IFP Advisors Inc Sells 197 Shares of The Bank of New York Mellon Corporation $BK

IFP Advisors Inc lessened its position in The Bank of New York Mellon Corporation (NYSE:BK) by 4.4% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 4,283 shares of the bank’s stock after selling 197 shares during the period. IFP Advisors Inc’s holdings in Bank of New York Mellon were worth $390,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Ameriprise Financial Inc. boosted its position in Bank of New York Mellon by 1.9% during the first quarter. Ameriprise Financial Inc. now owns 12,043,601 shares of the bank’s stock worth $1,010,093,000 after purchasing an additional 221,613 shares during the period. Nuveen LLC bought a new position in Bank of New York Mellon during the first quarter worth $773,627,000. Invesco Ltd. boosted its position in 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 worth $693,116,000 after purchasing an additional 667,966 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its position in Bank of New York Mellon by 5.7% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 8,125,577 shares of the bank’s stock worth $681,492,000 after purchasing an additional 436,100 shares during the period. Finally, Goldman Sachs Group Inc. boosted its position in Bank of New York Mellon by 26.3% during the first quarter. Goldman Sachs Group Inc. now owns 5,053,744 shares of the bank’s stock worth $423,858,000 after purchasing an additional 1,052,145 shares during the period. 85.31% of the stock is owned by institutional investors.

Insiders Place Their Bets

In related 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 completion of the sale, the executive vice president owned 35,115 shares of the company’s stock, valued at $3,457,071.75. This represents a 36.29% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. 0.14% of the stock is owned by corporate insiders.

Bank of New York Mellon Trading Up 1.7%

BK opened at $108.94 on Thursday. The Bank of New York Mellon Corporation has a twelve month low of $70.46 and a twelve month high of $110.87. The company has a 50-day simple moving average of $105.45 and a 200 day simple moving average of $94.16. 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 stock has a market capitalization of $76.83 billion, a price-to-earnings ratio of 16.63, a P/E/G ratio of 1.00 and a beta of 1.13.

Bank of New York Mellon (NYSE:BK) last posted its quarterly earnings data on Tuesday, March 26th. The bank reported $1.30 earnings per share for the quarter. Bank of New York Mellon had a net margin of 12.27% and a return on equity of 13.46%. The business had revenue of $4.38 billion during the quarter. Analysts predict that The Bank of New York Mellon Corporation will post 6.96 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

BK has been the subject of a number of research analyst reports. The Goldman Sachs Group lifted their price objective on shares of Bank of New York Mellon from $106.00 to $120.00 and gave the stock a “buy” rating in a research report on Monday, October 6th. Keefe, Bruyette & Woods lifted their price objective on shares of Bank of New York Mellon from $105.00 to $113.00 and gave the stock an “outperform” rating in a research report on Wednesday, July 16th. TD Cowen initiated coverage on shares of Bank of New York Mellon in a research report on Thursday, September 25th. They set a “buy” rating for the company. Morgan Stanley boosted their target price on shares of Bank of New York Mellon from $101.00 to $116.00 and gave the company an “overweight” rating in a research report on Monday, September 29th. Finally, BMO Capital Markets initiated coverage on shares of Bank of New York Mellon in a research report on Friday, October 3rd. They issued an “outperform” rating and a $125.00 target price for the company. Ten investment analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $106.77.

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.