City Holding Co. Raises Position in The Bank of New York Mellon Co. (NYSE:BK)

City Holding Co. grew its position in The Bank of New York Mellon Co. (NYSE:BK) by 10.8% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 2,617 shares of the bank’s stock after purchasing an additional 256 shares during the quarter. City Holding Co.’s holdings in Bank of New York Mellon were worth $219,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently bought and sold shares of the business. Norges Bank acquired a new stake in shares of Bank of New York Mellon in the 4th quarter valued at about $1,150,462,000. FMR LLC grew its position in Bank of New York Mellon by 19.3% during the 4th quarter. FMR LLC now owns 23,071,584 shares of the bank’s stock worth $1,772,590,000 after purchasing an additional 3,732,862 shares during the last quarter. Northern Trust Corp boosted its holdings in shares of Bank of New York Mellon by 19.1% in the fourth quarter. Northern Trust Corp now owns 9,533,615 shares of the bank’s stock valued at $732,468,000 after acquiring an additional 1,526,686 shares in the last quarter. GAMMA Investing LLC boosted its holdings in shares of Bank of New York Mellon by 9,538.9% in the first quarter. GAMMA Investing LLC now owns 1,399,958 shares of the bank’s stock valued at $117,414,000 after acquiring an additional 1,385,434 shares in the last quarter. Finally, Raymond James Financial Inc. purchased a new stake in shares of Bank of New York Mellon in the fourth quarter valued at about $90,955,000. 85.31% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several analysts recently commented on BK shares. Wells Fargo & Company raised their price objective on shares of Bank of New York Mellon from $86.00 to $96.00 and gave the company an “equal weight” rating in a research note on Monday, March 3rd. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $90.00 price target on shares of Bank of New York Mellon in a research note on Monday, March 17th. Evercore ISI lifted their price objective on 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. Citigroup boosted their target price on shares of Bank of New York Mellon from $82.00 to $85.00 and gave the company a “neutral” rating in a report on Monday, March 24th. Finally, Truist Financial downgraded Bank of New York Mellon from a “buy” rating to a “hold” rating and raised their price objective for the stock from $87.00 to $97.00 in a report on Wednesday, May 28th. Seven research analysts have rated the stock with a hold rating and eight have given a buy rating to the company. According to data from MarketBeat.com, Bank of New York Mellon presently has an average rating of “Moderate Buy” and an average price target of $91.85.

Bank of New York Mellon Stock Performance

Bank of New York Mellon stock opened at $90.02 on Tuesday. The stock’s 50 day moving average price is $82.99 and its 200 day moving average price is $82.72. The Bank of New York Mellon Co. has a one year low of $57.18 and a one year high of $90.63. The firm has a market capitalization of $64.41 billion, a PE ratio of 15.49, a price-to-earnings-growth ratio of 0.97 and a beta of 1.08. The company has a debt-to-equity ratio of 0.83, a quick ratio of 0.70 and a current ratio of 0.69.

Bank of New York Mellon (NYSE:BK) last posted its quarterly earnings results on Friday, April 11th. The bank reported $1.58 earnings per share (EPS) 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 analyst estimates of $4.76 billion. Bank of New York Mellon had a return on equity of 12.68% and a net margin of 11.35%. The business’s revenue was up 5.9% compared to the same quarter last year. During the same period in the prior year, the company posted $1.29 EPS. As a group, sell-side analysts expect that The Bank of New York Mellon Co. will post 6.96 EPS for the current fiscal year.

Bank of New York Mellon Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, May 2nd. Shareholders of record on Monday, April 21st were given a $0.47 dividend. This represents a $1.88 annualized dividend and a yield of 2.09%. The ex-dividend date was Monday, April 21st. Bank of New York Mellon’s dividend payout ratio is presently 30.62%.

Insider Transactions at Bank of New York Mellon

In other news, EVP J Kevin Mccarthy sold 30,000 shares of the company’s stock in a transaction on Tuesday, April 29th. The stock was sold at an average price of $79.03, for a total transaction of $2,370,900.00. Following the completion of the sale, the executive vice president now directly owns 55,115 shares of the company’s stock, valued at $4,355,738.45. This represents a 35.25% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, VP Catherine Keating sold 65,473 shares of the company’s stock in a transaction on Monday, April 14th. The shares were sold at an average price of $77.31, for a total value of $5,061,717.63. Following the sale, the vice president now directly owns 87,542 shares of the company’s stock, valued at approximately $6,767,872.02. This represents a 42.79% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 101,114 shares of company stock valued at $7,869,795. 0.14% of the stock is currently owned by corporate insiders.

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.