Canada Pension Plan Investment Board grew its stake in shares of The Bank of New York Mellon Co. (NYSE:BK - Free Report) by 24.2% in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 881,087 shares of the bank's stock after purchasing an additional 171,914 shares during the quarter. Canada Pension Plan Investment Board owned approximately 0.12% of Bank of New York Mellon worth $67,694,000 at the end of the most recent quarter.
Several other institutional investors and hedge funds have also recently made changes to their positions in the company. FMR LLC lifted its stake in Bank of New York Mellon by 19.3% in the fourth quarter. FMR LLC now owns 23,071,584 shares of the bank's stock worth $1,772,590,000 after acquiring an additional 3,732,862 shares during the period. Norges Bank bought a new stake in shares of Bank of New York Mellon during the 4th quarter valued at about $1,150,462,000. Arrowstreet Capital Limited Partnership increased its position in shares of Bank of New York Mellon by 17.0% during the fourth quarter. Arrowstreet Capital Limited Partnership now owns 7,751,219 shares of the bank's stock valued at $595,526,000 after buying an additional 1,125,493 shares during the period. Invesco Ltd. lifted its holdings in Bank of New York Mellon by 2.4% in the fourth quarter. Invesco Ltd. now owns 7,596,210 shares of the bank's stock worth $583,617,000 after buying an additional 175,704 shares during the period. Finally, Amundi boosted its position in Bank of New York Mellon by 5.1% during the 4th quarter. Amundi now owns 7,363,015 shares of the bank's stock valued at $573,947,000 after acquiring an additional 359,942 shares in the last quarter. Institutional investors own 85.31% of the company's stock.
Wall Street Analyst Weigh In
BK has been the subject of a number of research analyst reports. StockNews.com cut Bank of New York Mellon from a "buy" rating to a "hold" rating in a research note on Wednesday, February 19th. Royal Bank of Canada reaffirmed a "sector perform" rating and issued a $90.00 target price on shares of Bank of New York Mellon in a research report on Monday, March 17th. Bank of America boosted their price objective on shares of Bank of New York Mellon from $90.00 to $95.00 and gave the stock a "buy" rating in a research note on Thursday, January 16th. Citigroup raised their target price on shares of Bank of New York Mellon from $82.00 to $85.00 and gave the company a "neutral" rating in a research note on Monday, March 24th. Finally, Evercore ISI boosted their price target on Bank of New York Mellon from $83.00 to $87.00 and gave the stock an "in-line" rating in a research report on Tuesday, April 1st. Six investment analysts have rated the stock with a hold rating and nine have given a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $91.31.
Check Out Our Latest Research Report on Bank of New York Mellon
Insider Buying and Selling at Bank of New York Mellon
In other news, VP Catherine Keating sold 65,473 shares of the firm's stock in a transaction dated Monday, April 14th. The stock was sold at an average price of $77.31, for a total value of $5,061,717.63. Following the transaction, the vice president now owns 87,542 shares of the company's stock, valued at $6,767,872.02. This trade represents a 42.79 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Kurtis R. Kurimsky sold 5,641 shares of the stock in a transaction that occurred on Monday, April 14th. The stock was sold at an average price of $77.50, for a total transaction of $437,177.50. Following the completion of the sale, the insider now directly owns 21,679 shares of the company's stock, valued at $1,680,122.50. This represents a 20.65 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 0.14% of the company's stock.
Bank of New York Mellon Stock Performance
BK traded up $1.36 during midday trading on Thursday, hitting $79.09. 1,176,209 shares of the company traded hands, compared to its average volume of 4,377,997. The company's 50-day moving average is $82.08 and its 200 day moving average is $80.39. The Bank of New York Mellon Co. has a 52 week low of $56.08 and a 52 week high of $90.34. The firm has a market capitalization of $56.78 billion, a PE ratio of 13.61, a price-to-earnings-growth ratio of 0.97 and a beta of 1.03. The company has a quick ratio of 0.70, a current ratio of 0.69 and a debt-to-equity ratio of 0.83.
Bank of New York Mellon (NYSE:BK - Get Free Report) last issued its earnings results on Friday, April 11th. The bank reported $1.58 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.50 by $0.08. The company had revenue of $4.79 billion for the quarter, compared to analysts' expectations of $4.76 billion. Bank of New York Mellon had a net margin of 11.35% and a return on equity of 12.68%. The firm's quarterly revenue was up 5.9% on a year-over-year basis. During the same quarter last year, the company posted $1.29 earnings per share. On average, research analysts expect that The Bank of New York Mellon Co. will post 6.96 EPS for the current year.
Bank of New York Mellon Dividend Announcement
The company also recently announced a quarterly dividend, which will be paid on Friday, May 2nd. Shareholders of record on Monday, April 21st will be issued a $0.47 dividend. This represents a $1.88 dividend on an annualized basis and a yield of 2.38%. The ex-dividend date of this dividend is Monday, April 21st. Bank of New York Mellon's dividend payout ratio is 30.62%.
Bank of New York Mellon Company Profile
(
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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