Handelsbanken Fonder AB Sells 47,204 Shares of The Bank of New York Mellon Co. (NYSE:BK)

Handelsbanken Fonder AB trimmed its holdings in The Bank of New York Mellon Co. (NYSE:BK - Free Report) by 13.9% in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 291,543 shares of the bank's stock after selling 47,204 shares during the quarter. Handelsbanken Fonder AB's holdings in Bank of New York Mellon were worth $24,452,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also added to or reduced their stakes in BK. Norges Bank acquired a new stake in shares of Bank of New York Mellon during the fourth quarter worth about $1,150,462,000. FMR LLC boosted its position in Bank of New York Mellon by 19.3% during the fourth quarter. FMR LLC now owns 23,071,584 shares of the bank's stock valued at $1,772,590,000 after purchasing an additional 3,732,862 shares during the last quarter. Northern Trust Corp raised its position in Bank of New York Mellon by 19.1% during the fourth quarter. Northern Trust Corp now owns 9,533,615 shares of the bank's stock worth $732,468,000 after acquiring an additional 1,526,686 shares in the last quarter. GAMMA Investing LLC increased its holdings in shares of Bank of New York Mellon by 9,538.9% during the 1st quarter. GAMMA Investing LLC now owns 1,399,958 shares of the bank's stock worth $117,414,000 after acquiring an additional 1,385,434 shares during the last quarter. Finally, Raymond James Financial Inc. bought a new position in shares of Bank of New York Mellon during the fourth quarter worth approximately $90,955,000. Institutional investors and hedge funds own 85.31% of the company's stock.

Analysts Set New Price Targets

BK has been the subject of a number of research analyst reports. Royal Bank of Canada reiterated a "sector perform" rating and set a $90.00 price objective on shares of Bank of New York Mellon in a research report on Monday, March 17th. Wall Street Zen downgraded Bank of New York Mellon from a "buy" rating to a "hold" rating in a research note on Wednesday, February 19th. Truist Financial cut shares of Bank of New York Mellon from a "buy" rating to a "hold" rating and raised their price target for the stock from $87.00 to $97.00 in a report on Wednesday, May 28th. Evercore ISI boosted their price target 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 note on Tuesday, April 1st. Finally, Morgan Stanley lifted their target price on Bank of New York Mellon from $94.00 to $95.00 and gave the company an "overweight" rating in a research report on Tuesday, June 3rd. Seven investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $91.85.

Insider Buying and Selling at Bank of New York Mellon

In related news, EVP J Kevin Mccarthy sold 30,000 shares of Bank of New York Mellon stock in a transaction on Tuesday, April 29th. The shares were sold at an average price of $79.03, for a total transaction of $2,370,900.00. Following the transaction, the executive vice president now owns 55,115 shares in the company, valued at approximately $4,355,738.45. The trade was a 35.25% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, VP Catherine Keating sold 65,473 shares of Bank of New York Mellon stock in a transaction that occurred on Monday, April 14th. The stock was sold at an average price of $77.31, for a total value of $5,061,717.63. Following the sale, the vice president now owns 87,542 shares in the company, valued at $6,767,872.02. This represents 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 valued at $7,869,795. 0.14% of the stock is owned by company insiders.

Bank of New York Mellon Price Performance

NYSE:BK traded down $0.30 during trading hours on Thursday, hitting $89.26. 1,060,325 shares of the stock were exchanged, compared to its average volume of 4,052,577. The company has a market cap of $63.86 billion, a P/E ratio of 15.36, a P/E/G ratio of 0.97 and a beta of 1.08. The Bank of New York Mellon Co. has a 52-week low of $57.18 and a 52-week high of $90.63. The firm's fifty day moving average price is $83.52 and its 200 day moving average price is $82.81. The company has a current ratio of 0.69, a quick ratio of 0.70 and a debt-to-equity ratio of 0.83.

Bank of New York Mellon (NYSE:BK - Get Free Report) last released its quarterly earnings results on Friday, April 11th. The bank reported $1.58 EPS for the quarter, topping analysts' consensus estimates of $1.50 by $0.08. The company had revenue of $4.79 billion for the quarter, compared to analysts' expectations of $4.76 billion. Bank of New York Mellon had a return on equity of 12.68% and a net margin of 11.35%. The firm's revenue was up 5.9% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.29 earnings per share. As a group, equities research analysts anticipate that The Bank of New York Mellon Co. will post 6.96 EPS for the current fiscal 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 issued a $0.47 dividend. The ex-dividend date was Monday, April 21st. This represents a $1.88 dividend on an annualized basis and a dividend yield of 2.11%. Bank of New York Mellon's payout ratio is 30.62%.

Bank of New York Mellon Company 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.