Graypoint LLC Reduces Position in The Bank of New York Mellon Co. (NYSE:BK)

Graypoint LLC lessened its stake in shares of The Bank of New York Mellon Co. (NYSE:BK) by 32.4% in the fourth quarter, HoldingsChannel.com reports. The firm owned 5,007 shares of the bank’s stock after selling 2,396 shares during the quarter. Graypoint LLC’s holdings in Bank of New York Mellon were worth $261,000 at the end of the most recent quarter.

Other institutional investors have also recently made changes to their positions in the company. Mirae Asset Global Investments Co. Ltd. boosted its stake in shares of Bank of New York Mellon by 22.5% during the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 222,781 shares of the bank’s stock valued at $11,596,000 after purchasing an additional 40,969 shares during the period. Trust Point Inc. purchased a new stake in shares of Bank of New York Mellon during the fourth quarter valued at approximately $310,000. WCG Wealth Advisors LLC purchased a new stake in shares of Bank of New York Mellon during the third quarter valued at approximately $1,552,000. Meeder Asset Management Inc. purchased a new stake in shares of Bank of New York Mellon during the fourth quarter valued at approximately $1,298,000. Finally, Robeco Institutional Asset Management B.V. boosted its stake in shares of Bank of New York Mellon by 22.2% during the third quarter. Robeco Institutional Asset Management B.V. now owns 2,557,750 shares of the bank’s stock valued at $109,088,000 after purchasing an additional 465,229 shares during the period. Hedge funds and other institutional investors own 85.31% of the company’s stock.

Insider Activity

In other news, VP Catherine Keating sold 4,498 shares of the firm’s stock in a transaction on Thursday, February 8th. The stock was sold at an average price of $54.81, for a total transaction of $246,535.38. Following the completion of the transaction, the vice president now directly owns 123,490 shares in the company, valued at $6,768,486.90. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 0.14% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on BK. Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $58.00 price target on shares of Bank of New York Mellon in a research note on Wednesday, March 27th. Morgan Stanley raised Bank of New York Mellon from an “underweight” rating to an “equal weight” rating and raised their price target for the stock from $52.00 to $62.00 in a research note on Tuesday, January 30th. Evercore ISI raised their price target on Bank of New York Mellon from $57.00 to $61.00 and gave the stock an “in-line” rating in a research note on Thursday, April 4th. UBS Group raised their price target on Bank of New York Mellon from $54.00 to $62.00 and gave the stock a “buy” rating in a research note on Tuesday, January 9th. Finally, Citigroup increased their price objective on Bank of New York Mellon from $60.00 to $65.00 and gave the stock a “buy” rating in a report on Wednesday, February 14th. Six investment analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to MarketBeat.com, Bank of New York Mellon has an average rating of “Hold” and an average target price of $56.72.

Bank of New York Mellon Price Performance

BK opened at $55.09 on Tuesday. The Bank of New York Mellon Co. has a 12-month low of $39.65 and a 12-month high of $58.28. The company has a current ratio of 0.72, a quick ratio of 0.72 and a debt-to-equity ratio of 0.87. The stock has a fifty day simple moving average of $55.77 and a two-hundred day simple moving average of $51.00. The company has a market cap of $41.48 billion, a price-to-earnings ratio of 13.88, a price-to-earnings-growth ratio of 1.18 and a beta of 1.12.

Bank of New York Mellon (NYSE:BK) last issued its quarterly earnings results on Friday, January 12th. The bank reported $1.28 earnings per share for the quarter, beating the consensus estimate of $1.12 by $0.16. Bank of New York Mellon had a return on equity of 11.63% and a net margin of 10.01%. The firm had revenue of $4.31 billion during the quarter, compared to the consensus estimate of $4.30 billion. During the same period last year, the company earned $1.30 earnings per share. The company’s revenue was up 10.0% on a year-over-year basis. Research analysts predict that The Bank of New York Mellon Co. will post 5.33 earnings per share for the current fiscal year.

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.