The Bank of New York Mellon Co. (NYSE:BK) Shares Sold by AdvisorNet Financial Inc

AdvisorNet Financial Inc reduced its holdings in shares of The Bank of New York Mellon Co. (NYSE:BK) by 8.0% in the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 44,807 shares of the bank’s stock after selling 3,903 shares during the period. AdvisorNet Financial Inc’s holdings in Bank of New York Mellon were worth $3,443,000 as of its most recent SEC filing.

Other hedge funds also recently added to or reduced their stakes in the company. McClarren Financial Advisors Inc. increased its holdings in shares of 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 during the last quarter. Clearstead Trust LLC acquired a new stake in Bank of New York Mellon in the second quarter worth $32,000. Fortitude Family Office LLC lifted its stake in Bank of New York Mellon by 130.6% in the third 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. Modus Advisors LLC acquired a new position in shares of Bank of New York Mellon during the fourth quarter valued at $49,000. Finally, Ashton Thomas Securities LLC acquired a new position in shares of Bank of New York Mellon during the third quarter valued at $46,000. 85.31% of the stock is owned by institutional investors and hedge funds.

Bank of New York Mellon Price Performance

Bank of New York Mellon stock opened at $76.04 on Tuesday. The Bank of New York Mellon Co. has a 52 week low of $52.64 and a 52 week high of $82.72. The firm has a market cap of $55.29 billion, a P/E ratio of 16.53, a P/E/G ratio of 0.91 and a beta of 1.08. The company has a debt-to-equity ratio of 0.89, a quick ratio of 0.70 and a current ratio of 0.70. The business’s fifty day moving average is $78.58 and its two-hundred day moving average is $71.82.

Bank of New York Mellon (NYSE:BK) last issued its quarterly earnings results on Friday, October 11th. The bank reported $1.52 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.41 by $0.11. The business had revenue of $4.65 billion for the quarter, compared to the consensus estimate of $4.52 billion. Bank of New York Mellon had a net margin of 9.44% and a return on equity of 12.06%. Equities research analysts forecast that The Bank of New York Mellon Co. will post 5.84 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several research firms have commented on BK. StockNews.com upgraded shares of Bank of New York Mellon from a “hold” rating to a “buy” rating in a research report on Saturday, December 14th. Barclays increased their price objective on Bank of New York Mellon from $86.00 to $102.00 and gave the stock an “overweight” rating in a report on Monday, January 6th. UBS Group lifted their target price 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. Wolfe Research cut Bank of New York Mellon from an “outperform” rating to a “peer perform” rating in a research note on Friday, January 3rd. Finally, The Goldman Sachs Group raised their price target on Bank of New York Mellon from $74.00 to $80.00 and gave the company a “buy” rating in a report on Thursday, September 26th. Five research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $82.64.

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.