Summit Global Investments Cuts Position in The Bank of New York Mellon Co. (NYSE:BK)

Summit Global Investments decreased its position in shares of The Bank of New York Mellon Co. (NYSE:BK) by 19.2% during the third quarter, HoldingsChannel reports. The firm owned 14,193 shares of the bank’s stock after selling 3,373 shares during the period. Summit Global Investments’ holdings in Bank of New York Mellon were worth $1,020,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in BK. McClarren Financial Advisors Inc. raised its holdings in shares of Bank of New York Mellon by 586.4% during the 3rd quarter. McClarren Financial Advisors Inc. now owns 405 shares of the bank’s stock valued at $29,000 after buying an additional 346 shares in the last quarter. Olistico Wealth LLC bought a new position in Bank of New York Mellon during the second quarter valued at approximately $30,000. Clearstead Trust LLC purchased a new position in shares of Bank of New York Mellon during the second quarter worth approximately $32,000. Family Firm Inc. bought a new stake in shares of Bank of New York Mellon in the 2nd quarter worth approximately $40,000. Finally, Fortitude Family Office LLC grew its holdings in shares of Bank of New York Mellon by 130.6% during the 3rd quarter. Fortitude Family Office LLC now owns 611 shares of the bank’s stock valued at $44,000 after purchasing an additional 346 shares during the last quarter. Institutional investors own 85.31% of the company’s stock.

Insiders Place Their Bets

In other news, VP Hanneke Smits sold 16,475 shares of the company’s stock in a transaction dated Tuesday, October 15th. The shares were sold at an average price of $76.47, for a total value of $1,259,843.25. Following the sale, the vice president now directly owns 157,455 shares of the company’s stock, valued at $12,040,583.85. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other Bank of New York Mellon news, EVP J Kevin Mccarthy sold 25,000 shares of the business’s stock in a transaction on Tuesday, October 15th. The stock was sold at an average price of $76.31, for a total value of $1,907,750.00. Following the sale, the executive vice president now directly owns 75,404 shares of the company’s stock, valued at approximately $5,754,079.24. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, VP Hanneke Smits sold 16,475 shares of the firm’s stock in a transaction on Tuesday, October 15th. The shares were sold at an average price of $76.47, for a total value of $1,259,843.25. Following the transaction, the vice president now owns 157,455 shares of the company’s stock, valued at $12,040,583.85. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.14% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

Several analysts have weighed in on the stock. Barclays boosted their price target on shares of Bank of New York Mellon from $75.00 to $86.00 and gave the stock an “overweight” rating in a research note on Monday, October 14th. Citigroup increased their target price on Bank of New York Mellon from $65.00 to $70.00 and gave the company a “neutral” rating in a report on Thursday, September 19th. Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $79.00 price target on shares of Bank of New York Mellon in a research note on Monday, October 14th. Wells Fargo & Company increased their price objective on Bank of New York Mellon from $69.00 to $79.00 and gave the company an “equal weight” rating in a research note on Monday, October 14th. Finally, Deutsche Bank Aktiengesellschaft upgraded shares of Bank of New York Mellon from a “hold” rating to a “buy” rating and upped their price target for the company from $66.00 to $80.00 in a report on Monday, September 23rd. Five investment analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. According to data from MarketBeat, Bank of New York Mellon presently has an average rating of “Moderate Buy” and an average target price of $76.69.

Bank of New York Mellon Trading Down 0.8 %

NYSE:BK opened at $77.06 on Friday. The company has a 50-day moving average price of $72.95 and a 200-day moving average price of $65.17. The stock has a market cap of $56.03 billion, a price-to-earnings ratio of 16.75, a P/E/G ratio of 0.91 and a beta of 1.07. The company has a current ratio of 0.70, a quick ratio of 0.70 and a debt-to-equity ratio of 0.89. The Bank of New York Mellon Co. has a 12 month low of $44.93 and a 12 month high of $80.29.

Bank of New York Mellon (NYSE:BK) last issued its quarterly earnings data on Friday, October 11th. The bank reported $1.52 EPS for the quarter, topping the consensus estimate of $1.41 by $0.11. Bank of New York Mellon had a net margin of 9.44% and a return on equity of 12.06%. The business had revenue of $4.65 billion during the quarter, compared to analyst estimates of $4.52 billion. Equities analysts predict that The Bank of New York Mellon Co. will post 5.79 EPS for the current year.

Bank of New York Mellon Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, November 1st. Investors of record on Monday, October 21st were paid a $0.47 dividend. The ex-dividend date of this dividend was Monday, October 21st. This represents a $1.88 annualized dividend and a yield of 2.44%. Bank of New York Mellon’s payout ratio is 40.87%.

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.