Verdence Capital Advisors LLC Sells 6,243 Shares of The Bank of New York Mellon Co. (NYSE:BK)

Verdence Capital Advisors LLC cut its position in shares of The Bank of New York Mellon Co. (NYSE:BK) by 39.5% in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 9,580 shares of the bank’s stock after selling 6,243 shares during the period. Verdence Capital Advisors LLC’s holdings in Bank of New York Mellon were worth $499,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also made changes to their positions in BK. Lindbrook Capital LLC lifted its position in shares of Bank of New York Mellon by 65.2% in the 4th quarter. Lindbrook Capital LLC now owns 4,221 shares of the bank’s stock worth $220,000 after purchasing an additional 1,666 shares during the period. abrdn plc lifted its holdings in Bank of New York Mellon by 20.1% during the fourth quarter. abrdn plc now owns 1,272,715 shares of the bank’s stock worth $66,245,000 after buying an additional 212,676 shares during the period. Hunter Associates Investment Management LLC lifted its holdings in Bank of New York Mellon by 16.2% during the fourth quarter. Hunter Associates Investment Management LLC now owns 14,200 shares of the bank’s stock worth $738,000 after buying an additional 1,980 shares during the period. Stephenson & Company Inc. bought a new stake in Bank of New York Mellon during the 4th quarter valued at $210,000. Finally, J.W. Cole Advisors Inc. purchased a new position in shares of Bank of New York Mellon in the 4th quarter valued at $201,000. 85.31% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

BK has been the topic of a number of recent research reports. Evercore ISI raised their price objective on Bank of New York Mellon from $57.00 to $61.00 and gave the company an “in-line” rating in a research report on Thursday, April 4th. Bank of America raised their price target on shares of Bank of New York Mellon from $64.00 to $66.00 and gave the company a “buy” rating in a report on Wednesday, April 17th. Royal Bank of Canada reiterated a “sector perform” rating and set a $58.00 price objective on shares of Bank of New York Mellon in a research note on Wednesday, March 27th. Morgan Stanley raised their target price on shares of Bank of New York Mellon from $62.00 to $63.00 and gave the company an “equal weight” rating in a research note on Thursday, April 18th. Finally, Citigroup upped their price target on Bank of New York Mellon from $60.00 to $65.00 and gave the stock a “buy” rating in a research report on Wednesday, February 14th. Five analysts have rated the stock with a hold rating and five have given a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $60.17.

Bank of New York Mellon Stock Performance

Shares of BK stock opened at $57.16 on Tuesday. The business has a fifty day moving average of $55.79 and a 200 day moving average of $51.48. The Bank of New York Mellon Co. has a 1 year low of $39.65 and a 1 year high of $58.28. The company has a debt-to-equity ratio of 0.90, a current ratio of 0.71 and a quick ratio of 0.72. The firm has a market capitalization of $43.03 billion, a price-to-earnings ratio of 13.94, a price-to-earnings-growth ratio of 1.21 and a beta of 1.12.

Bank of New York Mellon (NYSE:BK) last announced its quarterly earnings data on Tuesday, April 16th. The bank reported $1.29 EPS for the quarter, beating the consensus estimate of $1.19 by $0.10. The business had revenue of $4.53 billion during the quarter, compared to analysts’ expectations of $4.39 billion. Bank of New York Mellon had a net margin of 9.48% and a return on equity of 11.80%. The business’s quarterly revenue was up 3.8% compared to the same quarter last year. During the same period in the previous year, the business posted $1.13 EPS. As a group, research analysts expect that The Bank of New York Mellon Co. will post 5.42 earnings per share for the current year.

Bank of New York Mellon Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, May 9th. Shareholders of record on Friday, April 26th will be given a $0.42 dividend. The ex-dividend date is Thursday, April 25th. This represents a $1.68 annualized dividend and a yield of 2.94%. Bank of New York Mellon’s dividend payout ratio is presently 40.98%.

Insider Transactions at Bank of New York Mellon

In related news, VP Catherine Keating sold 4,498 shares of the stock in a transaction on Thursday, February 8th. The shares were sold at an average price of $54.81, for a total transaction of $246,535.38. Following the sale, the vice president now directly owns 123,490 shares of the company’s stock, valued at $6,768,486.90. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 0.14% of the company’s stock.

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.