Mount Lucas Management LP Sells 24,939 Shares of The Bank of New York Mellon Co. (NYSE:BK)

Mount Lucas Management LP trimmed its position in shares of The Bank of New York Mellon Co. (NYSE:BK) by 59.8% during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 16,741 shares of the bank’s stock after selling 24,939 shares during the quarter. Mount Lucas Management LP’s holdings in Bank of New York Mellon were worth $1,203,000 at the end of the most recent reporting period.

Other hedge funds also recently modified their holdings of the company. McClarren Financial Advisors Inc. lifted its stake in Bank of New York Mellon by 586.4% in the 3rd quarter. McClarren Financial Advisors Inc. now owns 405 shares of the bank’s stock valued at $29,000 after acquiring an additional 346 shares in the last quarter. Olistico Wealth LLC bought a new stake in shares of Bank of New York Mellon in the 2nd quarter valued at about $30,000. Clearstead Trust LLC bought a new stake in Bank of New York Mellon in the second quarter valued at approximately $32,000. Family Firm Inc. bought a new position in Bank of New York Mellon during the second quarter worth $40,000. Finally, Fortitude Family Office LLC grew its stake in Bank of New York Mellon by 130.6% in the 3rd quarter. Fortitude Family Office LLC now owns 611 shares of the bank’s stock valued at $44,000 after buying an additional 346 shares during the last quarter. Institutional investors and hedge funds own 85.31% of the company’s stock.

Bank of New York Mellon Stock Performance

BK stock opened at $78.29 on Friday. The Bank of New York Mellon Co. has a twelve month low of $46.04 and a twelve month high of $80.29. The firm has a market cap of $56.92 billion, a price-to-earnings ratio of 17.02, a PEG ratio of 0.89 and a beta of 1.07. The business’s fifty day simple moving average is $73.99 and its two-hundred day simple moving average is $65.95. The company has a quick ratio of 0.70, a current ratio of 0.70 and a debt-to-equity ratio of 0.89.

Bank of New York Mellon (NYSE:BK) last issued its quarterly earnings data on Friday, October 11th. The bank reported $1.52 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.41 by $0.11. The business had revenue of $4.65 billion during the quarter, compared to analysts’ expectations of $4.52 billion. Bank of New York Mellon had a return on equity of 12.06% and a net margin of 9.44%. Analysts predict that The Bank of New York Mellon Co. will post 5.82 earnings per share for the current year.

Bank of New York Mellon Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, November 1st. Stockholders of record on Monday, October 21st were paid a $0.47 dividend. This represents a $1.88 annualized dividend and a dividend yield of 2.40%. The ex-dividend date of this dividend was Monday, October 21st. Bank of New York Mellon’s dividend payout ratio is currently 40.87%.

Insider Transactions at Bank of New York Mellon

In other news, EVP J Kevin Mccarthy sold 25,000 shares of the stock in a transaction on Tuesday, October 15th. The stock was sold at an average price of $76.31, for a total transaction of $1,907,750.00. Following the completion of the transaction, the executive vice president now directly owns 75,404 shares in the company, valued at approximately $5,754,079.24. This represents a 24.90 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, VP Hanneke Smits sold 16,475 shares of the business’s stock in a transaction dated Tuesday, October 15th. The shares were sold at an average price of $76.47, for a total transaction of $1,259,843.25. Following the completion of the sale, the vice president now owns 157,455 shares in the company, valued at approximately $12,040,583.85. This trade represents a 9.47 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 0.14% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on BK shares. Citigroup upped their price objective on shares of Bank of New York Mellon from $65.00 to $70.00 and gave the stock a “neutral” rating in a research report on Thursday, September 19th. Deutsche Bank Aktiengesellschaft increased their price objective on shares of Bank of New York Mellon from $82.00 to $85.00 and gave the company a “buy” rating in a research note on Monday, November 11th. UBS Group upped their price objective on Bank of New York Mellon from $73.00 to $82.00 and gave the company a “buy” rating in a research note on Tuesday, October 8th. Barclays increased their price objective on Bank of New York Mellon from $75.00 to $86.00 and gave the company an “overweight” rating in a report on Monday, October 14th. Finally, Wells Fargo & Company raised their target price on Bank of New York Mellon from $79.00 to $81.00 and gave the stock an “equal weight” rating in a research note on Friday. Six analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $77.23.

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.