Galvin Gaustad & Stein LLC Lowers Stock Holdings in The Bank of New York Mellon Co. (NYSE:BK)

Galvin Gaustad & Stein LLC cut its stake in The Bank of New York Mellon Co. (NYSE:BK - Free Report) by 50.5% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 248,308 shares of the bank's stock after selling 253,005 shares during the period. Bank of New York Mellon comprises approximately 1.6% of Galvin Gaustad & Stein LLC's portfolio, making the stock its 26th largest position. Galvin Gaustad & Stein LLC's holdings in Bank of New York Mellon were worth $17,843,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of BK. McClarren Financial Advisors Inc. grew its position in shares of Bank of New York Mellon by 586.4% during the third quarter. McClarren Financial Advisors Inc. now owns 405 shares of the bank's stock worth $29,000 after acquiring an additional 346 shares during the last quarter. Olistico Wealth LLC acquired a new position in Bank of New York Mellon in the second quarter valued at $30,000. Clearstead Trust LLC acquired a new position in Bank of New York Mellon in the second quarter valued at $32,000. Family Firm Inc. purchased a new stake in shares of Bank of New York Mellon in the second quarter valued at about $40,000. Finally, Fortitude Family Office LLC grew its holdings in shares of 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 buying an additional 346 shares during the last quarter. Institutional investors and hedge funds own 85.31% of the company's stock.

Bank of New York Mellon Price Performance

Shares of BK stock traded down $0.63 during midday trading on Friday, reaching $77.06. 3,176,365 shares of the company traded hands, compared to its average volume of 4,158,608. The firm's 50 day simple moving average is $72.95 and its two-hundred day simple moving average is $65.17. The firm has a market cap of $56.03 billion, a PE ratio of 16.75, a price-to-earnings-growth ratio of 0.91 and a beta of 1.07. The company has a debt-to-equity ratio of 0.89, a current ratio of 0.70 and a quick ratio of 0.70. The Bank of New York Mellon Co. has a 1-year low of $44.93 and a 1-year high of $80.29.

Bank of New York Mellon (NYSE:BK - Get Free Report) last issued its quarterly earnings data on Friday, October 11th. The bank reported $1.52 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.41 by $0.11. The firm had revenue of $4.65 billion during the quarter, compared to analysts' expectations 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, equities research analysts expect that The Bank of New York Mellon Co. will post 5.79 EPS for the current fiscal year.

Bank of New York Mellon Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, November 1st. Investors of record on Monday, October 21st were given a $0.47 dividend. The ex-dividend date was Monday, October 21st. This represents a $1.88 annualized dividend and a dividend yield of 2.44%. Bank of New York Mellon's dividend payout ratio is presently 40.87%.

Analysts Set New Price Targets

Several analysts have commented on the company. Evercore ISI upped their price objective on Bank of New York Mellon from $66.00 to $77.00 and gave the company an "in-line" rating in a research note on Monday, October 14th. Wells Fargo & Company upped their price target on Bank of New York Mellon from $69.00 to $79.00 and gave the stock an "equal weight" rating in a research note on Monday, October 14th. The Goldman Sachs Group lifted their price objective on shares of Bank of New York Mellon from $74.00 to $80.00 and gave the company a "buy" rating in a research report on Thursday, September 26th. StockNews.com upgraded shares of Bank of New York Mellon from a "hold" rating to a "buy" rating in a research report on Monday, October 14th. Finally, UBS Group lifted their target price on shares of Bank of New York Mellon from $73.00 to $82.00 and gave the company a "buy" rating in a report on Tuesday, October 8th. Five investment analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company's stock. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $76.69.

Insider Activity at Bank of New York Mellon

In other news, VP Hanneke Smits sold 16,475 shares of the firm's stock in a transaction that occurred 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 completion of the transaction, the vice president now directly owns 157,455 shares of the company's stock, valued at $12,040,583.85. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. In other news, VP Hanneke Smits sold 16,475 shares of the company's stock in a transaction on Tuesday, October 15th. The stock was sold at an average price of $76.47, for a total value of $1,259,843.25. Following the sale, the vice president now directly owns 157,455 shares in the company, valued at $12,040,583.85. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP J Kevin Mccarthy sold 25,000 shares of the stock in a transaction on 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 sale, the executive vice president now directly owns 75,404 shares in the company, valued at approximately $5,754,079.24. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. 0.14% of the stock is owned by corporate insiders.

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.