Mount Lucas Management LP Trims Position in The Bank of New York Mellon Co. (NYSE:BK)

Mount Lucas Management LP reduced its stake in shares of The Bank of New York Mellon Co. (NYSE:BK - Free Report) by 59.8% in the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 16,741 shares of the bank's stock after selling 24,939 shares during the period. Mount Lucas Management LP's holdings in Bank of New York Mellon were worth $1,203,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. McClarren Financial Advisors Inc. lifted its stake in shares of Bank of New York Mellon by 586.4% in the 3rd quarter. McClarren Financial Advisors Inc. now owns 405 shares of the bank's stock valued at $29,000 after purchasing 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 worth approximately $30,000. Clearstead Trust LLC acquired a new stake in shares of Bank of New York Mellon during the 2nd quarter worth approximately $32,000. Fortitude Family Office LLC boosted its stake in Bank of New York Mellon by 130.6% during the third quarter. Fortitude Family Office LLC now owns 611 shares of the bank's stock worth $44,000 after acquiring an additional 346 shares in the last quarter. Finally, Ashton Thomas Securities LLC acquired a new stake in Bank of New York Mellon in the third quarter worth $46,000. 85.31% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

BK has been the subject of several research reports. The Goldman Sachs Group raised their target price on Bank of New York Mellon from $74.00 to $80.00 and gave the company a "buy" rating in a research note on Thursday, September 26th. StockNews.com downgraded Bank of New York Mellon from a "buy" rating to a "hold" rating in a report on Monday, November 11th. Wells Fargo & Company lifted their price target on shares of Bank of New York Mellon from $79.00 to $81.00 and gave the company an "equal weight" rating in a research report on Friday. Evercore ISI upped their price objective on shares of 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. Finally, Barclays lifted 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 report on Monday, October 14th. Six investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. Based on data from MarketBeat.com, Bank of New York Mellon has an average rating of "Moderate Buy" and a consensus price target of $77.23.

Insider Buying and Selling at Bank of New York Mellon

In related news, EVP J Kevin Mccarthy sold 25,000 shares of the business's stock in a transaction that occurred 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 completion of the sale, the executive vice president now owns 75,404 shares in the company, valued at $5,754,079.24. The trade was a 24.90 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. 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 transaction of $1,259,843.25. Following the transaction, the vice president now directly owns 157,455 shares in the company, valued at approximately $12,040,583.85. This represents a 9.47 % decrease in their position. 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

Bank of New York Mellon stock traded up $0.72 during midday trading on Friday, reaching $78.29. 4,211,855 shares of the stock were exchanged, compared to its average volume of 3,678,412. The company's fifty day moving average is $73.99 and its 200-day moving average is $65.95. The firm has a market cap of $56.92 billion, a PE ratio of 17.02, a PEG ratio of 0.89 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 Bank of New York Mellon Co. has a 52 week low of $46.04 and a 52 week high of $80.29.

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 (EPS) for the quarter, beating 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 return on equity of 12.06% and a net margin of 9.44%. On average, sell-side analysts forecast 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 business also recently announced a quarterly dividend, which was paid on Friday, November 1st. Investors of record on Monday, October 21st were paid a $0.47 dividend. This represents a $1.88 dividend on an annualized basis and a yield of 2.40%. The ex-dividend date was Monday, October 21st. Bank of New York Mellon's dividend payout ratio is currently 40.87%.

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.