Geode Capital Management LLC Sells 16,814 Shares of The Bank of New York Mellon Co. (NYSE:BK)

Geode Capital Management LLC trimmed its holdings in The Bank of New York Mellon Co. (NYSE:BK - Free Report) by 0.1% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 17,714,007 shares of the bank's stock after selling 16,814 shares during the quarter. Geode Capital Management LLC owned 2.44% of Bank of New York Mellon worth $1,268,651,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds also recently made changes to their positions in BK. M&T Bank Corp raised its holdings in shares of Bank of New York Mellon by 293.1% during the third quarter. M&T Bank Corp now owns 399,130 shares of the bank's stock valued at $28,681,000 after acquiring an additional 297,603 shares during the period. Continuum Advisory LLC grew its holdings in shares of Bank of New York Mellon by 93.2% during the third quarter. Continuum Advisory LLC now owns 2,349 shares of the bank's stock valued at $182,000 after buying an additional 1,133 shares in the last quarter. Drucker Wealth 3.0 LLC raised its position in Bank of New York Mellon by 3.8% during the third quarter. Drucker Wealth 3.0 LLC now owns 10,838 shares of the bank's stock valued at $779,000 after buying an additional 396 shares during the period. SGL Investment Advisors Inc. purchased a new stake in Bank of New York Mellon in the 3rd quarter worth about $777,000. Finally, Nomura Asset Management Co. Ltd. boosted its position in Bank of New York Mellon by 3.6% during the 3rd quarter. Nomura Asset Management Co. Ltd. now owns 227,644 shares of the bank's stock worth $16,358,000 after acquiring an additional 7,840 shares during the period. Institutional investors and hedge funds own 85.31% of the company's stock.

Bank of New York Mellon Price Performance

Bank of New York Mellon stock traded down $0.94 during mid-day trading on Wednesday, hitting $79.68. 4,816,969 shares of the company were exchanged, compared to its average volume of 3,829,547. The Bank of New York Mellon Co. has a 1-year low of $49.48 and a 1-year high of $82.72. 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 business has a fifty day moving average of $77.33 and a 200 day moving average of $68.67. The company has a market capitalization of $57.93 billion, a PE ratio of 17.44, a price-to-earnings-growth ratio of 0.92 and a beta of 1.07.

Bank of New York Mellon (NYSE:BK - Get Free Report) last posted its quarterly earnings data on Friday, October 11th. The bank reported $1.52 earnings per share for the quarter, topping the consensus estimate of $1.41 by $0.11. The company had revenue of $4.65 billion during 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%. As a group, sell-side 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 Dividend Announcement

The business also recently announced 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. The ex-dividend date of this dividend was Monday, October 21st. This represents a $1.88 dividend on an annualized basis and a dividend yield of 2.36%. Bank of New York Mellon's payout ratio is 40.87%.

Analysts Set New Price Targets

BK has been the topic of several recent research reports. Barclays raised their price objective on shares of Bank of New York Mellon from $75.00 to $86.00 and gave the company an "overweight" rating in a research report on Monday, October 14th. 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. Evercore ISI raised their target price on Bank of New York Mellon from $66.00 to $77.00 and gave the company an "in-line" rating in a report on Monday, October 14th. Wells Fargo & Company increased their price objective on Bank of New York Mellon from $79.00 to $81.00 and gave the company an "equal weight" rating in a report on Friday, November 15th. Finally, UBS Group boosted their target price on Bank of New York Mellon from $73.00 to $82.00 and gave the stock a "buy" rating in a report on Tuesday, October 8th. Five investment analysts have rated the stock with a hold rating and nine have issued a buy rating to the company's stock. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $81.00.

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 shares were sold at an average price of $76.31, for a total value of $1,907,750.00. Following the transaction, the executive vice president now owns 75,404 shares of the company's stock, valued at approximately $5,754,079.24. This trade represents a 24.90 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, VP Hanneke Smits sold 16,475 shares of the stock in a transaction on 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 transaction, the vice president now directly owns 157,455 shares in the company, valued at approximately $12,040,583.85. This trade represents a 9.47 % decrease in their position. The disclosure for this sale can be found here. 0.14% of the stock is owned by insiders.

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.