Vest Financial LLC Decreases Stock Position in The Bank of New York Mellon Corporation $BK

Key Points

• Vest Financial LLC has reduced its stake in The Bank of New York Mellon Corporation by 2.5%, amounting to 500,893 shares after selling 12,915 shares in the second quarter.
• In contrast, other large investors have increased their positions in Bank of New York Mellon, with Hemington Wealth Management boosting its stake by 6.3%.
• The Bank of New York Mellon recently raised its quarterly dividend from $0.47 to $0.53, reflecting a positive change and resulting in an annualized dividend yield of 2.0%.

Vest Financial LLC reduced its position in The Bank of New York Mellon Corporation (NYSE:BK - Free Report) by 2.5% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 500,893 shares of the bank's stock after selling 12,915 shares during the quarter. Vest Financial LLC owned approximately 0.07% of Bank of New York Mellon worth $45,636,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors have also bought and sold shares of the company. Hemington Wealth Management boosted its stake in Bank of New York Mellon by 6.3% during the second quarter. Hemington Wealth Management now owns 1,730 shares of the bank's stock valued at $157,000 after buying an additional 102 shares during the period. Confluence Wealth Services Inc. increased its holdings in Bank of New York Mellon by 1.0% during the 2nd quarter. Confluence Wealth Services Inc. now owns 11,761 shares of the bank's stock valued at $1,072,000 after purchasing an additional 111 shares during the period. Leonard Rickey Investment Advisors P.L.L.C. increased its holdings in Bank of New York Mellon by 2.2% during the 2nd quarter. Leonard Rickey Investment Advisors P.L.L.C. now owns 5,094 shares of the bank's stock valued at $464,000 after purchasing an additional 112 shares during the period. Sax Wealth Advisors LLC increased its holdings in Bank of New York Mellon by 2.3% during the 1st quarter. Sax Wealth Advisors LLC now owns 5,278 shares of the bank's stock valued at $443,000 after purchasing an additional 117 shares during the period. Finally, Y.D. More Investments Ltd increased its holdings in Bank of New York Mellon by 13.8% during the 1st quarter. Y.D. More Investments Ltd now owns 1,030 shares of the bank's stock valued at $86,000 after purchasing an additional 125 shares during the period. 85.31% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Bank of New York Mellon

In other Bank of New York Mellon news, EVP J Kevin Mccarthy sold 20,000 shares of the stock in a transaction on Tuesday, July 22nd. The stock was 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 approximately $3,457,071.75. This represents a 36.29% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Insiders own 0.14% of the company's stock.

Bank of New York Mellon Trading Down 2.1%

NYSE:BK opened at $104.63 on Monday. 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 has a market capitalization of $73.79 billion, a price-to-earnings ratio of 15.97, a price-to-earnings-growth ratio of 0.98 and a beta of 1.13. The Bank of New York Mellon Corporation has a one year low of $70.46 and a one year high of $110.87. The business has a fifty day moving average price of $105.10 and a 200-day moving average price of $93.80.

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 EPS for the quarter. The firm had revenue of $4.38 billion during the quarter. Bank of New York Mellon had a return on equity of 13.46% and a net margin of 12.27%. 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 business also recently disclosed a quarterly dividend, which was paid on Thursday, August 7th. Stockholders of record on Friday, July 25th were paid a $0.53 dividend. This is a positive change from Bank of New York Mellon's previous quarterly dividend of $0.47. The ex-dividend date was Friday, July 25th. This represents a $2.12 annualized dividend and a dividend yield of 2.0%. Bank of New York Mellon's dividend payout ratio (DPR) is currently 32.37%.

Analyst Upgrades and Downgrades

BK has been the topic of a number of research analyst reports. Evercore ISI boosted their price target on Bank of New York Mellon from $91.00 to $110.00 and gave the company an "in-line" rating in a report on Tuesday, September 30th. Morgan Stanley upped their price objective on Bank of New York Mellon from $101.00 to $116.00 and gave the company an "overweight" rating in a research report on Monday, September 29th. Weiss Ratings reaffirmed a "buy (b+)" rating on shares of Bank of New York Mellon in a research report on Wednesday, October 8th. Citigroup upped their price objective on Bank of New York Mellon from $92.00 to $105.00 and gave the company a "neutral" rating in a research report on Friday, September 5th. Finally, TD Cowen initiated coverage on Bank of New York Mellon in a research report on Thursday, September 25th. They issued a "buy" rating on the stock. Ten research analysts have rated the stock with a Buy rating and six have given a Hold rating to the company. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average 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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