Royal London Asset Management Ltd. Cuts Holdings in The Bank of New York Mellon Co. (NYSE:BK)

Royal London Asset Management Ltd. lowered its holdings in The Bank of New York Mellon Co. (NYSE:BK) by 0.6% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 317,332 shares of the bank’s stock after selling 1,817 shares during the quarter. Royal London Asset Management Ltd.’s holdings in Bank of New York Mellon were worth $19,005,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also recently modified their holdings of BK. Atlantic Edge Private Wealth Management LLC purchased a new stake in Bank of New York Mellon in the fourth quarter worth approximately $28,000. Olistico Wealth LLC purchased a new position in shares of Bank of New York Mellon in the 2nd quarter worth $30,000. Able Wealth Management LLC bought a new stake in shares of Bank of New York Mellon in the fourth quarter worth $32,000. Kathleen S. Wright Associates Inc. purchased a new stake in Bank of New York Mellon during the first quarter valued at $32,000. Finally, Family Firm Inc. bought a new position in Bank of New York Mellon in the second quarter valued at about $40,000. 85.31% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other news, VP Hanneke Smits sold 15,000 shares of Bank of New York Mellon stock in a transaction dated Thursday, July 18th. The stock was sold at an average price of $64.11, for a total value of $961,650.00. Following the sale, the vice president now directly owns 173,930 shares of the company’s stock, valued at $11,150,652.30. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 0.14% of the company’s stock.

Bank of New York Mellon Stock Performance

NYSE BK opened at $68.10 on Thursday. The company has a quick ratio of 0.70, a current ratio of 0.70 and a debt-to-equity ratio of 0.85. The Bank of New York Mellon Co. has a twelve month low of $39.66 and a twelve month high of $68.60. The business has a 50-day moving average price of $64.64 and a 200-day moving average price of $59.95. The firm has a market cap of $50.26 billion, a price-to-earnings ratio of 15.76, a price-to-earnings-growth ratio of 1.14 and a beta of 1.08.

Bank of New York Mellon (NYSE:BK) last posted its quarterly earnings results on Friday, July 12th. The bank reported $1.51 earnings per share for the quarter, topping the consensus estimate of $1.43 by $0.08. Bank of New York Mellon had a return on equity of 11.87% and a net margin of 9.40%. The business had revenue of $4.60 billion during the quarter, compared to the consensus estimate of $4.53 billion. During the same period in the prior year, the company posted $1.38 EPS. The firm’s revenue for the quarter was up 2.1% compared to the same quarter last year. As a group, equities research analysts predict that The Bank of New York Mellon Co. will post 5.63 EPS for the current fiscal year.

Bank of New York Mellon Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, August 2nd. Shareholders of record on Monday, July 22nd were issued a $0.47 dividend. This is an increase from Bank of New York Mellon’s previous quarterly dividend of $0.42. This represents a $1.88 dividend on an annualized basis and a yield of 2.76%. The ex-dividend date was Monday, July 22nd. Bank of New York Mellon’s payout ratio is currently 43.52%.

Analyst Ratings Changes

Several equities research analysts have recently commented on BK shares. Keefe, Bruyette & Woods reaffirmed an “outperform” rating and set a $75.00 price target (up previously from $70.00) on shares of Bank of New York Mellon in a research report on Monday, July 15th. Morgan Stanley increased their price target on shares of Bank of New York Mellon from $65.00 to $72.00 and gave the stock an “equal weight” rating in a research report on Tuesday, July 30th. Citigroup downgraded shares of Bank of New York Mellon from a “buy” rating to a “neutral” rating and set a $65.00 price objective for the company. in a research report on Monday, July 15th. Evercore ISI raised their target price on Bank of New York Mellon from $61.00 to $66.00 and gave the stock an “in-line” rating in a report on Monday, July 15th. Finally, Barclays lifted their target price on Bank of New York Mellon from $68.00 to $75.00 and gave the company an “overweight” rating in a research report on Monday, July 15th. Six analysts have rated the stock with a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat, Bank of New York Mellon presently has a consensus rating of “Moderate Buy” and a consensus target price of $66.14.

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.