JNBA Financial Advisors Lowers Stake in The Bank of New York Mellon Corporation $BK

JNBA Financial Advisors reduced its holdings in shares of The Bank of New York Mellon Corporation (NYSE:BK) by 6.3% during the 2nd quarter, according to its most recent 13F filing with the SEC. The fund owned 4,887 shares of the bank’s stock after selling 330 shares during the period. JNBA Financial Advisors’ holdings in Bank of New York Mellon were worth $445,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Alpine Bank Wealth Management purchased a new position in Bank of New York Mellon during the 1st quarter worth $25,000. Opal Wealth Advisors LLC purchased a new position in Bank of New York Mellon during the 1st quarter worth $25,000. Hoey Investments Inc. acquired a new stake in shares of Bank of New York Mellon in the 2nd quarter worth $32,000. Orion Capital Management LLC acquired a new stake in shares of Bank of New York Mellon in the 1st quarter worth $32,000. Finally, Cornerstone Planning Group LLC lifted its stake in shares of Bank of New York Mellon by 100.0% in the 1st quarter. Cornerstone Planning Group LLC now owns 392 shares of the bank’s stock worth $30,000 after acquiring an additional 196 shares during the period. 85.31% of the stock is owned by hedge funds and other institutional investors.

Bank of New York Mellon Stock Down 2.1%

Shares of NYSE BK opened at $104.63 on Friday. 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 Bank of New York Mellon Corporation has a 52 week low of $70.46 and a 52 week high of $110.87. The firm has a 50-day moving average price of $105.10 and a 200 day moving average price of $93.68. The stock has a market capitalization of $73.79 billion, a price-to-earnings ratio of 15.97, a price-to-earnings-growth ratio of 1.00 and a beta of 1.13.

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

Bank of New York Mellon Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, August 7th. Shareholders of record on Friday, July 25th were given a dividend of $0.53 per share. The ex-dividend date was Friday, July 25th. This is an increase 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 2.0%. Bank of New York Mellon’s dividend payout ratio (DPR) is presently 32.37%.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on BK. BMO Capital Markets began coverage on shares of Bank of New York Mellon in a research note on Friday, October 3rd. They issued an “outperform” rating and a $125.00 target price for the company. Morgan Stanley raised their target price on shares of Bank of New York Mellon from $101.00 to $116.00 and gave the stock an “overweight” rating in a research note on Monday, September 29th. Keefe, Bruyette & Woods raised their target price on shares of Bank of New York Mellon from $105.00 to $113.00 and gave the stock an “outperform” rating in a research note on Wednesday, July 16th. The Goldman Sachs Group raised their target price on shares of Bank of New York Mellon from $106.00 to $120.00 and gave the stock a “buy” rating in a research note on Monday, October 6th. Finally, TD Cowen began coverage on shares of Bank of New York Mellon in a research note on Thursday, September 25th. They issued a “buy” rating for the company. Ten research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the stock. Based on data from MarketBeat, Bank of New York Mellon has a consensus rating of “Moderate Buy” and a consensus price target of $106.77.

Insider Transactions at Bank of New York Mellon

In other Bank of New York Mellon news, EVP J Kevin Mccarthy sold 20,000 shares of Bank of New York Mellon 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 transaction, the executive vice president owned 35,115 shares in the company, valued at approximately $3,457,071.75. The trade was a 36.29% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders own 0.14% of the company’s stock.

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.