Laraway Financial Advisors Inc Sells 125 Shares of The Bank of New York Mellon Corporation $BK

Laraway Financial Advisors Inc lessened its position in shares of The Bank of New York Mellon Corporation (NYSE:BK) by 3.1% in the 1st quarter, HoldingsChannel.com reports. The institutional investor owned 3,897 shares of the bank’s stock after selling 125 shares during the quarter. Laraway Financial Advisors Inc’s holdings in Bank of New York Mellon were worth $327,000 at the end of the most recent reporting period.

Other large investors have also added to or reduced their stakes in the company. Ameriprise Financial Inc. raised its position in Bank of New York Mellon by 0.3% during the fourth quarter. Ameriprise Financial Inc. now owns 11,821,988 shares of the bank’s stock valued at $908,281,000 after purchasing an additional 35,413 shares during the period. Northern Trust Corp lifted its position in 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 worth $732,468,000 after buying an additional 1,526,686 shares during the last quarter. Nuveen LLC bought a new position in Bank of New York Mellon during the first quarter valued at $773,627,000. Invesco Ltd. boosted its position in shares of Bank of New York Mellon by 8.8% during the first quarter. Invesco Ltd. now owns 8,264,176 shares of the bank’s stock valued at $693,116,000 after buying an additional 667,966 shares during the period. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its stake in shares of Bank of New York Mellon by 15.9% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 7,689,477 shares of the bank’s stock valued at $590,783,000 after buying an additional 1,055,389 shares during the last quarter. Institutional investors own 85.31% of the company’s stock.

Wall Street Analysts Forecast Growth

BK has been the subject of a number of recent analyst reports. Keefe, Bruyette & Woods boosted their price objective on Bank of New York Mellon from $105.00 to $113.00 and gave the company an “outperform” rating in a report on Wednesday, July 16th. Morgan Stanley upped their price target on shares of Bank of New York Mellon from $95.00 to $101.00 and gave the stock an “overweight” rating in a report on Wednesday, July 16th. Wells Fargo & Company upped their target price on shares of Bank of New York Mellon from $96.00 to $100.00 and gave the stock an “equal weight” rating in a research note on Wednesday, July 16th. Evercore ISI raised their target price on shares of Bank of New York Mellon from $88.00 to $90.00 and gave the stock an “in-line” rating in a research report on Wednesday, July 2nd. Finally, Truist Financial boosted their price target on Bank of New York Mellon from $100.00 to $109.00 and gave the company a “hold” rating in a report on Thursday. Seven investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to MarketBeat.com, Bank of New York Mellon currently has a consensus rating of “Moderate Buy” and a consensus target price of $95.08.

Insider Buying and Selling

In other news, EVP J Kevin Mccarthy sold 20,000 shares of the company’s stock in a transaction dated Tuesday, July 22nd. The shares were sold at an average price of $98.45, for a total transaction of $1,969,000.00. Following the transaction, the executive vice president owned 35,115 shares in the company, valued at $3,457,071.75. This represents a 36.29% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. 0.14% of the stock is owned by insiders.

Bank of New York Mellon Stock Performance

Shares of NYSE:BK opened at $100.91 on Monday. The firm has a 50 day moving average of $95.77 and a 200 day moving average of $88.10. The company has a quick ratio of 0.72, a current ratio of 0.72 and a debt-to-equity ratio of 0.86. The company has a market capitalization of $71.17 billion, a price-to-earnings ratio of 15.41, a price-to-earnings-growth ratio of 0.97 and a beta of 1.12. The Bank of New York Mellon Corporation has a 52 week low of $65.01 and a 52 week high of $104.47.

Bank of New York Mellon (NYSE:BK) last released its quarterly earnings results on Tuesday, July 15th. The bank reported $1.94 EPS for the quarter, topping the consensus estimate of $1.73 by $0.21. Bank of New York Mellon had a return on equity of 13.46% and a net margin of 12.27%. The firm had revenue of $4.77 billion during the quarter, compared to analyst estimates of $4.80 billion. During the same period in the previous year, the company posted $1.51 EPS. The business’s revenue for the quarter was up 9.4% compared to the same quarter last year. On average, sell-side analysts predict that The Bank of New York Mellon Corporation will post 6.96 earnings per share for the current fiscal year.

Bank of New York Mellon Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, August 7th. Investors of record on Friday, July 25th were given a dividend of $0.53 per share. The ex-dividend date of this dividend was Friday, July 25th. This is a positive change from Bank of New York Mellon’s previous quarterly dividend of $0.47. This represents a $2.12 dividend on an annualized basis and a yield of 2.1%. Bank of New York Mellon’s dividend payout ratio is currently 32.37%.

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.