iA Global Asset Management Inc. purchased a new stake in The Bank of New York Mellon Co. (NYSE:BK - Free Report) during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm purchased 10,787 shares of the bank's stock, valued at approximately $775,000.
Other hedge funds and other institutional investors also recently made changes to their positions in the company. State Street Corp boosted its stake in shares of Bank of New York Mellon by 2.0% during the third quarter. State Street Corp now owns 33,313,594 shares of the bank's stock valued at $2,393,915,000 after purchasing an additional 659,096 shares in the last quarter. FMR LLC raised its position in Bank of New York Mellon by 78.6% during the 3rd quarter. FMR LLC now owns 19,338,722 shares of the bank's stock worth $1,389,680,000 after purchasing an additional 8,512,404 shares during the last quarter. Ameriprise Financial Inc. lifted its holdings in Bank of New York Mellon by 4.2% during the 2nd quarter. Ameriprise Financial Inc. now owns 10,416,436 shares of the bank's stock worth $623,891,000 after buying an additional 421,161 shares during the period. Victory Capital Management Inc. boosted its holdings in Bank of New York Mellon by 2.2% in the second quarter. Victory Capital Management Inc. now owns 8,192,345 shares of the bank's stock valued at $490,640,000 after acquiring an additional 179,503 shares during the last quarter. Finally, Legal & General Group Plc grew its stake in Bank of New York Mellon by 1.2% during the second quarter. Legal & General Group Plc now owns 8,058,064 shares of the bank's stock worth $482,597,000 after purchasing an additional 97,286 shares during the period. 85.31% of the stock is owned by institutional investors.
Bank of New York Mellon Stock Performance
BK traded up $0.01 during trading on Tuesday, hitting $80.62. 3,600,743 shares of the company traded hands, compared to its average volume of 3,825,398. The Bank of New York Mellon Co. has a one year low of $49.15 and a one year high of $82.72. The stock's fifty day moving average is $77.14 and its 200 day moving average is $68.52. The company has a quick ratio of 0.70, a current ratio of 0.70 and a debt-to-equity ratio of 0.89. The firm has a market cap of $58.62 billion, a P/E ratio of 17.53, a price-to-earnings-growth ratio of 0.92 and a beta of 1.07.
Bank of New York Mellon (NYSE:BK - Get Free Report) last announced its quarterly earnings data on Friday, October 11th. The bank reported $1.52 earnings per share 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 analyst estimates of $4.52 billion. Bank of New York Mellon had a return on equity of 12.06% and a net margin of 9.44%. As a group, equities analysts predict that The Bank of New York Mellon Co. will post 5.84 EPS for the current fiscal year.
Bank of New York Mellon Announces Dividend
The firm also recently disclosed a quarterly dividend, which was paid on Friday, November 1st. Investors of record on Monday, October 21st were paid a $0.47 dividend. The ex-dividend date of this dividend was Monday, October 21st. This represents a $1.88 dividend on an annualized basis and a yield of 2.33%. Bank of New York Mellon's dividend payout ratio is 40.87%.
Wall Street Analyst Weigh In
Several analysts have recently weighed in on BK shares. Morgan Stanley upgraded shares of Bank of New York Mellon from an "equal weight" rating to an "overweight" rating and lifted their price objective for the company from $82.00 to $94.00 in a research note on Monday. Royal Bank of Canada reaffirmed a "sector perform" rating and issued a $79.00 price target on shares of Bank of New York Mellon in a research note on Monday, October 14th. Keefe, Bruyette & Woods increased their price objective on shares of Bank of New York Mellon from $87.00 to $96.00 and gave the stock an "outperform" rating in a research report on Tuesday, December 3rd. JPMorgan Chase & Co. boosted their target price on Bank of New York Mellon from $69.00 to $77.00 and gave the company an "overweight" rating in a research report on Monday, October 7th. Finally, Citigroup upped their price target on Bank of New York Mellon from $75.00 to $82.00 and gave the stock a "neutral" rating in a research note on Monday, November 25th. Five research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $81.00.
Check Out Our Latest Stock Report on Bank of New York Mellon
Insider Buying and Selling at Bank of New York Mellon
In related news, EVP J Kevin Mccarthy sold 25,000 shares of the firm's stock in a transaction that occurred on Tuesday, October 15th. The shares were sold at an average price of $76.31, for a total value of $1,907,750.00. Following the sale, the executive vice president now directly owns 75,404 shares of the company's stock, valued at $5,754,079.24. This trade represents a 24.90 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, VP Hanneke Smits sold 16,475 shares of the stock in a transaction on Tuesday, October 15th. The stock was sold at an average price of $76.47, for a total transaction of $1,259,843.25. Following the completion of the transaction, the vice president now directly owns 157,455 shares in the company, valued at $12,040,583.85. The trade was a 9.47 % decrease in their position. The disclosure for this sale can be found here. Insiders own 0.14% of the company's stock.
Bank of New York Mellon Profile
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Free Report)
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.
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