Waterfront Wealth Inc. Sells 3,422 Shares of The Bank of New York Mellon Corporation (NYSE:BK)

Waterfront Wealth Inc. lessened its position in shares of The Bank of New York Mellon Corporation (NYSE:BK - Free Report) by 37.4% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 5,721 shares of the bank's stock after selling 3,422 shares during the period. Waterfront Wealth Inc.'s holdings in Bank of New York Mellon were worth $480,000 at the end of the most recent reporting period.

A number of other large investors have also recently added to or reduced their stakes in BK. Norges Bank bought a new position in Bank of New York Mellon during the 4th quarter worth about $1,150,462,000. FMR LLC boosted its stake in shares of Bank of New York Mellon by 19.3% during the 4th quarter. FMR LLC now owns 23,071,584 shares of the bank's stock worth $1,772,590,000 after buying an additional 3,732,862 shares during the last quarter. Northern Trust Corp boosted its stake in shares of Bank of New York Mellon by 19.1% during the 4th quarter. Northern Trust Corp now owns 9,533,615 shares of the bank's stock worth $732,468,000 after buying an additional 1,526,686 shares during the last quarter. GAMMA Investing LLC boosted its stake 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 buying an additional 1,385,434 shares during the last quarter. Finally, Raymond James Financial Inc. acquired a new position in shares of Bank of New York Mellon during the 4th quarter worth about $90,955,000. Institutional investors own 85.31% of the company's stock.

Bank of New York Mellon Stock Performance

Shares of NYSE:BK opened at $91.28 on Friday. The company's 50 day simple moving average is $86.88 and its 200 day simple moving average is $83.61. The stock has a market capitalization of $65.31 billion, a price-to-earnings ratio of 14.87, a price-to-earnings-growth ratio of 1.02 and a beta of 1.08. The company has a debt-to-equity ratio of 0.81, a current ratio of 0.69 and a quick ratio of 0.69. The Bank of New York Mellon Corporation has a 1 year low of $59.19 and a 1 year high of $92.64.

Bank of New York Mellon (NYSE:BK - Get Free Report) last announced its quarterly earnings data on Friday, April 11th. The bank reported $1.58 earnings per share (EPS) for the quarter, beating analysts' consensus estimates 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 firm's quarterly revenue was up 5.9% compared to the same quarter last year. During the same period last year, the firm posted $1.29 earnings per share. As a group, research analysts predict that The Bank of New York Mellon Corporation will post 6.96 EPS for the current fiscal year.

Bank of New York Mellon Announces Dividend

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

Insiders Place Their Bets

In related news, VP Catherine Keating sold 65,473 shares of the business's stock in a transaction on 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 transaction, the vice president now owns 87,542 shares in the company, valued at $6,767,872.02. The trade was a 42.79% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP J Kevin Mccarthy sold 30,000 shares of the business's 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 completion of 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 disclosure for this sale can be found here. Over the last quarter, insiders have sold 101,114 shares of company stock valued at $7,869,795. 0.14% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

A number of research firms have recently commented on BK. Evercore ISI increased their price objective on shares of Bank of New York Mellon from $83.00 to $87.00 and gave the stock an "in-line" rating in a research note on Tuesday, April 1st. Citigroup raised their target price on shares of Bank of New York Mellon from $82.00 to $85.00 and gave the company a "neutral" rating in a research note on Monday, March 24th. Wells Fargo & Company raised their target price on shares of Bank of New York Mellon from $86.00 to $96.00 and gave the company an "equal weight" rating in a research note on Monday, March 3rd. Royal Bank Of Canada reiterated a "sector perform" rating and issued a $90.00 target price on shares of Bank of New York Mellon in a research note on Monday, March 17th. Finally, Morgan Stanley raised their target price on shares of Bank of New York Mellon from $94.00 to $95.00 and gave the company an "overweight" rating in a research note 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, Bank of New York Mellon has an average rating of "Moderate Buy" and an average 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.

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