City National Bank of Florida MSD Invests $329,000 in The Bank of New York Mellon Co. (NYSE:BK)

City National Bank of Florida MSD acquired a new stake in shares of The Bank of New York Mellon Co. (NYSE:BK) during the 4th quarter, Holdings Channel.com reports. The fund acquired 4,277 shares of the bank’s stock, valued at approximately $329,000.

Several other institutional investors also recently modified their holdings of the business. O Shaughnessy Asset Management LLC boosted its holdings in shares of Bank of New York Mellon by 11.7% during the 4th quarter. O Shaughnessy Asset Management LLC now owns 786,496 shares of the bank’s stock valued at $60,426,000 after acquiring an additional 82,671 shares during the last quarter. Fifth Third Bancorp lifted its position in Bank of New York Mellon by 9.2% during the fourth quarter. Fifth Third Bancorp now owns 94,046 shares of the bank’s stock valued at $7,226,000 after purchasing an additional 7,935 shares during the period. Natixis Advisors LLC lifted its position in Bank of New York Mellon by 6.5% during the fourth quarter. Natixis Advisors LLC now owns 285,965 shares of the bank’s stock valued at $21,971,000 after purchasing an additional 17,457 shares during the period. Western Financial Corp CA purchased a new stake in Bank of New York Mellon in the fourth quarter worth approximately $342,000. Finally, NEOS Investment Management LLC grew its position in Bank of New York Mellon by 31.6% in the 4th quarter. NEOS Investment Management LLC now owns 46,647 shares of the bank’s stock worth $3,584,000 after purchasing an additional 11,200 shares during the period. 85.31% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several research firms have recently weighed in on BK. Morgan Stanley lowered their price target on Bank of New York Mellon from $99.00 to $98.00 and set an “overweight” rating on the stock in a report on Wednesday, April 2nd. Royal Bank of Canada reissued a “sector perform” rating and issued a $90.00 target price on shares of Bank of New York Mellon in a report on Monday, March 17th. Truist Financial dropped their target price on Bank of New York Mellon from $90.00 to $87.00 and set a “buy” rating on the stock in a research report on Monday, April 14th. Evercore ISI upped their price target on shares of Bank of New York Mellon from $83.00 to $87.00 and gave the company an “in-line” rating in a research report on Tuesday, April 1st. Finally, Citigroup increased their price objective on shares of Bank of New York Mellon from $82.00 to $85.00 and gave the stock a “neutral” rating in a research note on Monday, March 24th. Six analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $91.31.

Bank of New York Mellon Trading Down 1.3%

Shares of NYSE:BK opened at $88.94 on Thursday. The stock has a 50 day moving average of $81.61 and a 200 day moving average of $81.63. The company has a market cap of $63.63 billion, a PE ratio of 15.31, a price-to-earnings-growth ratio of 0.97 and a beta of 1.05. The Bank of New York Mellon Co. has a 12-month low of $57.18 and a 12-month high of $90.63. 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 issued its quarterly earnings results on Friday, April 11th. The bank reported $1.58 earnings per share for the quarter, beating the consensus estimate of $1.50 by $0.08. The business had revenue of $4.79 billion for the quarter, compared to the consensus estimate of $4.76 billion. Bank of New York Mellon had a net margin of 11.35% and a return on equity of 12.68%. The company’s revenue for the quarter was up 5.9% on a year-over-year basis. During the same quarter in the previous year, the firm earned $1.29 earnings per share. As a group, equities research analysts expect that The Bank of New York Mellon Co. will post 6.96 EPS for the current year.

Bank of New York Mellon Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, May 2nd. Investors of record on Monday, April 21st were paid a dividend of $0.47 per share. This represents a $1.88 dividend on an annualized basis and a dividend yield of 2.11%. The ex-dividend date was Monday, April 21st. Bank of New York Mellon’s dividend payout ratio (DPR) is 30.62%.

Insider Buying and Selling

In other news, EVP J Kevin Mccarthy sold 30,000 shares of Bank of New York Mellon stock in a transaction that occurred on Tuesday, April 29th. The shares were sold at an average price of $79.03, for a total transaction of $2,370,900.00. Following the sale, the executive vice president now owns 55,115 shares in the company, valued at $4,355,738.45. This trade represents a 35.25% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, VP Catherine Keating sold 65,473 shares of the business’s stock in a transaction on Monday, April 14th. The stock was 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 directly owns 87,542 shares in the company, valued at $6,767,872.02. This trade represents a 42.79% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 101,114 shares of company stock valued at $7,869,795. Company insiders own 0.14% of the company’s stock.

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.