Johnson Investment Counsel Inc. Cuts Stock Position in The Bank of New York Mellon Corporation $BK

Johnson Investment Counsel Inc. lessened its position in The Bank of New York Mellon Corporation (NYSE:BK) by 2.3% during the 2nd quarter, Holdings Channel.com reports. The institutional investor owned 29,643 shares of the bank’s stock after selling 702 shares during the quarter. Johnson Investment Counsel Inc.’s holdings in Bank of New York Mellon were worth $2,701,000 at the end of the most recent quarter.

Other large investors also recently bought and sold shares of the company. Canada Post Corp Registered Pension Plan purchased a new stake in Bank of New York Mellon during the 1st quarter worth about $1,035,000. TrueMark Investments LLC purchased a new stake in Bank of New York Mellon during the 1st quarter worth about $4,282,000. Wealth Enhancement Advisory Services LLC increased its holdings in Bank of New York Mellon by 29.1% during the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 223,438 shares of the bank’s stock worth $18,740,000 after purchasing an additional 50,368 shares during the period. Formidable Asset Management LLC purchased a new stake in Bank of New York Mellon during the 1st quarter worth about $247,000. Finally, Sumitomo Mitsui DS Asset Management Company Ltd increased its holdings in Bank of New York Mellon by 121.8% during the 1st quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 183,602 shares of the bank’s stock worth $15,399,000 after purchasing an additional 100,810 shares during the period. Hedge funds and other institutional investors own 85.31% of the company’s stock.

Insider Transactions at Bank of New York Mellon

In related news, EVP J Kevin Mccarthy sold 20,000 shares of the firm’s stock in a transaction that occurred on Tuesday, July 22nd. The stock was 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 trade represents a 36.29% decrease in their position. The transaction was disclosed in a filing 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 1.6%

NYSE:BK opened at $106.26 on Tuesday. The stock’s 50 day moving average price is $105.19 and its 200 day moving average price is $93.97. The company has a market capitalization of $74.94 billion, a PE ratio of 16.22, a P/E/G ratio of 0.98 and a beta of 1.13. 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.

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

Analyst Upgrades and Downgrades

Several brokerages have weighed in on BK. Weiss Ratings restated a “buy (b+)” rating on shares of Bank of New York Mellon in a report on Wednesday, October 8th. Citigroup upped their price target on Bank of New York Mellon from $92.00 to $105.00 and gave the stock a “neutral” rating in a report on Friday, September 5th. Truist Financial increased their price objective on Bank of New York Mellon from $109.00 to $118.00 and gave the company a “hold” rating in a report on Thursday, October 2nd. TD Cowen began coverage on Bank of New York Mellon in a report on Thursday, September 25th. They issued a “buy” rating on the stock. Finally, Wells Fargo & Company increased their price objective on Bank of New York Mellon from $96.00 to $100.00 and gave the company an “equal weight” rating in a report on Wednesday, July 16th. Ten research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus 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.