Boston Research & Management Inc. Sells 2,036 Shares of The Bank of New York Mellon Corporation $BK

Boston Research & Management Inc. reduced its stake in The Bank of New York Mellon Corporation (NYSE:BK) by 2.3% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 86,501 shares of the bank’s stock after selling 2,036 shares during the period. Bank of New York Mellon makes up approximately 1.9% of Boston Research & Management Inc.’s investment portfolio, making the stock its 16th biggest position. Boston Research & Management Inc.’s holdings in Bank of New York Mellon were worth $7,881,000 as of its most recent SEC filing.

Other hedge funds have also recently added to or reduced their stakes in the company. Westside Investment Management Inc. grew its holdings in shares of Bank of New York Mellon by 78.9% during the 2nd quarter. Westside Investment Management Inc. now owns 288 shares of the bank’s stock worth $26,000 after purchasing an additional 127 shares in the last quarter. Hoey Investments Inc. bought a new stake in Bank of New York Mellon during the second quarter worth about $32,000. Orion Capital Management LLC acquired a new stake in Bank of New York Mellon during the first quarter worth about $32,000. GFG Capital LLC acquired a new stake in Bank of New York Mellon during the second quarter worth about $36,000. Finally, McClarren Financial Advisors Inc. bought a new position in Bank of New York Mellon in the 1st quarter valued at about $34,000. Institutional investors own 85.31% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on the stock. Wells Fargo & Company increased their price target on shares of Bank of New York Mellon from $100.00 to $109.00 and gave the stock an “equal weight” rating in a research report on Friday, October 17th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Bank of New York Mellon in a report on Wednesday. The Goldman Sachs Group lifted their price target on Bank of New York Mellon from $106.00 to $120.00 and gave the company a “buy” rating in a research note on Monday, October 6th. Barclays upped their price objective on Bank of New York Mellon from $104.00 to $120.00 and gave the stock an “overweight” rating in a research report on Friday, October 17th. Finally, Keefe, Bruyette & Woods lifted their target price on Bank of New York Mellon from $120.00 to $124.00 and gave the company an “outperform” rating in a research report on Friday, October 17th. Ten equities research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the stock. According to data from MarketBeat.com, Bank of New York Mellon presently has an average rating of “Moderate Buy” and a consensus price target of $111.29.

Bank of New York Mellon Trading Up 0.1%

NYSE BK opened at $106.54 on Friday. The company has a market cap of $74.30 billion, a price-to-earnings ratio of 15.37, a price-to-earnings-growth ratio of 0.98 and a beta of 1.13. The Bank of New York Mellon Corporation has a twelve month low of $70.46 and a twelve month high of $113.74. The company has a quick ratio of 0.72, a current ratio of 0.70 and a debt-to-equity ratio of 0.83. The business’s fifty day moving average is $107.91 and its 200 day moving average is $100.01.

Bank of New York Mellon (NYSE:BK) last issued its earnings results on Tuesday, March 26th. The bank reported $1.30 earnings per share (EPS) for the quarter. Bank of New York Mellon had a return on equity of 14.03% and a net margin of 12.86%.The business had revenue of $4.38 billion during the quarter. As a group, sell-side analysts expect that The Bank of New York Mellon Corporation will post 6.96 EPS for the current fiscal year.

Bank of New York Mellon Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, November 7th. Investors of record on Monday, October 27th were issued a $0.53 dividend. This represents a $2.12 dividend on an annualized basis and a yield of 2.0%. The ex-dividend date was Monday, October 27th. Bank of New York Mellon’s dividend payout ratio is presently 30.59%.

Bank of New York Mellon Company 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.