The Bank of New York Mellon Corporation $BK Shares Sold by Sequoia Financial Advisors LLC

Sequoia Financial Advisors LLC reduced its holdings in The Bank of New York Mellon Corporation (NYSE:BK) by 2.9% during the second quarter, HoldingsChannel reports. The institutional investor owned 50,281 shares of the bank’s stock after selling 1,522 shares during the period. Sequoia Financial Advisors LLC’s holdings in Bank of New York Mellon were worth $4,581,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Opal Wealth Advisors LLC bought a new stake in Bank of New York Mellon in the first quarter valued at $25,000. Alpine Bank Wealth Management acquired a new position in shares of Bank of New York Mellon during the first quarter worth approximately $25,000. Cornerstone Planning Group LLC raised its stake in Bank of New York Mellon by 100.0% during the 1st quarter. Cornerstone Planning Group LLC now owns 392 shares of the bank’s stock valued at $30,000 after acquiring an additional 196 shares in the last quarter. Orion Capital Management LLC bought a new stake in Bank of New York Mellon during the 1st quarter valued at $32,000. Finally, Hoey Investments Inc. acquired a new position in shares of Bank of New York Mellon during the second quarter valued at $32,000. Institutional investors and hedge funds 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. TD Cowen began coverage on shares of Bank of New York Mellon in a research report on Thursday, September 25th. They issued a “buy” rating for the company. Wells Fargo & Company boosted their target price on Bank of New York Mellon from $96.00 to $100.00 and gave the stock an “equal weight” rating in a report on Wednesday, July 16th. BMO Capital Markets initiated coverage on Bank of New York Mellon in a research report on Friday, October 3rd. They set an “outperform” rating and a $125.00 price target on the stock. Morgan Stanley raised their target price on Bank of New York Mellon from $101.00 to $116.00 and gave the company an “overweight” rating in a research note on Monday, September 29th. Finally, Weiss Ratings reissued a “buy (b+)” rating on shares of Bank of New York Mellon in a report on Wednesday, October 8th. Ten equities research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $106.77.

Bank of New York Mellon Stock Performance

BK stock opened at $107.04 on Wednesday. The Bank of New York Mellon Corporation has a 52 week low of $70.46 and a 52 week high of $110.87. The company has a debt-to-equity ratio of 0.86, a quick ratio of 0.72 and a current ratio of 0.72. The stock has a market cap of $75.49 billion, a P/E ratio of 16.34, a P/E/G ratio of 0.99 and a beta of 1.13. The firm has a 50 day simple moving average of $105.32 and a 200 day simple moving average of $94.06.

Bank of New York Mellon (NYSE:BK) last issued its earnings results on Tuesday, March 26th. The bank reported $1.30 EPS for the quarter. 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 $4.38 billion for the quarter. Research analysts anticipate that The Bank of New York Mellon Corporation will post 6.96 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, EVP J Kevin Mccarthy sold 20,000 shares of the company’s stock in a transaction on 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 completion of the sale, the executive vice president directly owned 35,115 shares of the company’s stock, valued at approximately $3,457,071.75. This represents a 36.29% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.14% of the stock is currently owned by company insiders.

About Bank of New York Mellon

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.