Harel Insurance Investments & Financial Services Ltd. Sells 10,270 Shares of The Bank of New York Mellon Co. (NYSE:BK)

Harel Insurance Investments & Financial Services Ltd. reduced its position in The Bank of New York Mellon Co. (NYSE:BK – Get Rating) by 81.7% during the first quarter, HoldingsChannel reports. The fund owned 2,300 shares of the bank’s stock after selling 10,270 shares during the quarter. Harel Insurance Investments & Financial Services Ltd.’s holdings in Bank of New York Mellon were worth $114,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in BK. Norges Bank bought a new stake in Bank of New York Mellon in the 4th quarter valued at about $555,083,000. Millennium Management LLC grew its holdings in Bank of New York Mellon by 1,368.8% during the 4th quarter. Millennium Management LLC now owns 1,668,416 shares of the bank’s stock valued at $96,902,000 after buying an additional 1,554,823 shares in the last quarter. Alberta Investment Management Corp grew its holdings in Bank of New York Mellon by 383.4% during the 4th quarter. Alberta Investment Management Corp now owns 1,017,951 shares of the bank’s stock valued at $59,123,000 after buying an additional 807,351 shares in the last quarter. Zacks Investment Management purchased a new position in Bank of New York Mellon during the 4th quarter valued at about $36,272,000. Finally, Tobias Financial Advisors Inc. purchased a new position in Bank of New York Mellon during the 4th quarter valued at about $35,917,000. 83.69% of the stock is currently owned by institutional investors.

Bank of New York Mellon Price Performance

Shares of Bank of New York Mellon stock opened at $42.72 on Monday. The company has a quick ratio of 0.68, a current ratio of 0.67 and a debt-to-equity ratio of 0.78. The company has a market cap of $34.51 billion, a PE ratio of 10.84, a P/E/G ratio of 1.66 and a beta of 1.14. The business has a 50 day moving average of $43.28 and a 200 day moving average of $49.51. The Bank of New York Mellon Co. has a 52 week low of $39.78 and a 52 week high of $64.63.

Bank of New York Mellon (NYSE:BK – Get Rating) last released its earnings results on Friday, July 15th. The bank reported $1.03 EPS for the quarter, missing analysts’ consensus estimates of $1.12 by ($0.09). Bank of New York Mellon had a return on equity of 9.49% and a net margin of 20.61%. The company had revenue of $4.25 billion during the quarter, compared to analysts’ expectations of $4.17 billion. During the same period in the prior year, the company posted $1.13 earnings per share. The company’s revenue was up 7.4% on a year-over-year basis. As a group, equities research analysts forecast that The Bank of New York Mellon Co. will post 4.29 earnings per share for the current year.

Bank of New York Mellon Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, August 5th. Investors of record on Monday, July 25th will be given a dividend of $0.37 per share. The ex-dividend date of this dividend is Friday, July 22nd. This is a boost from Bank of New York Mellon’s previous quarterly dividend of $0.34. This represents a $1.48 annualized dividend and a dividend yield of 3.46%. Bank of New York Mellon’s dividend payout ratio (DPR) is 34.52%.

Analyst Ratings Changes

A number of research firms have weighed in on BK. Citigroup reduced their target price on Bank of New York Mellon from $50.00 to $46.00 in a report on Tuesday, July 12th. UBS Group reduced their target price on Bank of New York Mellon from $56.00 to $52.00 in a report on Monday, July 11th. Piper Sandler reduced their target price on Bank of New York Mellon from $54.00 to $48.00 and set a “neutral” rating for the company in a report on Friday, June 24th. Barclays set a $61.00 target price on Bank of New York Mellon in a report on Tuesday, July 19th. Finally, The Goldman Sachs Group cut their price objective on Bank of New York Mellon from $51.50 to $45.00 and set a “neutral” rating for the company in a report on Wednesday, June 29th. Eleven equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the company. According to MarketBeat, the company currently has an average rating of “Hold” and an average price target of $50.42.

Bank of New York Mellon Profile

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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, prime brokerage, and data analytics.