Confluence Wealth Services Inc. Grows Position in The Bank of New York Mellon Co. (NYSE:BK)

Confluence Wealth Services Inc. raised its position in The Bank of New York Mellon Co. (NYSE:BK) by 88.4% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 10,242 shares of the bank’s stock after buying an additional 4,807 shares during the quarter. Confluence Wealth Services Inc.’s holdings in Bank of New York Mellon were worth $590,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also modified their holdings of the company. Vanguard Group Inc. grew its holdings in shares of Bank of New York Mellon by 6.1% during the fourth quarter. Vanguard Group Inc. now owns 74,501,451 shares of the bank’s stock worth $3,877,801,000 after buying an additional 4,293,751 shares during the last quarter. Artisan Partners Limited Partnership increased its holdings in shares of Bank of New York Mellon by 0.7% in the fourth quarter. Artisan Partners Limited Partnership now owns 19,793,539 shares of the bank’s stock valued at $1,030,254,000 after purchasing an additional 144,162 shares during the period. Norges Bank acquired a new position in shares of Bank of New York Mellon in the fourth quarter valued at approximately $813,701,000. Northern Trust Corp raised its stake in shares of 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 purchasing an additional 715,421 shares during the last quarter. Finally, Victory Capital Management Inc. lifted its holdings in shares of 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 purchasing an additional 129,929 shares during the period. 85.31% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of brokerages have recently issued reports on BK. Evercore ISI increased their target price 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. Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $58.00 target price on shares of Bank of New York Mellon in a research note on Wednesday, March 27th. Jefferies Financial Group increased their price target on Bank of New York Mellon from $67.00 to $68.00 and gave the stock a “buy” rating in a research note on Thursday, April 18th. Citigroup raised their price objective on Bank of New York Mellon from $60.00 to $65.00 and gave the stock a “buy” rating in a report on Wednesday, February 14th. Finally, UBS Group upped their target price on Bank of New York Mellon from $54.00 to $62.00 and gave the company a “buy” rating in a research note on Tuesday, January 9th. Five research analysts have rated the stock with a hold rating and five have given a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $60.17.

Insider Buying and Selling at Bank of New York Mellon

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

Bank of New York Mellon Stock Down 1.5 %

Bank of New York Mellon stock traded down $0.84 during midday trading on Tuesday, hitting $56.49. 3,340,895 shares of the company were exchanged, compared to its average volume of 3,930,343. The company has a market cap of $42.53 billion, a PE ratio of 13.78, a price-to-earnings-growth ratio of 1.23 and a beta of 1.12. The Bank of New York Mellon Co. has a fifty-two week low of $39.65 and a fifty-two week high of $58.28. The company’s fifty day moving average price is $56.08 and its 200-day moving average price is $52.13. The company has a debt-to-equity ratio of 0.90, a current ratio of 0.71 and a quick ratio of 0.72.

Bank of New York Mellon (NYSE:BK) last issued its quarterly earnings data on Tuesday, April 16th. The bank reported $1.29 EPS for the quarter, topping analysts’ consensus estimates of $1.19 by $0.10. The firm had revenue of $4.53 billion for the quarter, compared to analyst estimates 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 revenue was up 3.8% compared to the same quarter last year. During the same quarter in the previous year, the business posted $1.13 EPS. On average, research analysts predict that The Bank of New York Mellon Co. will post 5.43 EPS for the current fiscal year.

Bank of New York Mellon Announces Dividend

The business 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. The ex-dividend date of this dividend is Thursday, April 25th. This represents a $1.68 annualized dividend and a yield of 2.97%. Bank of New York Mellon’s dividend payout ratio is presently 40.98%.

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.