Convergence Investment Partners LLC Has $1.92 Million Stake in The Bank of New York Mellon Co. (NYSE:BK)

Convergence Investment Partners LLC trimmed its stake in shares of The Bank of New York Mellon Co. (NYSE:BK) by 5.9% during the fourth quarter, Holdings Channel.com reports. The firm owned 36,966 shares of the bank’s stock after selling 2,313 shares during the period. Convergence Investment Partners LLC’s holdings in Bank of New York Mellon were worth $1,924,000 at the end of the most recent reporting period.

Other large investors also recently modified their holdings of the company. Hartford Financial Management Inc. lifted its holdings in Bank of New York Mellon by 41.4% in the fourth quarter. Hartford Financial Management Inc. now owns 625 shares of the bank’s stock valued at $33,000 after buying an additional 183 shares during the period. Addison Advisors LLC lifted its holdings in Bank of New York Mellon by 603.2% in the third quarter. Addison Advisors LLC now owns 879 shares of the bank’s stock valued at $37,000 after buying an additional 754 shares during the period. First Command Advisory Services Inc. acquired a new stake in Bank of New York Mellon in the third quarter worth $38,000. Blue Trust Inc. raised its holdings in Bank of New York Mellon by 159.2% in the fourth quarter. Blue Trust Inc. now owns 858 shares of the bank’s stock worth $45,000 after purchasing an additional 527 shares during the period. Finally, Stonehage Fleming Financial Services Holdings Ltd acquired a new stake in Bank of New York Mellon in the third quarter worth $49,000. 85.31% of the stock is currently owned by institutional investors and hedge funds.

Bank of New York Mellon Stock Performance

Bank of New York Mellon stock traded up $0.14 during midday trading on Friday, hitting $57.32. The company’s stock had a trading volume of 2,058,025 shares, compared to its average volume of 3,589,079. The company has a debt-to-equity ratio of 0.90, a current ratio of 0.71 and a quick 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 company has a market cap of $43.15 billion, a price-to-earnings ratio of 13.98, a PEG ratio of 1.23 and a beta of 1.12. The company has a 50-day moving average price of $56.01 and a two-hundred day moving average price of $51.84.

Bank of New York Mellon (NYSE:BK) last announced its quarterly earnings results on Tuesday, April 16th. The bank reported $1.29 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.19 by $0.10. Bank of New York Mellon had a net margin of 9.48% and a return on equity of 11.80%. The company had revenue of $4.53 billion for the quarter, compared to analyst estimates of $4.39 billion. During the same period in the previous year, the firm posted $1.13 EPS. The firm’s revenue was up 3.8% on a year-over-year basis. As a group, sell-side analysts predict that The Bank of New York Mellon Co. will post 5.43 earnings per share for the current year.

Bank of New York Mellon Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, May 9th. Stockholders of record on Friday, April 26th will be given a $0.42 dividend. The ex-dividend date of this dividend is Thursday, April 25th. This represents a $1.68 dividend on an annualized basis and a dividend yield of 2.93%. Bank of New York Mellon’s dividend payout ratio (DPR) is currently 40.98%.

Insider Transactions at Bank of New York Mellon

In related news, VP Catherine Keating sold 4,498 shares of the business’s stock in a transaction on Thursday, February 8th. The shares were sold at an average price of $54.81, for a total transaction of $246,535.38. Following the transaction, the vice president now owns 123,490 shares in the company, valued at approximately $6,768,486.90. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, EVP J Kevin Mccarthy sold 40,000 shares of the business’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 filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, VP Catherine Keating sold 4,498 shares of the business’s stock in a transaction on Thursday, February 8th. The shares were sold at an average price of $54.81, for a total transaction of $246,535.38. Following the transaction, the vice president now owns 123,490 shares in the company, valued at approximately $6,768,486.90. 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. Company insiders own 0.14% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts have recently issued reports on the stock. Evercore ISI increased their price objective on shares of Bank of New York Mellon from $57.00 to $61.00 and gave the stock an “in-line” rating in a research report on Thursday, April 4th. Morgan Stanley raised their target price 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 report on Thursday, April 18th. UBS Group raised their target price 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. Citigroup raised their target price on shares of Bank of New York Mellon from $60.00 to $65.00 and gave the company a “buy” rating in a research report on Wednesday, February 14th. Finally, Bank of America raised their target price on shares of Bank of New York Mellon from $64.00 to $66.00 and gave the company a “buy” rating in a research report on Wednesday, April 17th. Five research analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $60.17.

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.