Cresset Asset Management LLC Reduces Stock Position in The Bank of New York Mellon Co. (NYSE:BK)

Cresset Asset Management LLC decreased its stake in shares of The Bank of New York Mellon Co. (NYSE:BK - Free Report) by 75.2% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 20,141 shares of the bank's stock after selling 61,001 shares during the quarter. Cresset Asset Management LLC's holdings in Bank of New York Mellon were worth $1,547,000 at the end of the most recent quarter.

Other hedge funds have also recently modified their holdings of the company. Capital Analysts LLC raised its stake in Bank of New York Mellon by 3.7% in the 4th quarter. Capital Analysts LLC now owns 3,317 shares of the bank's stock worth $255,000 after acquiring an additional 119 shares during the last quarter. Cape Investment Advisory Inc. raised its stake in Bank of New York Mellon by 12.6% in the 4th quarter. Cape Investment Advisory Inc. now owns 1,172 shares of the bank's stock worth $90,000 after acquiring an additional 131 shares during the last quarter. Syon Capital LLC raised its stake in Bank of New York Mellon by 2.5% in the 4th quarter. Syon Capital LLC now owns 5,432 shares of the bank's stock worth $417,000 after acquiring an additional 132 shares during the last quarter. Oppenheimer & Co. Inc. raised its stake in Bank of New York Mellon by 0.4% in the 4th quarter. Oppenheimer & Co. Inc. now owns 34,536 shares of the bank's stock worth $2,653,000 after acquiring an additional 133 shares during the last quarter. Finally, Grove Bank & Trust raised its stake in Bank of New York Mellon by 21.0% in the 4th quarter. Grove Bank & Trust now owns 779 shares of the bank's stock worth $60,000 after acquiring an additional 135 shares during the last quarter. Hedge funds and other institutional investors own 85.31% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities analysts recently issued reports on the company. Bank of America raised their target price on Bank of New York Mellon from $90.00 to $95.00 and gave the stock a "buy" rating in a research note on Thursday, January 16th. Evercore ISI lifted their price objective on 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. Deutsche Bank Aktiengesellschaft lifted their price objective on Bank of New York Mellon from $94.00 to $98.00 and gave the company a "buy" rating in a research note on Thursday, January 16th. StockNews.com lowered Bank of New York Mellon from a "buy" rating to a "hold" rating in a research note on Wednesday, February 19th. Finally, Truist Financial reduced their price objective on Bank of New York Mellon from $90.00 to $87.00 and set a "buy" rating for the company in a research note on Monday, April 14th. Six analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company's stock. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $91.31.

Bank of New York Mellon Price Performance

BK stock traded up $1.04 during trading on Friday, hitting $90.43. The stock had a trading volume of 1,682,987 shares, compared to its average volume of 4,006,703. The company has a debt-to-equity ratio of 0.83, a current ratio of 0.69 and a quick ratio of 0.70. The Bank of New York Mellon Co. has a twelve month low of $57.18 and a twelve month high of $90.49. The stock has a market capitalization of $64.70 billion, a P/E ratio of 15.56, a PEG ratio of 0.97 and a beta of 1.05. The company's 50-day moving average price is $80.89 and its two-hundred day moving average price is $81.24.

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

Bank of New York Mellon Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, May 2nd. Investors of record on Monday, April 21st were issued a $0.47 dividend. This represents a $1.88 dividend on an annualized basis and a yield of 2.08%. The ex-dividend date was Monday, April 21st. Bank of New York Mellon's dividend payout ratio is presently 30.62%.

Insider Activity at Bank of New York Mellon

In other Bank of New York Mellon news, VP Catherine Keating sold 65,473 shares of the business's 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 of the company's stock, valued at $6,767,872.02. The trade was a 42.79% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, EVP J Kevin Mccarthy sold 30,000 shares of the business's stock in a transaction that occurred on Tuesday, April 29th. The shares were sold at an average price of $79.03, for a total value of $2,370,900.00. Following the completion of the sale, the executive vice president now directly 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 three months, insiders have sold 101,114 shares of company stock worth $7,869,795. Insiders own 0.14% of the company's stock.

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.