Zacks Investment Management Sells 24,800 Shares of The Bank of New York Mellon Co. (NYSE:BK)

Zacks Investment Management lowered its position in The Bank of New York Mellon Co. (NYSE:BK - Free Report) by 2.8% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 846,182 shares of the bank's stock after selling 24,800 shares during the quarter. Zacks Investment Management owned approximately 0.12% of Bank of New York Mellon worth $65,012,000 as of its most recent SEC filing.

Other institutional investors have also recently made changes to their positions in the company. Graney & King LLC purchased a new stake in shares of Bank of New York Mellon in the fourth quarter valued at approximately $35,000. Centricity Wealth Management LLC acquired a new position in Bank of New York Mellon during the fourth quarter worth approximately $39,000. TCTC Holdings LLC grew its stake in shares of Bank of New York Mellon by 257.5% in the 4th quarter. TCTC Holdings LLC now owns 597 shares of the bank's stock valued at $46,000 after purchasing an additional 430 shares during the last quarter. Modus Advisors LLC purchased a new stake in shares of Bank of New York Mellon in the fourth quarter valued at about $49,000. Finally, Friedenthal Financial acquired a new position in Bank of New York Mellon during the 4th quarter worth approximately $56,000. Hedge funds and other institutional investors own 85.31% of the company's stock.

Analyst Ratings Changes

Several brokerages have recently commented on BK. Bank of America boosted their price target on Bank of New York Mellon from $90.00 to $95.00 and gave the stock a "buy" rating in a research note on Thursday, January 16th. Wells Fargo & Company boosted their price target on Bank of New York Mellon from $86.00 to $96.00 and gave the company an "equal weight" rating in a report on Monday, March 3rd. Citigroup boosted their target price on shares of Bank of New York Mellon from $82.00 to $85.00 and gave the company a "neutral" rating in a report on Monday, March 24th. Truist Financial reduced their price objective on Bank of New York Mellon from $90.00 to $87.00 and set a "buy" rating on the stock in a research note on Monday, April 14th. Finally, Deutsche Bank Aktiengesellschaft raised their price objective on Bank of New York Mellon from $94.00 to $98.00 and gave the company a "buy" rating in a research report on Thursday, January 16th. Six analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $91.31.

Bank of New York Mellon Stock Down 2.1 %

Shares of NYSE:BK traded down $1.60 during midday trading on Monday, hitting $74.27. The stock had a trading volume of 781,319 shares, compared to its average volume of 3,947,158. The company has a market cap of $53.32 billion, a P/E ratio of 12.78, a PEG ratio of 0.97 and a beta of 1.03. The business's 50-day simple moving average is $82.72 and its 200-day simple moving average is $80.43. The Bank of New York Mellon Co. has a 12 month low of $56.08 and a 12 month high of $90.34. The company has a quick ratio of 0.70, a current ratio of 0.69 and a debt-to-equity ratio of 0.83.

Bank of New York Mellon (NYSE:BK - Get Free Report) last issued its quarterly earnings data on Friday, April 11th. The bank reported $1.58 EPS for the quarter, beating analysts' consensus estimates of $1.50 by $0.08. The firm had revenue of $4.79 billion for the quarter, compared to analyst estimates of $4.76 billion. Bank of New York Mellon had a return on equity of 12.68% and a net margin of 11.35%. The company's revenue for the quarter was up 5.9% on a year-over-year basis. During the same period in the prior year, the firm posted $1.29 EPS. On average, sell-side analysts forecast that The Bank of New York Mellon Co. will post 6.96 earnings per share for the current fiscal year.

Bank of New York Mellon Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, May 2nd. Shareholders of record on Monday, April 21st will be paid a dividend of $0.47 per share. This represents a $1.88 annualized dividend and a yield of 2.53%. The ex-dividend date is Monday, April 21st. Bank of New York Mellon's payout ratio is 30.62%.

Insider Activity at Bank of New York Mellon

In other Bank of New York Mellon news, insider Kurtis R. Kurimsky sold 5,641 shares of the business's stock in a transaction that occurred on Monday, April 14th. The stock was sold at an average price of $77.50, for a total value of $437,177.50. Following the transaction, the insider now directly owns 21,679 shares of the company's stock, valued at approximately $1,680,122.50. The trade was a 20.65 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, VP Catherine Keating sold 65,473 shares of the stock in a transaction dated Monday, April 14th. The stock was sold at an average price of $77.31, for a total transaction of $5,061,717.63. Following the transaction, the vice president now directly owns 87,542 shares in the company, valued at $6,767,872.02. This trade represents a 42.79 % decrease in their position. The disclosure for this sale can be found here. 0.14% of the stock is owned by insiders.

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.