The Bank of New York Mellon Corporation $BK Shares Sold by Wealth Enhancement Advisory Services LLC

Key Points

• Wealth Enhancement Advisory Services LLC reduced its stake in the Bank of New York Mellon by 14.7% during Q2, now holding 190,653 shares valued at $17.62 million.
• Several institutional investors, including Wedmont Private Capital and Swedbank AB, have increased their stakes in the bank, highlighting growing interest among major investors.
• The Bank of New York Mellon increased its quarterly dividend from $0.47 to $0.53, resulting in an annualized dividend yield of 2.0%.

Wealth Enhancement Advisory Services LLC trimmed its stake in shares of The Bank of New York Mellon Corporation (NYSE:BK - Free Report) by 14.7% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 190,653 shares of the bank's stock after selling 32,785 shares during the period. Wealth Enhancement Advisory Services LLC's holdings in Bank of New York Mellon were worth $17,622,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors also recently bought and sold shares of the business. Sax Wealth Advisors LLC grew its holdings in Bank of New York Mellon by 2.3% in the first 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. Hemington Wealth Management grew its holdings in Bank of New York Mellon by 8.0% in the first quarter. Hemington Wealth Management now owns 1,628 shares of the bank's stock valued at $136,000 after purchasing an additional 121 shares during the period. Y.D. More Investments Ltd grew its holdings in Bank of New York Mellon by 13.8% in the first 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. Resources Management Corp CT ADV grew its holdings in Bank of New York Mellon by 5.9% in the first quarter. Resources Management Corp CT ADV now owns 2,260 shares of the bank's stock valued at $190,000 after purchasing an additional 125 shares during the period. Finally, RB Capital Management LLC grew its holdings in Bank of New York Mellon by 1.6% in the second quarter. RB Capital Management LLC now owns 7,990 shares of the bank's stock valued at $728,000 after purchasing an additional 127 shares during the period. 85.31% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In other Bank of New York Mellon news, EVP J Kevin Mccarthy sold 20,000 shares of Bank of New York Mellon 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 sale, the executive vice president owned 35,115 shares in the company, 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 document filed with the Securities & Exchange Commission, which is available through the SEC website. 0.14% of the stock is owned by corporate insiders.

Bank of New York Mellon Trading Down 1.1%

Bank of New York Mellon stock traded down $1.20 during trading on Tuesday, reaching $108.26. 716,379 shares of the company were exchanged, compared to its average volume of 4,065,797. The Bank of New York Mellon Corporation has a 52-week low of $70.41 and a 52-week high of $110.87. The company has a market capitalization of $76.35 billion, a P/E ratio of 16.53, a PEG ratio of 1.03 and a beta of 1.14. 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 stock's 50 day simple moving average is $102.82 and its two-hundred day simple moving average is $91.42.

Bank of New York Mellon (NYSE:BK - Get Free Report) last posted its earnings results on Tuesday, July 15th. The bank reported $1.94 EPS for the quarter, beating analysts' consensus estimates of $1.73 by $0.21. Bank of New York Mellon had a return on equity of 13.46% and a net margin of 12.27%.The company had revenue of $4.77 billion for the quarter, compared to the consensus estimate of $4.80 billion. During the same quarter in the previous year, the business earned $1.51 earnings per share. The company's revenue for the quarter was up 9.4% on a year-over-year basis. On average, equities research analysts expect that The Bank of New York Mellon Corporation will post 6.96 earnings per share for the current fiscal year.

Bank of New York Mellon Increases Dividend

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

Wall Street Analysts Forecast Growth

Several brokerages have commented on BK. Wells Fargo & Company raised their price objective on Bank of New York Mellon from $96.00 to $100.00 and gave the company an "equal weight" rating in a report on Wednesday, July 16th. Keefe, Bruyette & Woods raised their target price on Bank of New York Mellon from $105.00 to $113.00 and gave the company an "outperform" rating in a research report on Wednesday, July 16th. Citigroup raised their target price 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. Evercore ISI raised their target price on Bank of New York Mellon from $88.00 to $90.00 and gave the company an "in-line" rating in a research report on Wednesday, July 2nd. Finally, Morgan Stanley raised their target price on Bank of New York Mellon from $95.00 to $101.00 and gave the company an "overweight" rating in a research report on Wednesday, July 16th. Eight analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company. According to data from MarketBeat.com, Bank of New York Mellon presently has a consensus rating of "Moderate Buy" and an average target price of $96.62.

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.