Mount Lucas Management LP Cuts Holdings in The Bank of New York Mellon Co. (NYSE:BK)

Mount Lucas Management LP lessened its stake in The Bank of New York Mellon Co. (NYSE:BK) by 0.9% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 41,680 shares of the bank’s stock after selling 368 shares during the period. Mount Lucas Management LP’s holdings in Bank of New York Mellon were worth $2,496,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of BK. Gilbert & Cook Inc. grew its position in Bank of New York Mellon by 4.7% during the 4th quarter. Gilbert & Cook Inc. now owns 9,361 shares of the bank’s stock valued at $487,000 after purchasing an additional 419 shares during the last quarter. Private Advisor Group LLC raised its position in shares of Bank of New York Mellon by 2.5% during the fourth quarter. Private Advisor Group LLC now owns 35,744 shares of the bank’s stock valued at $1,860,000 after buying an additional 867 shares during the last quarter. Principal Securities Inc. bought a new stake in shares of Bank of New York Mellon during the fourth quarter valued at approximately $915,000. Teacher Retirement System of Texas raised its position in shares of Bank of New York Mellon by 9.2% during the fourth quarter. Teacher Retirement System of Texas now owns 452,420 shares of the bank’s stock valued at $23,548,000 after buying an additional 38,142 shares during the last quarter. Finally, Astoria Portfolio Advisors LLC. purchased a new position in shares of Bank of New York Mellon in the fourth quarter valued at $220,000. Hedge funds and other institutional investors own 85.31% of the company’s stock.

Bank of New York Mellon Price Performance

Shares of BK traded down $1.59 during mid-day trading on Friday, reaching $66.41. 4,114,892 shares of the company’s stock were exchanged, compared to its average volume of 3,802,205. The company has a market cap of $49.66 billion, a price-to-earnings ratio of 15.37, a PEG ratio of 1.18 and a beta of 1.08. The company has a quick ratio of 0.70, a current ratio of 0.70 and a debt-to-equity ratio of 0.85. The Bank of New York Mellon Co. has a 52-week low of $39.66 and a 52-week high of $68.60. The company has a 50-day simple moving average of $64.20 and a two-hundred day simple moving average of $59.69.

Bank of New York Mellon (NYSE:BK) last issued its quarterly earnings data on Friday, July 12th. The bank reported $1.51 EPS for the quarter, topping analysts’ consensus estimates 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 for the quarter, compared to analyst estimates of $4.53 billion. During the same quarter in the previous year, the business posted $1.38 EPS. The firm’s revenue was up 2.1% compared to the same quarter last year. On average, sell-side analysts predict that The Bank of New York Mellon Co. will post 5.63 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 Friday, August 2nd. Investors of record on Monday, July 22nd were paid a dividend of $0.47 per share. The ex-dividend date was Monday, July 22nd. This is a positive change from Bank of New York Mellon’s previous quarterly dividend of $0.42. This represents a $1.88 annualized dividend and a yield of 2.83%. Bank of New York Mellon’s dividend payout ratio is currently 43.52%.

Insider Activity

In other news, VP Hanneke Smits sold 15,000 shares of the firm’s stock in a transaction dated Thursday, July 18th. The stock was sold at an average price of $64.11, for a total value of $961,650.00. Following the sale, the vice president now directly owns 173,930 shares of the company’s stock, valued at $11,150,652.30. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. 0.14% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

BK has been the subject of several recent analyst reports. Deutsche Bank Aktiengesellschaft lifted their price objective on shares of Bank of New York Mellon from $63.00 to $66.00 and gave the stock a “hold” rating in a research note on Thursday, August 15th. Evercore ISI upped their price objective on Bank of New York Mellon from $61.00 to $66.00 and gave the stock an “in-line” rating in a research report on Monday, July 15th. Morgan Stanley upped their price objective on Bank of New York Mellon from $65.00 to $72.00 and gave the stock an “equal weight” rating in a research report on Tuesday, July 30th. Barclays upped their target price on Bank of New York Mellon from $68.00 to $75.00 and gave the stock an “overweight” rating in a research note on Monday, July 15th. Finally, Keefe, Bruyette & Woods reissued an “outperform” rating and issued a $75.00 price objective (up from $70.00) on shares of Bank of New York Mellon in a research note on Monday, July 15th. Six investment analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat.com, Bank of New York Mellon currently has a consensus rating of “Moderate Buy” and an average price target of $66.14.

Bank of New York Mellon Company Profile

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.