Cidel Asset Management Inc. Sells 707 Shares of The Bank of New York Mellon Corporation $BK

Cidel Asset Management Inc. decreased its holdings in The Bank of New York Mellon Corporation (NYSE:BK) by 11.1% during the 2nd quarter, Holdings Channel.com reports. The fund owned 5,679 shares of the bank’s stock after selling 707 shares during the quarter. Cidel Asset Management Inc.’s holdings in Bank of New York Mellon were worth $517,000 as of its most recent SEC filing.

Several other large investors have also added to or reduced their stakes in the business. Hemington Wealth Management lifted its position in Bank of New York Mellon by 6.3% in the 2nd quarter. Hemington Wealth Management now owns 1,730 shares of the bank’s stock valued at $157,000 after acquiring an additional 102 shares in the last quarter. Confluence Wealth Services Inc. lifted its position in Bank of New York Mellon by 1.0% in the 2nd quarter. Confluence Wealth Services Inc. now owns 11,761 shares of the bank’s stock valued at $1,072,000 after acquiring an additional 111 shares in the last quarter. Leonard Rickey Investment Advisors P.L.L.C. lifted its position in Bank of New York Mellon by 2.2% in the 2nd quarter. Leonard Rickey Investment Advisors P.L.L.C. now owns 5,094 shares of the bank’s stock valued at $464,000 after acquiring an additional 112 shares in the last quarter. Sax Wealth Advisors LLC lifted its position in Bank of New York Mellon by 2.3% in the 1st quarter. Sax Wealth Advisors LLC now owns 5,278 shares of the bank’s stock valued at $443,000 after acquiring an additional 117 shares in the last quarter. Finally, Y.D. More Investments Ltd lifted its position in Bank of New York Mellon by 13.8% in the 1st quarter. Y.D. More Investments Ltd now owns 1,030 shares of the bank’s stock valued at $86,000 after acquiring an additional 125 shares in the last quarter. Institutional investors own 85.31% of the company’s stock.

Insider Activity

In related news, EVP J Kevin Mccarthy sold 20,000 shares of Bank of New York Mellon stock in a transaction that occurred on Tuesday, July 22nd. The shares were sold at an average price of $98.45, for a total value of $1,969,000.00. Following the completion of the transaction, the executive vice president directly owned 35,115 shares in the company, valued at approximately $3,457,071.75. The trade was 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 insiders.

Analyst Upgrades and Downgrades

BK has been the topic of several recent research reports. Keefe, Bruyette & Woods raised their price target on shares of Bank of New York Mellon from $120.00 to $124.00 and gave the company an “outperform” rating in a research report on Friday. Barclays lifted their target price on shares of Bank of New York Mellon from $104.00 to $120.00 and gave the stock an “overweight” rating in a research report on Friday. Morgan Stanley lifted 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 report on Monday, September 29th. Wells Fargo & Company lifted their target price on shares of Bank of New York Mellon from $100.00 to $109.00 and gave the stock an “equal weight” rating in a research report on Friday. Finally, Truist Financial lifted their target price on shares of Bank of New York Mellon from $118.00 to $119.00 and gave the stock a “hold” rating in a research report on Friday. Ten research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $109.62.

Bank of New York Mellon Trading Down 0.9%

Shares of BK stock opened at $105.77 on Monday. The company has a 50 day moving average of $105.59 and a 200-day moving average of $94.64. The company has a quick ratio of 0.72, a current ratio of 0.70 and a debt-to-equity ratio of 0.83. The Bank of New York Mellon Corporation has a 12-month low of $70.46 and a 12-month high of $110.87. The firm has a market cap of $74.59 billion, a P/E ratio of 15.26, a PEG ratio of 0.98 and a beta of 1.13.

Bank of New York Mellon (NYSE:BK) last issued its quarterly earnings results on Tuesday, March 26th. The bank reported $1.30 earnings per share (EPS) for the quarter. Bank of New York Mellon had a net margin of 12.86% and a return on equity of 14.03%. The company had revenue of $4.38 billion during the quarter. Sell-side analysts anticipate that The Bank of New York Mellon Corporation will post 6.96 earnings per share for the current year.

Bank of New York Mellon Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, November 7th. Stockholders of record on Monday, October 27th will be paid a dividend of $0.53 per share. The ex-dividend date is Monday, October 27th. This represents a $2.12 annualized dividend and a dividend yield of 2.0%. Bank of New York Mellon’s dividend payout ratio (DPR) is presently 30.59%.

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.