QRG Capital Management Inc. Has $7.35 Million Stake in The Bank of New York Mellon Co. (NYSE:BK)

QRG Capital Management Inc. boosted its holdings in The Bank of New York Mellon Co. (NYSE:BK - Free Report) by 6.9% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 127,576 shares of the bank's stock after buying an additional 8,204 shares during the period. QRG Capital Management Inc.'s holdings in Bank of New York Mellon were worth $7,351,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently added to or reduced their stakes in the business. Quent Capital LLC boosted its stake in Bank of New York Mellon by 3.8% in the 4th quarter. Quent Capital LLC now owns 5,033 shares of the bank's stock worth $262,000 after buying an additional 182 shares during the last quarter. Hartford Financial Management Inc. lifted its stake in shares of Bank of New York Mellon by 41.4% in the 4th quarter. Hartford Financial Management Inc. now owns 625 shares of the bank's stock valued at $33,000 after purchasing an additional 183 shares in the last quarter. Greenleaf Trust lifted its stake in shares of Bank of New York Mellon by 0.7% in the 1st quarter. Greenleaf Trust now owns 28,349 shares of the bank's stock valued at $1,633,000 after purchasing an additional 187 shares in the last quarter. Vivaldi Capital Management LP lifted its stake in shares of Bank of New York Mellon by 3.3% in the 4th quarter. Vivaldi Capital Management LP now owns 6,015 shares of the bank's stock valued at $324,000 after purchasing an additional 192 shares in the last quarter. Finally, Certuity LLC lifted its stake in shares of Bank of New York Mellon by 2.3% in the 4th quarter. Certuity LLC now owns 8,972 shares of the bank's stock valued at $467,000 after purchasing an additional 205 shares in the last quarter. 85.31% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, VP Catherine Keating sold 54,070 shares of the business's stock in a transaction that occurred on Thursday, April 18th. The stock was sold at an average price of $54.88, for a total value of $2,967,361.60. Following the completion of the sale, the vice president now directly owns 78,350 shares in the company, valued at approximately $4,299,848. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In other news, EVP J Kevin Mccarthy sold 40,000 shares of the business's stock in a transaction that occurred on Friday, April 19th. The stock was sold at an average price of $56.15, for a total value of $2,246,000.00. Following the completion of the sale, the executive vice president now directly owns 100,404 shares in the company, valued at approximately $5,637,684.60. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, VP Catherine Keating sold 54,070 shares of the business's stock in a transaction that occurred on Thursday, April 18th. The shares were sold at an average price of $54.88, for a total value of $2,967,361.60. Following the completion of the sale, the vice president now owns 78,350 shares of the company's stock, valued at $4,299,848. The disclosure for this sale can be found here. Insiders have sold 115,928 shares of company stock worth $6,475,216 in the last three months. 0.14% of the stock is owned by insiders.

Bank of New York Mellon Stock Down 1.1 %

BK stock traded down $0.70 during midday trading on Tuesday, hitting $65.01. 5,197,529 shares of the company's stock were exchanged, compared to its average volume of 3,760,330. The company has a current ratio of 0.71, a quick ratio of 0.71 and a debt-to-equity ratio of 0.90. The Bank of New York Mellon Co. has a 12-month low of $39.66 and a 12-month high of $65.90. The firm has a 50 day moving average price of $59.51 and a 200-day moving average price of $56.90. The stock has a market capitalization of $48.62 billion, a price-to-earnings ratio of 15.05, a price-to-earnings-growth ratio of 1.31 and a beta of 1.09.

Bank of New York Mellon (NYSE:BK - Get Free Report) last posted its quarterly earnings data on Friday, July 12th. The bank reported $1.51 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.43 by $0.08. Bank of New York Mellon had a return on equity of 11.89% and a net margin of 9.40%. The company had revenue of $4.60 billion for the quarter, compared to the consensus estimate of $4.53 billion. During the same period in the previous year, the business earned $1.38 EPS. Bank of New York Mellon's revenue for the quarter was up 2.1% compared to the same quarter last year. On average, analysts anticipate that The Bank of New York Mellon Co. will post 5.49 EPS for the current year.

Bank of New York Mellon Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, August 2nd. Shareholders of record on Monday, July 22nd will be issued a dividend of $0.47 per share. The ex-dividend date is Monday, July 22nd. This is an increase from Bank of New York Mellon's previous quarterly dividend of $0.42. This represents a $1.88 annualized dividend and a yield of 2.89%. Bank of New York Mellon's payout ratio is currently 38.89%.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on the company. Deutsche Bank Aktiengesellschaft lifted their price objective on Bank of New York Mellon from $61.00 to $63.00 and gave the company a "hold" rating in a research note on Monday. Morgan Stanley lifted their price objective on Bank of New York Mellon from $63.00 to $65.00 and gave the company an "equal weight" rating in a research note on Monday. Barclays lifted their price objective on Bank of New York Mellon from $68.00 to $75.00 and gave the company an "overweight" rating in a research note on Monday. Royal Bank of Canada reiterated a "sector perform" rating and set a $58.00 target price on shares of Bank of New York Mellon in a report on Wednesday, March 27th. Finally, Evercore ISI raised their target price on Bank of New York Mellon from $61.00 to $66.00 and gave the company an "in-line" rating in a report on Monday. Six analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $65.23.

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.