Alpine Woods Capital Investors LLC Decreases Stake in The Bank of New York Mellon Corporation (NYSE:BK)

Alpine Woods Capital Investors LLC lowered its stake in The Bank of New York Mellon Corporation (NYSE:BK) by 52.4% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 39,227 shares of the bank’s stock after selling 43,147 shares during the period. Alpine Woods Capital Investors LLC’s holdings in Bank of New York Mellon were worth $3,290,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in BK. Revolve Wealth Partners LLC purchased a new position in Bank of New York Mellon during the fourth quarter valued at approximately $220,000. Proficio Capital Partners LLC purchased a new position in shares of Bank of New York Mellon during the 4th quarter valued at approximately $11,575,000. Daiwa Securities Group Inc. increased its holdings in shares of Bank of New York Mellon by 26.6% during the 4th quarter. Daiwa Securities Group Inc. now owns 122,006 shares of the bank’s stock valued at $9,374,000 after purchasing an additional 25,610 shares in the last quarter. Independent Advisor Alliance increased its holdings in shares of Bank of New York Mellon by 106.2% during the 4th quarter. Independent Advisor Alliance now owns 11,487 shares of the bank’s stock valued at $883,000 after purchasing an additional 5,915 shares in the last quarter. Finally, Wealthfront Advisers LLC increased its holdings in Bank of New York Mellon by 401.1% in the fourth quarter. Wealthfront Advisers LLC now owns 277,558 shares of the bank’s stock valued at $21,325,000 after buying an additional 222,169 shares in the last quarter. Hedge funds and other institutional investors own 85.31% of the company’s stock.

Analysts Set New Price Targets

BK has been the subject of a number of recent analyst reports. Royal Bank Of Canada reaffirmed a “sector perform” rating and issued a $90.00 price objective on shares of Bank of New York Mellon in a report on Monday, March 17th. Truist Financial lowered Bank of New York Mellon from a “buy” rating to a “hold” rating and lifted their price target for the company from $87.00 to $97.00 in a research note on Wednesday, May 28th. Evercore ISI boosted their price objective on Bank of New York Mellon from $88.00 to $90.00 and gave the company an “in-line” rating in a research report on Wednesday, July 2nd. Citigroup boosted their price objective on Bank of New York Mellon from $82.00 to $85.00 and gave the company a “neutral” rating in a research report on Monday, March 24th. Finally, Morgan Stanley boosted their price target on shares of Bank of New York Mellon from $94.00 to $95.00 and gave the stock an “overweight” rating in a report on Tuesday, June 3rd. Seven equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. According to data from MarketBeat, Bank of New York Mellon presently has a consensus rating of “Moderate Buy” and an average price target of $92.08.

Bank of New York Mellon Stock Up 0.4%

Shares of NYSE BK opened at $93.04 on Thursday. The Bank of New York Mellon Corporation has a 12-month low of $60.02 and a 12-month high of $93.79. The stock has a market cap of $66.56 billion, a PE ratio of 15.15, a P/E/G ratio of 1.03 and a beta of 1.07. The company has a current ratio of 0.69, a quick ratio of 0.69 and a debt-to-equity ratio of 0.81. The company has a 50-day moving average of $89.11 and a 200 day moving average of $84.35.

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 analysts’ consensus estimates of $1.50 by $0.08. The business had revenue of $4.79 billion during the quarter, compared to analyst estimates of $4.76 billion. Bank of New York Mellon had a return on equity of 12.96% and a net margin of 11.78%. The business’s revenue was up 5.9% compared to the same quarter last year. During the same period in the prior year, the business earned $1.29 earnings per share. As a group, sell-side analysts predict that The Bank of New York Mellon Corporation will post 6.96 EPS for the current fiscal year.

Bank of New York Mellon Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, May 2nd. Shareholders of record on Monday, April 21st were issued a $0.47 dividend. This represents a $1.88 annualized dividend and a yield of 2.02%. The ex-dividend date of this dividend was Monday, April 21st. Bank of New York Mellon’s payout ratio is currently 30.62%.

Insider Activity at Bank of New York Mellon

In related news, VP Catherine Keating sold 65,473 shares of the company’s stock in a transaction dated 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 completion of the sale, the vice president owned 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 sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, EVP J Kevin Mccarthy sold 30,000 shares of the 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 completion of the sale, the executive vice president directly owned 55,115 shares of the company’s stock, valued at approximately $4,355,738.45. This trade represents a 35.25% decrease in their position. 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 owned by company 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.