BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp Lowers Holdings in The Bank of New York Mellon Co. (NYSE:BK)

BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp reduced its position in The Bank of New York Mellon Co. (NYSE:BK - Free Report) by 14.8% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 123,142 shares of the bank's stock after selling 21,354 shares during the period. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp's holdings in Bank of New York Mellon were worth $8,849,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. United Advisor Group LLC bought a new position in Bank of New York Mellon in the third quarter worth approximately $595,000. Principal Financial Group Inc. increased its stake in shares of Bank of New York Mellon by 1.7% in the 3rd quarter. Principal Financial Group Inc. now owns 883,853 shares of the bank's stock worth $63,514,000 after purchasing an additional 14,916 shares in the last quarter. Ameriprise Financial Inc. raised its holdings in Bank of New York Mellon by 4.2% in the 2nd quarter. Ameriprise Financial Inc. now owns 10,416,436 shares of the bank's stock worth $623,891,000 after purchasing an additional 421,161 shares during the period. Chase Investment Counsel Corp lifted its position in Bank of New York Mellon by 67.2% during the third quarter. Chase Investment Counsel Corp now owns 83,530 shares of the bank's stock valued at $6,002,000 after purchasing an additional 33,558 shares in the last quarter. Finally, Williams Financial LLC bought a new stake in Bank of New York Mellon during the second quarter valued at about $587,000. 85.31% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

BK has been the topic of a number of analyst reports. JPMorgan Chase & Co. lifted their price objective 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. Evercore ISI lifted their price target on shares of Bank of New York Mellon from $66.00 to $77.00 and gave the company an "in-line" rating in a report on Monday, October 14th. StockNews.com upgraded shares of Bank of New York Mellon from a "hold" rating to a "buy" rating in a research report on Tuesday, November 19th. Wells Fargo & Company raised their price objective on shares of Bank of New York Mellon from $79.00 to $81.00 and gave the company an "equal weight" rating in a research report on Friday, November 15th. Finally, Morgan Stanley upped their target price on shares of Bank of New York Mellon from $72.00 to $78.00 and gave the stock an "equal weight" rating in a report on Monday, September 30th. Five equities research analysts have rated the stock with a hold rating and nine have given a buy rating to the company's stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $78.15.

Insiders Place Their Bets

In other Bank of New York Mellon news, 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 value of $1,259,843.25. Following the sale, the vice president now owns 157,455 shares in the company, valued at $12,040,583.85. This trade represents a 9.47 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP J Kevin Mccarthy sold 25,000 shares of Bank of New York Mellon stock in a transaction dated Tuesday, October 15th. The shares were sold at an average price of $76.31, for a total transaction of $1,907,750.00. Following the sale, the executive vice president now owns 75,404 shares of the company's stock, valued at $5,754,079.24. The trade was a 24.90 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 0.14% of the company's stock.

Bank of New York Mellon Price Performance

Shares of NYSE:BK traded down $0.76 during mid-day trading on Monday, reaching $81.11. The stock had a trading volume of 2,706,867 shares, compared to its average volume of 3,833,044. The business's 50 day moving average price is $76.07 and its 200 day moving average price is $67.59. The Bank of New York Mellon Co. has a 1 year low of $47.48 and a 1 year high of $82.72. The company has a market cap of $58.97 billion, a P/E ratio of 17.64, a price-to-earnings-growth ratio of 0.93 and a beta of 1.07. The company has a current ratio of 0.70, a quick ratio of 0.70 and a debt-to-equity ratio of 0.89.

Bank of New York Mellon (NYSE:BK - Get Free Report) last issued its quarterly earnings data 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. Bank of New York Mellon had a return on equity of 12.06% and a net margin of 9.44%. The business had revenue of $4.65 billion for the quarter, compared to analysts' expectations of $4.52 billion. Research analysts expect that The Bank of New York Mellon Co. will post 5.84 EPS for the current fiscal year.

Bank of New York Mellon Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, November 1st. Shareholders of record on Monday, October 21st were given a dividend of $0.47 per share. The ex-dividend date was Monday, October 21st. This represents a $1.88 annualized dividend and a yield of 2.32%. Bank of New York Mellon's dividend payout ratio (DPR) is currently 40.87%.

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.