The Manufacturers Life Insurance Company Sells 24,224 Shares of The Bank of New York Mellon Co. (NYSE:BK)

The Manufacturers Life Insurance Company trimmed its position in The Bank of New York Mellon Co. (NYSE:BK) by 4.9% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 471,235 shares of the bank’s stock after selling 24,224 shares during the quarter. The Manufacturers Life Insurance Company owned 0.06% of Bank of New York Mellon worth $33,863,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in BK. B. Riley Wealth Advisors Inc. lifted its holdings in shares of Bank of New York Mellon by 13.7% in the first quarter. B. Riley Wealth Advisors Inc. now owns 14,944 shares of the bank’s stock worth $861,000 after acquiring an additional 1,803 shares during the last quarter. Tidal Investments LLC lifted its stake in Bank of New York Mellon by 20.6% in the 1st quarter. Tidal Investments LLC now owns 24,671 shares of the bank’s stock valued at $1,421,000 after purchasing an additional 4,210 shares during the last quarter. Atria Investments Inc boosted its position in Bank of New York Mellon by 17.2% in the first quarter. Atria Investments Inc now owns 82,343 shares of the bank’s stock valued at $4,745,000 after buying an additional 12,064 shares in the last quarter. Cetera Investment Advisers grew its stake in shares of Bank of New York Mellon by 223.1% during the first quarter. Cetera Investment Advisers now owns 286,046 shares of the bank’s stock worth $16,482,000 after buying an additional 197,515 shares during the last quarter. Finally, Cetera Advisors LLC increased its holdings in shares of Bank of New York Mellon by 551.4% during the first quarter. Cetera Advisors LLC now owns 64,274 shares of the bank’s stock worth $3,703,000 after buying an additional 54,407 shares in the last quarter. 85.31% of the stock is currently owned by institutional investors.

Insider Activity

In other news, EVP J Kevin Mccarthy sold 25,000 shares of the firm’s stock in a transaction dated 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 trade represents a 24.90 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, VP Hanneke Smits sold 16,475 shares of the business’s stock in a transaction dated Tuesday, October 15th. The shares were sold at an average price of $76.47, for a total value of $1,259,843.25. Following the completion of the sale, the vice president now directly owns 157,455 shares of the company’s stock, valued at $12,040,583.85. The trade was a 9.47 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.14% of the stock is currently owned by company insiders.

Bank of New York Mellon Price Performance

BK stock opened at $81.91 on Friday. The company has a quick ratio of 0.70, a current ratio of 0.70 and a debt-to-equity ratio of 0.89. The firm has a market cap of $59.55 billion, a price-to-earnings ratio of 17.81, a PEG ratio of 0.93 and a beta of 1.07. The company’s fifty day simple moving average is $76.07 and its 200 day simple moving average is $67.47. The Bank of New York Mellon Co. has a 12-month low of $47.44 and a 12-month high of $82.72.

Bank of New York Mellon (NYSE:BK) last announced its quarterly earnings data on Friday, October 11th. The bank reported $1.52 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.41 by $0.11. Bank of New York Mellon had a return on equity of 12.06% and a net margin of 9.44%. The company had revenue of $4.65 billion for the quarter, compared to the consensus estimate of $4.52 billion. On average, analysts expect that The Bank of New York Mellon Co. will post 5.84 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, 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 2.30%. The ex-dividend date of this dividend was Monday, October 21st. Bank of New York Mellon’s dividend payout ratio (DPR) is 40.87%.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on the company. StockNews.com upgraded Bank of New York Mellon from a “hold” rating to a “buy” rating in a research report on Tuesday, November 19th. Evercore ISI boosted their price target on Bank of New York Mellon from $66.00 to $77.00 and gave the stock an “in-line” rating in a report on Monday, October 14th. Morgan Stanley raised their price objective on shares of Bank of New York Mellon from $72.00 to $78.00 and gave the company an “equal weight” rating in a report on Monday, September 30th. Citigroup boosted their target price on shares of Bank of New York Mellon from $75.00 to $82.00 and gave the stock a “neutral” rating in a report on Monday, November 25th. Finally, Barclays raised their price target on shares of Bank of New York Mellon from $75.00 to $86.00 and gave the company an “overweight” rating in a research note on Monday, October 14th. Five equities research analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. According to data from MarketBeat, Bank of New York Mellon has a consensus rating of “Moderate Buy” and a consensus target price of $78.15.

Bank of New York Mellon 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.