Tweedy Browne Co LLC Reduces Position in The Bank of New York Mellon Co. (NYSE:BK)

Tweedy Browne Co LLC cut its position in The Bank of New York Mellon Co. (NYSE:BK) by 7.4% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 326,643 shares of the bank’s stock after selling 26,280 shares during the period. Bank of New York Mellon accounts for 0.9% of Tweedy Browne Co LLC’s investment portfolio, making the stock its 21st largest holding. Tweedy Browne Co LLC’s holdings in Bank of New York Mellon were worth $18,821,000 at the end of the most recent quarter.

Other large investors also recently modified their holdings of the company. Wetzel Investment Advisors Inc. grew its position in shares of Bank of New York Mellon by 82.1% in the 1st quarter. Wetzel Investment Advisors Inc. now owns 510 shares of the bank’s stock valued at $28,000 after buying an additional 230 shares during the last quarter. Atlantic Edge Private Wealth Management LLC purchased a new position in shares of Bank of New York Mellon in the 4th quarter valued at $28,000. Able Wealth Management LLC acquired a new stake in Bank of New York Mellon during the 4th quarter worth $32,000. Kathleen S. Wright Associates Inc. acquired a new stake in Bank of New York Mellon during the 1st quarter worth $32,000. Finally, Hartford Financial Management Inc. boosted its stake in Bank of New York Mellon by 41.4% during the 4th quarter. Hartford Financial Management Inc. now owns 625 shares of the bank’s stock worth $33,000 after purchasing an additional 183 shares during the period. 85.31% of the stock is owned by hedge funds and other institutional investors.

Bank of New York Mellon Trading Up 5.1 %

BK stock traded up $3.14 during midday trading on Friday, reaching $64.61. 5,283,254 shares of the company’s stock traded hands, compared to its average volume of 3,699,273. The company has a market capitalization of $48.32 billion, a P/E ratio of 15.75, a PEG ratio of 1.23 and a beta of 1.09. The company has a debt-to-equity ratio of 0.90, a current ratio of 0.71 and a quick ratio of 0.71. The Bank of New York Mellon Co. has a fifty-two week low of $39.66 and a fifty-two week high of $64.74. The business has a 50-day moving average price of $59.04 and a two-hundred day moving average price of $56.56.

Bank of New York Mellon (NYSE:BK) last announced its quarterly earnings results on Friday, July 12th. The bank reported $1.51 earnings per share for the quarter, beating analysts’ consensus estimates of $1.41 by $0.10. Bank of New York Mellon had a net margin of 9.48% and a return on equity of 11.80%. The firm had revenue of $4.60 billion for the quarter, compared to analysts’ expectations of $4.53 billion. During the same period in the previous year, the company posted $1.38 earnings per share. Bank of New York Mellon’s revenue was up 2.1% compared to the same quarter last year. Equities research analysts forecast that The Bank of New York Mellon Co. will post 5.47 EPS for the current fiscal year.

Bank of New York Mellon Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, August 2nd. Shareholders of record on Monday, July 22nd will be paid a dividend of $0.47 per share. This is a positive change from Bank of New York Mellon’s previous quarterly dividend of $0.42. This represents a $1.88 annualized dividend and a yield of 2.91%. Bank of New York Mellon’s payout ratio is presently 40.98%.

Analysts Set New Price Targets

BK has been the subject of several recent analyst reports. Morgan Stanley raised their target price on shares of Bank of New York Mellon from $62.00 to $63.00 and gave the stock an “equal weight” rating in a research note on Thursday, April 18th. Keefe, Bruyette & Woods upgraded shares of Bank of New York Mellon from a “market perform” rating to an “outperform” rating and raised their target price for the stock from $60.00 to $70.00 in a research note on Thursday, June 27th. Royal Bank of Canada restated 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. Bank of America raised their target price on shares of Bank of New York Mellon from $64.00 to $66.00 and gave the stock a “buy” rating in a research note on Wednesday, April 17th. Finally, Evercore ISI restated an “in-line” rating and issued a $61.00 target price on shares of Bank of New York Mellon in a research note on Wednesday, July 3rd. Five analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $61.15.

Insider Buying and Selling at Bank of New York Mellon

In other news, insider Kurtis R. Kurimsky sold 6,215 shares of the business’s stock in a transaction on Tuesday, May 7th. The shares were sold at an average price of $57.93, for a total transaction of $360,034.95. Following the completion of the transaction, the insider now owns 24,346 shares of the company’s stock, valued at $1,410,363.78. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. In related news, insider Kurtis R. Kurimsky sold 6,215 shares of the company’s stock in a transaction dated Tuesday, May 7th. The shares were sold at an average price of $57.93, for a total value of $360,034.95. Following the completion of the sale, the insider now owns 24,346 shares of the company’s stock, valued at $1,410,363.78. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP J Kevin Mccarthy sold 40,000 shares of the company’s stock in a transaction dated Friday, April 19th. The stock was 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 directly owns 100,404 shares of the company’s stock, valued at approximately $5,637,684.60. The disclosure for this sale can be found here. Insiders sold a total of 115,928 shares of company stock worth $6,475,216 over the last 90 days. Insiders own 0.14% of the company’s stock.

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.