Novare Capital Management LLC Lowers Holdings in The Bank of New York Mellon Co. (NYSE:BK)

Novare Capital Management LLC decreased its position in shares of The Bank of New York Mellon Co. (NYSE:BK) by 1.4% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 186,764 shares of the bank’s stock after selling 2,569 shares during the quarter. Bank of New York Mellon makes up 1.1% of Novare Capital Management LLC’s holdings, making the stock its 24th largest holding. Novare Capital Management LLC’s holdings in Bank of New York Mellon were worth $13,421,000 at the end of the most recent quarter.

Several other institutional investors have also recently made changes to their positions in BK. Vanguard Group Inc. raised its holdings in shares of Bank of New York Mellon by 6.1% in the 4th quarter. Vanguard Group Inc. now owns 74,501,451 shares of the bank’s stock valued at $3,877,801,000 after purchasing an additional 4,293,751 shares in the last quarter. Marshall Wace LLP lifted its holdings in Bank of New York Mellon by 99.4% during the second quarter. Marshall Wace LLP now owns 2,631,213 shares of the bank’s stock worth $157,583,000 after buying an additional 1,311,969 shares during the period. Panagora Asset Management Inc. increased its holdings in shares of Bank of New York Mellon by 6,040.9% in the 2nd quarter. Panagora Asset Management Inc. now owns 1,037,806 shares of the bank’s stock valued at $62,154,000 after acquiring an additional 1,020,906 shares during the period. M&G Plc bought a new position in shares of Bank of New York Mellon in the 1st quarter worth $55,543,000. Finally, Swedbank AB purchased a new stake in shares of Bank of New York Mellon during the 1st quarter worth $35,514,000. Hedge funds and other institutional investors own 85.31% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on the stock. Barclays raised their price target on shares of Bank of New York Mellon from $75.00 to $86.00 and gave the company an “overweight” rating in a report on Monday. Keefe, Bruyette & Woods reiterated an “outperform” rating and set a $75.00 price objective (up previously from $70.00) on shares of Bank of New York Mellon in a report on Monday, July 15th. Wells Fargo & Company raised their price objective on Bank of New York Mellon from $69.00 to $79.00 and gave the stock an “equal weight” rating in a research report on Monday. Citigroup increased their price target on Bank of New York Mellon from $65.00 to $70.00 and gave the company a “neutral” rating in a research note on Thursday, September 19th. Finally, UBS Group boosted their price target on Bank of New York Mellon from $73.00 to $82.00 and gave the stock a “buy” rating in a research note on Tuesday, October 8th. Five equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $76.69.

Insider Transactions at Bank of New York Mellon

In other Bank of New York Mellon news, VP Hanneke Smits sold 15,000 shares of the business’s stock in a transaction that occurred on Thursday, July 18th. The stock was sold at an average price of $64.11, for a total value of $961,650.00. Following the completion of the transaction, the vice president now directly owns 173,930 shares of the company’s stock, valued at approximately $11,150,652.30. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Company insiders own 0.14% of the company’s stock.

Bank of New York Mellon Stock Performance

NYSE:BK traded up $1.59 during midday trading on Monday, hitting $75.74. The company’s stock had a trading volume of 1,197,484 shares, compared to its average volume of 3,856,811. The company has a debt-to-equity ratio of 0.85, a current ratio of 0.70 and a quick ratio of 0.70. The Bank of New York Mellon Co. has a fifty-two week low of $39.66 and a fifty-two week high of $76.15. The firm’s 50 day moving average is $68.37 and its 200-day moving average is $62.46. The firm has a market cap of $56.64 billion, a P/E ratio of 17.52, a P/E/G ratio of 1.16 and a beta of 1.08.

Bank of New York Mellon (NYSE:BK) last issued its earnings results on Friday, July 12th. The bank reported $1.51 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.43 by $0.08. Bank of New York Mellon had a net margin of 9.40% and a return on equity of 11.87%. The firm had revenue of $4.60 billion during the quarter, compared to analysts’ expectations of $4.53 billion. During the same quarter last year, the company posted $1.38 earnings per share. The firm’s revenue was up 2.1% compared to the same quarter last year. Equities analysts anticipate that The Bank of New York Mellon Co. will post 5.66 earnings per share for the current fiscal year.

Bank of New York Mellon Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, November 1st. Stockholders of record on Monday, October 21st will be issued a $0.47 dividend. The ex-dividend date of this dividend is Monday, October 21st. This represents a $1.88 annualized dividend and a dividend yield of 2.48%. Bank of New York Mellon’s dividend payout ratio (DPR) is presently 43.52%.

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.