Levin Capital Strategies L.P. Lowers Stock Position in The Bank of New York Mellon Co. (NYSE:BK)

Levin Capital Strategies L.P. trimmed its stake in shares of The Bank of New York Mellon Co. (NYSE:BK) by 1.0% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 454,611 shares of the bank’s stock after selling 4,402 shares during the period. Bank of New York Mellon comprises about 2.6% of Levin Capital Strategies L.P.’s holdings, making the stock its 13th biggest position. Levin Capital Strategies L.P. owned about 0.06% of Bank of New York Mellon worth $23,663,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently modified their holdings of the stock. Massachusetts Financial Services Co. MA raised its position in shares of Bank of New York Mellon by 142.3% during the 3rd quarter. Massachusetts Financial Services Co. MA now owns 1,620,749 shares of the bank’s stock worth $69,125,000 after purchasing an additional 951,730 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank raised its holdings in Bank of New York Mellon by 153.5% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 1,554,532 shares of the bank’s stock valued at $80,913,000 after acquiring an additional 941,193 shares during the last quarter. Barclays PLC raised its holdings in Bank of New York Mellon by 30.0% in the 3rd quarter. Barclays PLC now owns 3,751,994 shares of the bank’s stock valued at $160,020,000 after acquiring an additional 866,548 shares during the last quarter. Northern Trust Corp raised its holdings in Bank of New York Mellon by 8.2% in the 3rd quarter. Northern Trust Corp now owns 9,453,880 shares of the bank’s stock valued at $403,208,000 after acquiring an additional 715,421 shares during the last quarter. Finally, Bank of Nova Scotia grew its stake in shares of Bank of New York Mellon by 1,191.2% during the 3rd quarter. Bank of Nova Scotia now owns 749,193 shares of the bank’s stock valued at $31,953,000 after buying an additional 691,172 shares during the period. 85.31% of the stock is currently owned by institutional investors and hedge funds.

Bank of New York Mellon Stock Performance

NYSE BK traded up $0.18 on Thursday, hitting $56.64. The stock had a trading volume of 2,093,334 shares, compared to its average volume of 3,911,439. The stock has a market cap of $42.64 billion, a price-to-earnings ratio of 13.77, a P/E/G ratio of 1.21 and a beta of 1.11. The Bank of New York Mellon Co. has a one year low of $39.65 and a one year high of $58.28. The company has a quick ratio of 0.72, a current ratio of 0.71 and a debt-to-equity ratio of 0.90. The company’s 50-day moving average is $56.11 and its two-hundred day moving average is $52.16.

Bank of New York Mellon (NYSE:BK) last issued its quarterly earnings results on Tuesday, April 16th. The bank reported $1.29 EPS for the quarter, beating the consensus estimate of $1.19 by $0.10. The business had revenue of $4.53 billion during the quarter, compared to the consensus estimate of $4.39 billion. Bank of New York Mellon had a net margin of 9.48% and a return on equity of 11.80%. The firm’s quarterly revenue was up 3.8% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.13 EPS. On average, analysts expect that The Bank of New York Mellon Co. will post 5.43 earnings per share for the current year.

Bank of New York Mellon Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, May 9th. Shareholders of record on Friday, April 26th will be given a $0.42 dividend. The ex-dividend date is Thursday, April 25th. This represents a $1.68 dividend on an annualized basis and a yield of 2.97%. Bank of New York Mellon’s payout ratio is 40.98%.

Wall Street Analysts Forecast Growth

BK has been the subject of several research reports. Morgan Stanley boosted their price objective on shares of Bank of New York Mellon from $62.00 to $63.00 and gave the company an “equal weight” rating in a research note on Thursday, April 18th. UBS Group upped their price objective on shares of Bank of New York Mellon from $54.00 to $62.00 and gave the company a “buy” rating in a research report on Tuesday, January 9th. Jefferies Financial Group upped their price objective on shares of Bank of New York Mellon from $67.00 to $68.00 and gave the company a “buy” rating in a research report on Thursday, April 18th. Evercore ISI upped their price objective on shares of Bank of New York Mellon from $57.00 to $61.00 and gave the company an “in-line” rating in a research report on Thursday, April 4th. Finally, Royal Bank of Canada reissued a “sector perform” rating and issued a $58.00 price objective on shares of Bank of New York Mellon in a research report on Wednesday, March 27th. Five analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $60.17.

Insider Activity

In other news, EVP J Kevin Mccarthy sold 40,000 shares of the firm’s stock in a transaction on Friday, April 19th. The shares were sold at an average price of $56.15, for a total transaction of $2,246,000.00. Following the transaction, the executive vice president now owns 100,404 shares in the company, valued at approximately $5,637,684.60. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, VP Catherine Keating sold 54,070 shares of the business’s stock in a transaction dated Thursday, April 18th. The shares were sold at an average price of $54.88, for a total transaction of $2,967,361.60. Following the transaction, the vice president now owns 78,350 shares in the company, valued at approximately $4,299,848. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, EVP J Kevin Mccarthy sold 40,000 shares of Bank of New York Mellon stock in a transaction dated Friday, April 19th. The shares were sold at an average price of $56.15, for a total transaction of $2,246,000.00. Following the sale, the executive vice president now owns 100,404 shares in the company, valued at $5,637,684.60. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 98,568 shares of company stock worth $5,459,897. 0.14% of the stock is owned by corporate insiders.

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.