The Bank of New York Mellon Co. (NYSE:BK) Shares Sold by TAM Capital Management Inc.

TAM Capital Management Inc. lessened its holdings in shares of The Bank of New York Mellon Co. (NYSE:BK) by 17.5% in the second quarter, Holdings Channel.com reports. The firm owned 747,149 shares of the bank’s stock after selling 157,977 shares during the period. Bank of New York Mellon comprises 26.9% of TAM Capital Management Inc.’s portfolio, making the stock its 2nd largest holding. TAM Capital Management Inc.’s holdings in Bank of New York Mellon were worth $44,747,000 at the end of the most recent quarter.

Other hedge funds have also recently bought and sold shares of the company. Olistico Wealth LLC acquired a new position in shares of Bank of New York Mellon in the 2nd quarter worth approximately $30,000. Able Wealth Management LLC acquired a new position in shares of Bank of New York Mellon in the 4th quarter worth approximately $32,000. Kathleen S. Wright Associates Inc. acquired a new position in shares of Bank of New York Mellon in the 1st quarter worth approximately $32,000. Clearstead Trust LLC acquired a new position in shares of Bank of New York Mellon in the 2nd quarter worth approximately $32,000. Finally, Family Firm Inc. acquired a new position in shares of Bank of New York Mellon in the 2nd quarter worth approximately $40,000. Institutional investors and hedge funds own 85.31% of the company’s stock.

Insider Transactions at Bank of New York Mellon

In other news, VP Hanneke Smits sold 15,000 shares of the business’s stock in a transaction on Thursday, July 18th. The stock was 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 approximately $11,150,652.30. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 0.14% of the company’s stock.

Bank of New York Mellon Stock Up 0.4 %

Shares of Bank of New York Mellon stock opened at $70.81 on Wednesday. The business’s fifty day moving average price is $65.42 and its two-hundred day moving average price is $60.38. The company has a debt-to-equity ratio of 0.85, a current ratio of 0.70 and a quick ratio of 0.70. The company has a market capitalization of $52.95 billion, a P/E ratio of 16.39, a PEG ratio of 1.17 and a beta of 1.08. The Bank of New York Mellon Co. has a 1-year low of $39.66 and a 1-year high of $70.92.

Bank of New York Mellon (NYSE:BK) last announced its earnings results on Friday, July 12th. The bank reported $1.51 earnings per share 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 the consensus estimate of $4.53 billion. Bank of New York Mellon had a return on equity of 11.87% and a net margin of 9.40%. The firm’s revenue for the quarter was up 2.1% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.38 EPS. As a group, research analysts forecast that The Bank of New York Mellon Co. will post 5.63 EPS for the current year.

Bank of New York Mellon Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, August 2nd. Stockholders of record on Monday, July 22nd were paid a $0.47 dividend. This represents a $1.88 dividend on an annualized basis and a dividend yield of 2.65%. The ex-dividend date of this dividend was Monday, July 22nd. This is an increase from Bank of New York Mellon’s previous quarterly dividend of $0.42. Bank of New York Mellon’s payout ratio is currently 43.52%.

Analyst Upgrades and Downgrades

BK has been the subject of several research reports. Morgan Stanley lifted their target price on Bank of New York Mellon from $65.00 to $72.00 and gave the stock an “equal weight” rating in a research report on Tuesday, July 30th. Keefe, Bruyette & Woods restated an “outperform” rating and set a $75.00 price objective (up previously from $70.00) on shares of Bank of New York Mellon in a research report on Monday, July 15th. Deutsche Bank Aktiengesellschaft boosted their price objective on Bank of New York Mellon from $63.00 to $66.00 and gave the company a “hold” rating in a research report on Thursday, August 15th. Evercore ISI boosted their price objective on Bank of New York Mellon from $61.00 to $66.00 and gave the company an “in-line” rating in a research report on Monday, July 15th. Finally, Barclays boosted their price objective on Bank of New York Mellon from $68.00 to $75.00 and gave the company an “overweight” rating in a research report on Monday, July 15th. Six research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $66.14.

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.