The Bank of New York Mellon Corporation (NYSE:BK) Shares Sold by Boyar Asset Management Inc.

Boyar Asset Management Inc. lowered its stake in The Bank of New York Mellon Corporation (NYSE:BK - Free Report) by 6.2% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 50,498 shares of the bank's stock after selling 3,348 shares during the quarter. Bank of New York Mellon makes up approximately 3.1% of Boyar Asset Management Inc.'s investment portfolio, making the stock its 7th largest position. Boyar Asset Management Inc.'s holdings in Bank of New York Mellon were worth $4,235,000 as of its most recent SEC filing.

Other hedge funds also recently made changes to their positions in the company. Parvin Asset Management LLC bought a new stake in Bank of New York Mellon during the 4th quarter worth $25,000. Opal Wealth Advisors LLC bought a new position in Bank of New York Mellon in the first quarter valued at about $25,000. Alpine Bank Wealth Management acquired a new stake in shares of Bank of New York Mellon during the first quarter valued at about $25,000. Bellwether Advisors LLC bought a new stake in shares of Bank of New York Mellon during the fourth quarter worth about $28,000. Finally, REAP Financial Group LLC increased its stake in shares of Bank of New York Mellon by 123.2% in the fourth quarter. REAP Financial Group LLC now owns 395 shares of the bank's stock valued at $30,000 after buying an additional 218 shares during the period. 85.31% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on the stock. Morgan Stanley lifted 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 research report on Tuesday, June 3rd. Evercore ISI lifted their price target on shares of Bank of New York Mellon from $83.00 to $87.00 and gave the stock an "in-line" rating in a report on Tuesday, April 1st. Wells Fargo & Company increased their price objective on Bank of New York Mellon from $86.00 to $96.00 and gave the company an "equal weight" rating in a report on Monday, March 3rd. Citigroup lifted their target price on 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. Finally, Royal Bank Of Canada reiterated a "sector perform" rating and issued a $90.00 price target on shares of Bank of New York Mellon in a research report on Monday, March 17th. 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, the stock has an average rating of "Moderate Buy" and a consensus price target of $91.85.

Insider Transactions at Bank of New York Mellon

In related news, VP Catherine Keating sold 65,473 shares of the business's stock in a transaction dated 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 completion of the sale, the vice president now directly owns 87,542 shares of the company's stock, valued at $6,767,872.02. The trade was a 42.79% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Kurtis R. Kurimsky sold 5,641 shares of the company's stock in a transaction that occurred on Monday, April 14th. The stock was sold at an average price of $77.50, for a total value of $437,177.50. Following the transaction, the insider now directly owns 21,679 shares in the company, valued at approximately $1,680,122.50. This trade represents a 20.65% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 101,114 shares of company stock valued at $7,869,795 in the last quarter. 0.14% of the stock is currently owned by company insiders.

Bank of New York Mellon Stock Performance

Shares of Bank of New York Mellon stock opened at $89.97 on Thursday. The business has a 50-day moving average price of $86.30 and a two-hundred day moving average price of $83.45. The Bank of New York Mellon Corporation has a 1-year low of $58.19 and a 1-year high of $92.64. The company has a current ratio of 0.69, a quick ratio of 0.69 and a debt-to-equity ratio of 0.81. The company has a market cap of $64.37 billion, a P/E ratio of 14.65, a PEG ratio of 1.02 and a beta of 1.08.

Bank of New York Mellon (NYSE:BK - Get Free Report) last released its 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 during the quarter, compared to analysts' expectations of $4.76 billion. Bank of New York Mellon had a return on equity of 12.96% and a net margin of 11.78%. The firm's revenue was up 5.9% on a year-over-year basis. During the same quarter last year, the firm posted $1.29 earnings per share. As a group, analysts anticipate that The Bank of New York Mellon Corporation will post 6.96 EPS for the current year.

Bank of New York Mellon Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, May 2nd. Shareholders of record on Monday, April 21st were issued a dividend of $0.47 per share. This represents a $1.88 dividend on an annualized basis and a dividend yield of 2.09%. The ex-dividend date was Monday, April 21st. Bank of New York Mellon's payout ratio is 30.62%.

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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