Perigon Wealth Management LLC Trims Stock Holdings in The Bank of New York Mellon Co. (NYSE:BK)

Perigon Wealth Management LLC reduced its stake in The Bank of New York Mellon Co. (NYSE:BK) by 4.6% during the 4th quarter, Holdings Channel reports. The fund owned 5,286 shares of the bank’s stock after selling 257 shares during the period. Perigon Wealth Management LLC’s holdings in Bank of New York Mellon were worth $275,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also made changes to their positions in the company. Geode Capital Management LLC lifted its position in Bank of New York Mellon by 1.5% during the first quarter. Geode Capital Management LLC now owns 15,302,537 shares of the bank’s stock worth $693,747,000 after buying an additional 227,602 shares during the period. Norges Bank purchased a new position in Bank of New York Mellon during the fourth quarter worth about $503,489,000. Northern Trust Corp lifted its position in Bank of New York Mellon by 8.2% during the third quarter. Northern Trust Corp now owns 9,453,880 shares of the bank’s stock worth $403,208,000 after buying an additional 715,421 shares during the period. Victory Capital Management Inc. lifted its position in Bank of New York Mellon by 1.5% during the third quarter. Victory Capital Management Inc. now owns 8,757,443 shares of the bank’s stock worth $373,505,000 after buying an additional 129,929 shares during the period. Finally, Morgan Stanley lifted its position in Bank of New York Mellon by 13.2% during the fourth quarter. Morgan Stanley now owns 7,863,929 shares of the bank’s stock worth $357,966,000 after buying an additional 916,664 shares during the period. 85.31% of the stock is currently owned by hedge funds and other institutional investors.

Bank of New York Mellon Price Performance

BK stock opened at $53.99 on Wednesday. The company has a debt-to-equity ratio of 0.87, a quick ratio of 0.72 and a current ratio of 0.72. The Bank of New York Mellon Co. has a 1 year low of $39.65 and a 1 year high of $58.28. The firm has a market cap of $40.64 billion, a P/E ratio of 13.60, a price-to-earnings-growth ratio of 1.18 and a beta of 1.12. The stock has a 50-day simple moving average of $55.75 and a 200-day simple moving average of $51.08.

Bank of New York Mellon (NYSE:BK) last posted its earnings results on Tuesday, April 16th. The bank reported $1.29 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.19 by $0.10. Bank of New York Mellon had a return on equity of 11.63% and a net margin of 10.01%. The business had revenue of $4.53 billion during the quarter, compared to analyst estimates of $4.39 billion. During the same quarter last year, the firm earned $1.13 earnings per share. The company’s revenue for the quarter was up 3.8% compared to the same quarter last year. On average, equities 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 Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, May 9th. Investors of record on Friday, April 26th will be issued a $0.42 dividend. This represents a $1.68 dividend on an annualized basis and a yield of 3.11%. Bank of New York Mellon’s dividend payout ratio is currently 42.32%.

Insider Activity at Bank of New York Mellon

In related news, VP Catherine Keating sold 4,498 shares of the stock in a transaction dated Thursday, February 8th. The stock was sold at an average price of $54.81, for a total value of $246,535.38. Following the completion of the transaction, the vice president now owns 123,490 shares of the company’s stock, valued at $6,768,486.90. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 0.14% of the stock is currently owned by company insiders.

Analyst Ratings Changes

Several equities research analysts have commented on the company. Morgan Stanley upgraded Bank of New York Mellon from an “underweight” rating to an “equal weight” rating and upped their price target for the stock from $52.00 to $62.00 in a research note on Tuesday, January 30th. Royal Bank of Canada restated a “sector perform” rating and set a $58.00 price target on shares of Bank of New York Mellon in a research note on Wednesday, March 27th. Evercore ISI upped 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. Citigroup upped their price target on Bank of New York Mellon from $60.00 to $65.00 and gave the stock a “buy” rating in a research note on Wednesday, February 14th. Finally, UBS Group upped 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. Six analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $56.72.

About Bank of New York Mellon

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.