Flputnam Investment Management Co. Trims Position in The Bank of New York Mellon Co. (NYSE:BK)

Flputnam Investment Management Co. lessened its stake in The Bank of New York Mellon Co. (NYSE:BK) by 45.1% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 13,300 shares of the bank’s stock after selling 10,916 shares during the period. Flputnam Investment Management Co.’s holdings in Bank of New York Mellon were worth $692,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Quent Capital LLC raised its position in Bank of New York Mellon by 3.8% in the fourth quarter. Quent Capital LLC now owns 5,033 shares of the bank’s stock worth $262,000 after acquiring an additional 182 shares in the last quarter. Hartford Financial Management Inc. increased its position in shares of Bank of New York Mellon by 41.4% in the fourth quarter. Hartford Financial Management Inc. now owns 625 shares of the bank’s stock valued at $33,000 after buying an additional 183 shares in the last quarter. Commonwealth Retirement Investments LLC increased its position in shares of Bank of New York Mellon by 0.8% in the fourth quarter. Commonwealth Retirement Investments LLC now owns 27,757 shares of the bank’s stock valued at $1,445,000 after buying an additional 221 shares in the last quarter. Laurel Wealth Advisors Inc. increased its position in shares of Bank of New York Mellon by 1.7% in the first quarter. Laurel Wealth Advisors Inc. now owns 14,451 shares of the bank’s stock valued at $717,000 after buying an additional 245 shares in the last quarter. Finally, Arjuna Capital increased its position in shares of Bank of New York Mellon by 0.5% in the third quarter. Arjuna Capital now owns 48,446 shares of the bank’s stock valued at $2,066,000 after buying an additional 251 shares in the last quarter. 85.31% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

BK has been the topic of a number of analyst reports. Morgan Stanley raised Bank of New York Mellon from an “underweight” rating to an “equal weight” rating and increased their price objective for the company from $52.00 to $62.00 in a research note on Tuesday, January 30th. Evercore ISI lifted their price target on Bank of New York Mellon from $57.00 to $61.00 and gave the company an “in-line” rating in a report on Thursday, April 4th. UBS Group lifted their price target on Bank of New York Mellon from $54.00 to $62.00 and gave the company a “buy” rating in a report on Tuesday, January 9th. Bank of America boosted their target price on Bank of New York Mellon from $64.00 to $66.00 and gave the stock a “buy” rating in a report on Wednesday. Finally, Citigroup boosted their price target on Bank of New York Mellon from $60.00 to $65.00 and gave the stock a “buy” rating in a research report on Wednesday, February 14th. Six research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to MarketBeat, the stock has an average rating of “Hold” and an average price target of $58.17.

Bank of New York Mellon Trading Up 0.9 %

Shares of BK stock opened at $54.47 on Thursday. The stock has a 50-day simple moving average of $55.73 and a 200 day simple moving average of $51.10. The Bank of New York Mellon Co. has a fifty-two week low of $39.65 and a fifty-two week high of $58.28. The stock has a market capitalization of $41.01 billion, a P/E ratio of 13.72, a P/E/G ratio of 1.18 and a beta of 1.12. The company has a quick ratio of 0.72, a current ratio of 0.72 and a debt-to-equity ratio of 0.87.

Bank of New York Mellon (NYSE:BK) last announced its earnings results on Tuesday, April 16th. The bank reported $1.29 EPS for the quarter, beating the consensus estimate of $1.19 by $0.10. Bank of New York Mellon had a return on equity of 11.63% and a net margin of 10.01%. The business had revenue of $4.53 billion during the quarter, compared to the consensus estimate of $4.39 billion. During the same period in the prior year, the business posted $1.13 earnings per share. Bank of New York Mellon’s revenue was up 3.8% compared to the same quarter last year. On average, sell-side analysts expect that The Bank of New York Mellon Co. will post 5.33 earnings per share for the current fiscal year.

Bank of New York Mellon Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, May 9th. Shareholders of record on Friday, April 26th will be given a $0.42 dividend. This represents a $1.68 annualized dividend and a yield of 3.08%. The ex-dividend date of this dividend is Thursday, April 25th. Bank of New York Mellon’s payout ratio is currently 42.32%.

Insiders Place Their Bets

In other news, VP Catherine Keating sold 4,498 shares of the stock in a transaction dated Thursday, February 8th. The stock was sold at an average price of $54.81, for a total transaction of $246,535.38. Following the transaction, the vice president now owns 123,490 shares of the company’s stock, valued at approximately $6,768,486.90. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 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.