Matrix Asset Advisors Inc. NY Lowers Stake in The Bank of New York Mellon Co. (NYSE:BK)

Matrix Asset Advisors Inc. NY decreased its holdings in The Bank of New York Mellon Co. (NYSE:BK) by 1.3% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 519,734 shares of the bank’s stock after selling 6,722 shares during the quarter. Bank of New York Mellon accounts for about 3.7% of Matrix Asset Advisors Inc. NY’s investment portfolio, making the stock its 3rd largest position. Matrix Asset Advisors Inc. NY’s holdings in Bank of New York Mellon were worth $31,127,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the business. Olistico Wealth LLC bought a new position in shares of Bank of New York Mellon in the second quarter worth about $30,000. Wetzel Investment Advisors Inc. raised its stake in Bank of New York Mellon by 82.1% during the 1st quarter. Wetzel Investment Advisors Inc. now owns 510 shares of the bank’s stock worth $28,000 after acquiring an additional 230 shares during the period. Atlantic Edge Private Wealth Management LLC bought a new stake in Bank of New York Mellon during the 4th quarter worth approximately $28,000. Kathleen S. Wright Associates Inc. bought a new position in shares of Bank of New York Mellon in the first quarter worth approximately $32,000. Finally, Able Wealth Management LLC purchased a new stake in shares of Bank of New York Mellon in the fourth quarter worth $32,000. 85.31% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of research analysts recently weighed in on the stock. Deutsche Bank Aktiengesellschaft lifted their target price on shares of Bank of New York Mellon from $61.00 to $63.00 and gave the company a “hold” rating in a research note on Monday, July 15th. Barclays increased their target price on Bank of New York Mellon from $68.00 to $75.00 and gave the stock an “overweight” rating in a research report on Monday, July 15th. Citigroup cut Bank of New York Mellon from a “buy” rating to a “neutral” rating and set a $65.00 price target on the stock. in a report on Monday, July 15th. Evercore ISI increased their price objective on shares of Bank of New York Mellon from $61.00 to $66.00 and gave the company an “in-line” rating in a report on Monday, July 15th. Finally, Morgan Stanley boosted their target price on shares of Bank of New York Mellon from $65.00 to $72.00 and gave the stock an “equal weight” rating in a report on Tuesday, July 30th. Six analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $65.86.

Insider Activity

In other news, VP Hanneke Smits sold 15,000 shares of the stock in a transaction on Thursday, July 18th. The shares were sold at an average price of $64.11, for a total value of $961,650.00. Following the sale, the vice president now owns 173,930 shares of the company’s stock, valued at $11,150,652.30. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Corporate insiders own 0.14% of the company’s stock.

Bank of New York Mellon Price Performance

Bank of New York Mellon stock traded down $0.53 during mid-day trading on Monday, reaching $63.25. 3,803,727 shares of the company’s stock traded hands, compared to its average volume of 3,863,212. The Bank of New York Mellon Co. has a 12-month low of $39.66 and a 12-month high of $65.90. The company has a market cap of $47.30 billion, a price-to-earnings ratio of 14.64, a PEG ratio of 1.14 and a beta of 1.09. The stock has a 50 day moving average of $61.41 and a two-hundred day moving average of $58.23. The company has a quick ratio of 0.71, a current ratio of 0.70 and a debt-to-equity ratio of 0.85.

Bank of New York Mellon (NYSE:BK) last announced its earnings results on Friday, July 12th. The bank reported $1.51 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.43 by $0.08. The firm had revenue of $4.60 billion for the quarter, compared to analysts’ expectations of $4.53 billion. Bank of New York Mellon had a net margin of 9.40% and a return on equity of 11.87%. The business’s revenue was up 2.1% compared to the same quarter last year. During the same period in the prior year, the company earned $1.38 EPS. Equities analysts forecast that The Bank of New York Mellon Co. will post 5.6 earnings per share for the current year.

Bank of New York Mellon Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, August 2nd. Stockholders of record on Monday, July 22nd were issued a $0.47 dividend. This is a boost from Bank of New York Mellon’s previous quarterly dividend of $0.42. The ex-dividend date was Monday, July 22nd. This represents a $1.88 dividend on an annualized basis and a dividend yield of 2.97%. Bank of New York Mellon’s payout ratio is 43.52%.

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.