Citigroup Inc. Trims Stock Position in The Bank of New York Mellon Co. (NYSE:BK)

Citigroup Inc. lowered its stake in shares of The Bank of New York Mellon Co. (NYSE:BK) by 3.6% in the third quarter, according to its most recent 13F filing with the SEC. The fund owned 606,461 shares of the bank’s stock after selling 22,419 shares during the period. Citigroup Inc. owned about 0.08% of Bank of New York Mellon worth $43,580,000 at the end of the most recent quarter.

A number of other institutional investors have also modified their holdings of the stock. McClarren Financial Advisors Inc. grew its position in shares of Bank of New York Mellon by 586.4% during the 3rd quarter. McClarren Financial Advisors Inc. now owns 405 shares of the bank’s stock valued at $29,000 after acquiring an additional 346 shares during the period. Olistico Wealth LLC acquired a new stake in shares of Bank of New York Mellon during the 2nd quarter valued at about $30,000. Clearstead Trust LLC acquired a new stake in shares of Bank of New York Mellon during the 2nd quarter valued at about $32,000. Family Firm Inc. acquired a new stake in shares of Bank of New York Mellon during the 2nd quarter valued at about $40,000. Finally, Fortitude Family Office LLC grew its position 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 acquiring an additional 346 shares during the period. Hedge funds and other institutional investors own 85.31% of the company’s stock.

Insider Activity

In other news, VP Hanneke Smits sold 16,475 shares of the company’s stock in a transaction on Tuesday, October 15th. The stock was sold at an average price of $76.47, for a total transaction of $1,259,843.25. Following the sale, the vice president now owns 157,455 shares of the company’s stock, valued at approximately $12,040,583.85. This represents a 9.47 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP J Kevin Mccarthy sold 25,000 shares of the company’s stock in a transaction 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 sale, the executive vice president now directly owns 75,404 shares in the company, valued at $5,754,079.24. This represents a 24.90 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 0.14% of the company’s stock.

Bank of New York Mellon Stock Up 1.6 %

BK stock opened at $80.14 on Monday. The firm has a market cap of $58.27 billion, a PE ratio of 17.42, a PEG ratio of 0.90 and a beta of 1.07. The company has a debt-to-equity ratio of 0.89, a quick ratio of 0.70 and a current ratio of 0.70. The firm’s 50 day moving average price is $75.03 and its 200-day moving average price is $66.77. The Bank of New York Mellon Co. has a one year low of $46.81 and a one year high of $80.29.

Bank of New York Mellon (NYSE:BK) last released its quarterly earnings results on Friday, October 11th. The bank reported $1.52 EPS for the quarter, beating the consensus estimate of $1.41 by $0.11. The firm had revenue of $4.65 billion for the quarter, compared to analyst estimates of $4.52 billion. Bank of New York Mellon had a net margin of 9.44% and a return on equity of 12.06%. On average, equities research analysts anticipate that The Bank of New York Mellon Co. will post 5.82 EPS for the current year.

Bank of New York Mellon Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, November 1st. Stockholders of record on Monday, October 21st were given a dividend of $0.47 per share. This represents a $1.88 annualized dividend and a dividend yield of 2.35%. The ex-dividend date was Monday, October 21st. Bank of New York Mellon’s payout ratio is presently 40.87%.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on the company. Morgan Stanley lifted their price objective on Bank of New York Mellon from $72.00 to $78.00 and gave the stock an “equal weight” rating in a report on Monday, September 30th. Citigroup lifted their price objective on Bank of New York Mellon from $65.00 to $70.00 and gave the stock a “neutral” rating in a report on Thursday, September 19th. StockNews.com upgraded Bank of New York Mellon from a “hold” rating to a “buy” rating in a report on Tuesday, November 19th. The Goldman Sachs Group lifted their price objective on Bank of New York Mellon from $74.00 to $80.00 and gave the stock a “buy” rating in a report on Thursday, September 26th. Finally, Royal Bank of Canada reiterated a “sector perform” rating and issued a $79.00 price objective on shares of Bank of New York Mellon in a report on Monday, October 14th. Five equities research analysts have rated the stock with a hold rating and nine have given a buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $77.23.

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.