Summit Investment Advisors Inc. Sells 391 Shares of The Bank of New York Mellon Co. (NYSE:BK)

Summit Investment Advisors Inc. lowered its holdings in The Bank of New York Mellon Co. (NYSE:BK) by 5.2% during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 7,084 shares of the bank’s stock after selling 391 shares during the quarter. Summit Investment Advisors Inc.’s holdings in Bank of New York Mellon were worth $544,000 at the end of the most recent quarter.

Several other institutional investors also recently added to or reduced their stakes in the business. Graney & King LLC bought a new stake in shares of Bank of New York Mellon in the 4th quarter worth approximately $35,000. Centricity Wealth Management LLC bought a new position in shares of Bank of New York Mellon during the 4th quarter worth about $39,000. TCTC Holdings LLC boosted its position in shares of Bank of New York Mellon by 257.5% during the 4th quarter. TCTC Holdings LLC now owns 597 shares of the bank’s stock valued at $46,000 after acquiring an additional 430 shares in the last quarter. Modus Advisors LLC acquired a new stake in Bank of New York Mellon in the 4th quarter valued at $49,000. Finally, Friedenthal Financial acquired a new position in Bank of New York Mellon during the fourth quarter worth $56,000. 85.31% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several analysts have weighed in on the stock. Bank of America upped their price objective on shares of 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. Royal Bank of Canada reissued a “sector perform” rating and issued a $90.00 price objective on shares of Bank of New York Mellon in a research note on Monday, March 17th. Citigroup raised their target price on Bank of New York Mellon from $82.00 to $85.00 and gave the company a “neutral” rating in a research note on Monday, March 24th. Barclays increased their price objective on shares of Bank of New York Mellon from $102.00 to $104.00 and gave the stock an “overweight” rating in a report on Thursday, January 16th. Finally, Wells Fargo & Company boosted their target price on shares of Bank of New York Mellon from $86.00 to $96.00 and gave the stock an “equal weight” rating in a research note on Monday, March 3rd. Six equities research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $91.31.

Insider Activity

In related news, VP Catherine Keating sold 65,473 shares of the stock in a transaction on Monday, April 14th. The shares were sold at an average price of $77.31, for a total transaction of $5,061,717.63. Following the completion of the transaction, the vice president now owns 87,542 shares in the company, valued at approximately $6,767,872.02. This represents a 42.79 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Kurtis R. Kurimsky sold 5,641 shares of the business’s stock in a transaction dated Monday, April 14th. The stock was sold at an average price of $77.50, for a total transaction of $437,177.50. Following the sale, the insider now directly owns 21,679 shares in the company, valued at $1,680,122.50. This trade represents a 20.65 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 0.14% of the company’s stock.

Bank of New York Mellon Stock Up 0.7 %

NYSE:BK opened at $76.25 on Friday. The Bank of New York Mellon Co. has a 1 year low of $55.42 and a 1 year high of $90.34. The stock has a 50-day moving average price of $82.72 and a two-hundred day moving average price of $80.29. The stock has a market cap of $54.75 billion, a price-to-earnings ratio of 13.12, a PEG ratio of 0.97 and a beta of 1.03. The company has a current ratio of 0.69, a quick ratio of 0.70 and a debt-to-equity ratio of 0.83.

Bank of New York Mellon (NYSE:BK) last posted its earnings results on Friday, April 11th. The bank reported $1.58 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.50 by $0.08. The business had revenue of $4.79 billion during 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 for the quarter was up 5.9% compared to the same quarter last year. During the same period in the prior year, the business earned $1.29 EPS. As a group, equities analysts expect that The Bank of New York Mellon Co. will post 6.96 earnings per share for the current year.

Bank of New York Mellon Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, May 2nd. Shareholders of record on Monday, April 21st will be paid a $0.47 dividend. This represents a $1.88 annualized dividend and a dividend yield of 2.47%. The ex-dividend date of this dividend is Monday, April 21st. Bank of New York Mellon’s dividend payout ratio is 30.62%.

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.