buy" and an average target price of $106.77.

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 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 completion of the transaction, the executive vice president 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 transaction was disclosed in a filing with the SEC, which is available at the SEC website. 0.14% of the stock is currently owned by corporate insiders.

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.

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