Arax Advisory Partners Sells 18,303 Shares of Bank of New York Mellon Corporation $BNY

Arax Advisory Partners cut its stake in shares of Bank of New York Mellon Corporation (NYSE:BNY) by 53.9% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 15,627 shares of the bank’s stock after selling 18,303 shares during the quarter. Arax Advisory Partners’ holdings in Bank of New York Mellon were worth $1,814,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in the stock. Linscomb Wealth Inc. raised its holdings in shares of Bank of New York Mellon by 2.5% during the 4th quarter. Linscomb Wealth Inc. now owns 3,240 shares of the bank’s stock worth $376,000 after acquiring an additional 80 shares in the last quarter. Ransom Advisory Ltd grew its position in Bank of New York Mellon by 1.3% in the 4th quarter. Ransom Advisory Ltd now owns 6,777 shares of the bank’s stock valued at $787,000 after acquiring an additional 85 shares during the last quarter. Mather Group LLC. increased its stake in shares of Bank of New York Mellon by 0.9% during the fourth quarter. Mather Group LLC. now owns 9,232 shares of the bank’s stock valued at $1,072,000 after buying an additional 86 shares during the period. Parkside Financial Bank & Trust increased its stake in shares of Bank of New York Mellon by 3.2% during the fourth quarter. Parkside Financial Bank & Trust now owns 2,805 shares of the bank’s stock valued at $326,000 after buying an additional 88 shares during the period. Finally, Essex Financial Services Inc. boosted its position in Bank of New York Mellon by 0.5% during the fourth quarter. Essex Financial Services Inc. now owns 17,584 shares of the bank’s stock valued at $2,041,000 after purchasing an additional 89 shares in the last quarter. 85.31% of the stock is currently owned by institutional investors.

Bank of New York Mellon Stock Down 1.0%

Bank of New York Mellon stock opened at $142.48 on Tuesday. 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 stock has a 50 day moving average of $135.59 and a two-hundred day moving average of $124.14. The stock has a market capitalization of $97.80 billion, a price-to-earnings ratio of 17.66, a PEG ratio of 1.05 and a beta of 1.07. Bank of New York Mellon Corporation has a twelve month low of $87.41 and a twelve month high of $146.45.

Bank of New York Mellon (NYSE:BNY) last posted its quarterly earnings results on Thursday, April 16th. The bank reported $2.25 EPS for the quarter, beating the consensus estimate of $1.94 by $0.31. The business had revenue of $5.41 billion during the quarter, compared to analysts’ expectations of $5.14 billion. Bank of New York Mellon had a return on equity of 15.29% and a net margin of 14.60%.The company’s quarterly revenue was up 12.9% compared to the same quarter last year. During the same period last year, the firm earned $1.58 EPS. As a group, research analysts expect that Bank of New York Mellon Corporation will post 8.78 earnings per share for the current year.

Bank of New York Mellon Announces Dividend

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

Wall Street Analyst Weigh In

A number of equities research analysts recently commented on BNY shares. Truist Financial upped their target price on Bank of New York Mellon from $140.00 to $148.00 and gave the company a “buy” rating in a research report on Friday, April 17th. JPMorgan Chase & Co. boosted their price target on Bank of New York Mellon from $130.50 to $140.00 and gave the stock 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 report on Saturday, May 23rd. Morgan Stanley upped their price target on Bank of New York Mellon from $135.00 to $139.00 and gave the company an “equal weight” rating in a research note on Friday, April 17th. Finally, Keefe, Bruyette & Woods increased their target price on Bank of New York Mellon from $143.00 to $150.00 and gave the stock an “outperform” rating in a research note on Friday, April 17th. One research analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and five have given a Hold rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $138.08.

Insider Transactions at Bank of New York Mellon

In related news, insider Kurtis R. Kurimsky sold 5,290 shares of Bank of New York Mellon stock in a transaction on Friday, April 17th. The stock was sold at an average price of $136.02, for a total transaction of $719,545.80. Following the completion of the transaction, the insider directly owned 17,259 shares of the company’s stock, valued at approximately $2,347,569.18. The trade was a 23.46% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, EVP J Kevin Mccarthy sold 30,000 shares of the firm’s stock in a transaction on Friday, April 17th. The stock was sold at an average price of $136.50, for a total value of $4,095,000.00. Following the transaction, the executive vice president directly owned 50,238 shares of the company’s stock, valued at $6,857,487. The trade was a 37.39% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders sold 48,091 shares of company stock valued at $6,568,423. Company insiders own 0.17% of the company’s stock.

Bank of New York Mellon Company 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.