Boston Research & Management Inc. Trims Stock Position in Bank of New York Mellon Corporation $BNY

Boston Research & Management Inc. lowered its stake in shares of Bank of New York Mellon Corporation (NYSE:BNY) by 23.1% in the fourth quarter, according to its most recent 13F filing with the SEC. The fund owned 64,824 shares of the bank’s stock after selling 19,438 shares during the period. Bank of New York Mellon comprises about 1.7% of Boston Research & Management Inc.’s portfolio, making the stock its 16th largest holding. Boston Research & Management Inc.’s holdings in Bank of New York Mellon were worth $7,525,000 as of its most recent filing with the SEC.

A number of other institutional investors have also modified their holdings of BNY. Thurston Springer Miller Herd & Titak Inc. acquired a new stake in shares of Bank of New York Mellon during the 4th quarter valued at about $27,000. MCF Advisors LLC grew its position in shares of Bank of New York Mellon by 74.8% during the 4th quarter. MCF Advisors LLC now owns 236 shares of the bank’s stock valued at $27,000 after acquiring an additional 101 shares during the period. Marquette Asset Management LLC grew its position in shares of Bank of New York Mellon by 174.7% during the 4th quarter. Marquette Asset Management LLC now owns 261 shares of the bank’s stock valued at $30,000 after acquiring an additional 166 shares during the period. Kohmann Bosshard Financial Services LLC acquired a new stake in shares of Bank of New York Mellon during the 4th quarter valued at about $46,000. Finally, Godfrey Financial Associates Inc. acquired a new stake in shares of Bank of New York Mellon during the 4th quarter valued at about $48,000. Hedge funds and other institutional investors own 85.31% of the company’s stock.

Analyst Ratings Changes

A number of research firms have recently commented on BNY. Barclays raised their target price on Bank of New York Mellon from $143.00 to $149.00 and gave the company an “overweight” rating in a research report on Friday, April 17th. JPMorgan Chase & Co. raised their target price on Bank of New York Mellon from $130.50 to $140.00 and gave the company an “overweight” rating in a research report on Monday, May 11th. Wall Street Zen upgraded Bank of New York Mellon to a “hold” rating in a research report on Saturday, May 23rd. Truist Financial lifted their price objective on Bank of New York Mellon from $140.00 to $148.00 and gave the stock a “buy” rating in a report on Friday, April 17th. Finally, Evercore set a $136.00 price objective on Bank of New York Mellon in a report on Friday, April 17th. One equities research analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and five have assigned a Hold rating to the stock. Based on data from MarketBeat, Bank of New York Mellon has a consensus rating of “Moderate Buy” and an average target price of $138.08.

Bank of New York Mellon Trading Down 2.3%

BNY stock opened at $139.89 on Thursday. The company has a current ratio of 0.75, a quick ratio of 0.75 and a debt-to-equity ratio of 0.82. The business’s 50-day moving average is $134.27 and its 200 day moving average is $123.41. Bank of New York Mellon Corporation has a 12-month low of $87.41 and a 12-month high of $144.98. The stock has a market cap of $96.02 billion, a price-to-earnings ratio of 17.33, a PEG ratio of 1.05 and a beta of 1.07.

Bank of New York Mellon (NYSE:BNY) last released its earnings results on Thursday, April 16th. The bank reported $2.25 earnings per share for the quarter, topping analysts’ consensus estimates of $1.94 by $0.31. Bank of New York Mellon had a net margin of 14.60% and a return on equity of 15.29%. The business had revenue of $5.41 billion for the quarter, compared to analyst estimates of $5.14 billion. During the same period last year, the company posted $1.58 EPS. The business’s revenue was up 12.9% on a year-over-year basis. On average, sell-side analysts anticipate that Bank of New York Mellon Corporation will post 8.78 EPS for the current fiscal year.

Bank of New York Mellon Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, May 8th. Stockholders of record on Monday, April 27th were given a dividend of $0.53 per share. This represents a $2.12 annualized dividend and a dividend yield of 1.5%. The ex-dividend date of this dividend was Monday, April 27th. Bank of New York Mellon’s payout ratio is presently 26.27%.

Insider Activity

In other news, VP Shannon Marie Hobbs sold 297 shares of Bank of New York Mellon stock in a transaction that occurred on Friday, April 17th. The shares were sold at an average price of $137.05, for a total transaction of $40,703.85. Following the sale, the vice president owned 15,206 shares of the company’s stock, valued at approximately $2,083,982.30. The trade was a 1.92% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP J Kevin Mccarthy sold 30,000 shares of Bank of New York Mellon stock in a transaction that occurred on Friday, April 17th. The shares were sold at an average price of $136.50, for a total transaction of $4,095,000.00. Following the sale, the executive vice president directly owned 50,238 shares in the company, valued at approximately $6,857,487. The trade was a 37.39% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 48,091 shares of company stock worth $6,568,423 in the last 90 days. 0.17% of the stock is owned by corporate insiders.

Bank of New York Mellon Profile

BNY, formerly known as BNY Mellon, is a global financial services company headquartered in New York City. Formed in 2007 through the merger of the Bank of New York and Mellon Financial Corporation, BNY traces its roots back to 1784, making it one of the oldest banking institutions in the United States. It was also the first company listed on the New York Stock Exchange.

BNY operates at the center of the world’s capital markets, partnering with clients to help them operate more efficiently and accelerate growth.