The Bank of New York Mellon Co. (NYSE:BK) is Private Management Group Inc.’s 5th Largest Position

Private Management Group Inc. decreased its stake in shares of The Bank of New York Mellon Co. (NYSE:BK) by 10.1% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 703,920 shares of the bank’s stock after selling 79,037 shares during the quarter. Bank of New York Mellon comprises 1.8% of Private Management Group Inc.’s holdings, making the stock its 5th biggest position. Private Management Group Inc. owned approximately 0.09% of Bank of New York Mellon worth $50,584,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also made changes to their positions in the stock. McClarren Financial Advisors Inc. increased its holdings in Bank of New York Mellon by 586.4% in the 3rd quarter. McClarren Financial Advisors Inc. now owns 405 shares of the bank’s stock worth $29,000 after buying an additional 346 shares during the period. Olistico Wealth LLC acquired a new position in Bank of New York Mellon during the second quarter valued at $30,000. Clearstead Trust LLC acquired a new position in Bank of New York Mellon during the second quarter valued at $32,000. Family Firm Inc. purchased a new stake in Bank of New York Mellon in the second quarter valued at $40,000. Finally, Fortitude Family Office LLC raised its stake in shares of Bank of New York Mellon by 130.6% during the 3rd quarter. Fortitude Family Office LLC now owns 611 shares of the bank’s stock valued at $44,000 after buying an additional 346 shares during the last quarter. 85.31% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Bank of New York Mellon

In other news, EVP J Kevin Mccarthy sold 25,000 shares of the stock in a transaction dated Tuesday, October 15th. The shares were sold at an average price of $76.31, for a total value of $1,907,750.00. Following the completion of the sale, the executive vice president now directly owns 75,404 shares in the company, valued at $5,754,079.24. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In other news, EVP J Kevin Mccarthy sold 25,000 shares of the company’s stock in a transaction that occurred on Tuesday, October 15th. The stock was sold at an average price of $76.31, for a total value of $1,907,750.00. Following the completion of the sale, the executive vice president now directly owns 75,404 shares in the company, valued at $5,754,079.24. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, VP Hanneke Smits sold 16,475 shares of Bank of New York Mellon stock in a transaction that occurred on Tuesday, October 15th. The stock was sold at an average price of $76.47, for a total value of $1,259,843.25. Following the transaction, the vice president now owns 157,455 shares in the company, valued at approximately $12,040,583.85. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. 0.14% of the stock is currently owned by insiders.

Analysts Set New Price Targets

BK has been the topic of several analyst reports. UBS Group raised their target price on Bank of New York Mellon from $73.00 to $82.00 and gave the stock a “buy” rating in a report on Tuesday, October 8th. Morgan Stanley boosted their target price on shares of Bank of New York Mellon from $72.00 to $78.00 and gave the company an “equal weight” rating in a research note on Monday, September 30th. Wells Fargo & Company raised their price target on shares of Bank of New York Mellon from $69.00 to $79.00 and gave the company an “equal weight” rating in a research report on Monday, October 14th. Evercore ISI upped their price objective on shares of Bank of New York Mellon from $66.00 to $77.00 and gave the stock an “in-line” rating in a research report on Monday, October 14th. Finally, Royal Bank of Canada restated a “sector perform” rating and set a $79.00 target price on shares of Bank of New York Mellon in a research report on Monday, October 14th. Five investment analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $76.69.

Bank of New York Mellon Price Performance

Shares of Bank of New York Mellon stock traded down $0.05 during mid-day trading on Friday, reaching $75.31. 3,339,487 shares of the stock traded hands, compared to its average volume of 3,862,341. The stock has a market capitalization of $55.58 billion, a PE ratio of 16.37, a PEG ratio of 0.89 and a beta of 1.08. The business has a 50-day moving average of $72.01 and a 200 day moving average of $64.43. The Bank of New York Mellon Co. has a fifty-two week low of $43.46 and a fifty-two week high of $78.03. The company has a quick ratio of 0.70, a current ratio of 0.70 and a debt-to-equity ratio of 0.89.

Bank of New York Mellon Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, November 1st. Investors of record on Monday, October 21st were paid a $0.47 dividend. This represents a $1.88 annualized dividend and a yield of 2.50%. The ex-dividend date was Monday, October 21st. Bank of New York Mellon’s dividend payout ratio is currently 40.87%.

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.