ProVise Management Group LLC Sells 3,984 Shares of The Bank of New York Mellon Co. (NYSE:BK)

ProVise Management Group LLC decreased its position in The Bank of New York Mellon Co. (NYSE:BK) by 4.0% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 95,704 shares of the bank’s stock after selling 3,984 shares during the quarter. ProVise Management Group LLC’s holdings in Bank of New York Mellon were worth $7,353,000 at the end of the most recent quarter.

A number of other institutional investors have also added to or reduced their stakes in BK. Empowered Funds LLC raised its holdings in Bank of New York Mellon by 9.2% in the third quarter. Empowered Funds LLC now owns 13,760 shares of the bank’s stock worth $989,000 after purchasing an additional 1,162 shares in the last quarter. Claro Advisors LLC bought a new position in Bank of New York Mellon in the third quarter worth $299,000. Drive Wealth Management LLC bought a new position in Bank of New York Mellon in the third quarter worth $244,000. Caprock Group LLC purchased a new stake in shares of Bank of New York Mellon in the third quarter worth $2,963,000. Finally, Meeder Asset Management Inc. grew its stake in shares of Bank of New York Mellon by 27.0% in the third quarter. Meeder Asset Management Inc. now owns 285,307 shares of the bank’s stock worth $20,502,000 after acquiring an additional 60,579 shares during the last quarter. Institutional investors own 85.31% of the company’s stock.

Bank of New York Mellon Stock Up 0.2 %

BK stock opened at $82.62 on Wednesday. The Bank of New York Mellon Co. has a fifty-two week low of $52.64 and a fifty-two week high of $90.34. The business’s 50-day moving average is $84.48 and its two-hundred day moving average is $78.76. The company has a debt-to-equity ratio of 0.83, a quick ratio of 0.70 and a current ratio of 0.69. The company has a market cap of $59.32 billion, a price-to-earnings ratio of 14.22, a P/E/G ratio of 0.97 and a beta of 1.06.

Bank of New York Mellon (NYSE:BK) last posted its earnings results on Wednesday, January 15th. The bank reported $1.72 earnings per share for the quarter, beating analysts’ consensus estimates of $1.54 by $0.18. Bank of New York Mellon had a return on equity of 12.68% and a net margin of 11.35%. The company had revenue of $4.85 billion for the quarter, compared to the consensus estimate of $4.66 billion. During the same quarter in the prior year, the company earned $1.28 earnings per share. Bank of New York Mellon’s revenue was up 11.2% on a year-over-year basis. As a group, analysts forecast that The Bank of New York Mellon Co. will post 6.96 earnings per share for the current year.

Bank of New York Mellon Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, February 7th. Stockholders of record on Monday, January 27th were paid a $0.47 dividend. This represents a $1.88 annualized dividend and a dividend yield of 2.28%. The ex-dividend date of this dividend was Monday, January 27th. Bank of New York Mellon’s dividend payout ratio (DPR) is currently 32.36%.

Wall Street Analysts Forecast Growth

BK has been the topic of a number of recent research reports. Truist Financial increased their target price on Bank of New York Mellon from $91.00 to $93.00 and gave the stock a “buy” rating in a research note on Thursday, January 16th. Morgan Stanley increased their target price on Bank of New York Mellon from $90.00 to $97.00 and gave the stock an “overweight” rating in a research note on Thursday, January 16th. Keefe, Bruyette & Woods increased their target price on Bank of New York Mellon from $87.00 to $96.00 and gave the stock an “outperform” rating in a research note on Tuesday, December 3rd. Evercore ISI increased their target price on Bank of New York Mellon from $79.00 to $83.00 and gave the stock an “in-line” rating in a research note on Thursday, January 16th. Finally, Wells Fargo & Company increased their target price on Bank of New York Mellon from $86.00 to $96.00 and gave the stock an “equal weight” rating in a research note on Monday, March 3rd. Six equities research analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. According to MarketBeat.com, Bank of New York Mellon currently has a consensus rating of “Moderate Buy” and an average price target of $89.50.

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.