Clearbridge Investments LLC Has $2.50 Million Stock Position in The Bank of New York Mellon Co. (NYSE:BK)

Clearbridge Investments LLC reduced its stake in shares of The Bank of New York Mellon Co. (NYSE:BK - Free Report) by 16.9% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 41,730 shares of the bank's stock after selling 8,504 shares during the period. Clearbridge Investments LLC's holdings in Bank of New York Mellon were worth $2,499,000 at the end of the most recent quarter.

Several other hedge funds also recently added to or reduced their stakes in BK. Entropy Technologies LP acquired a new stake in shares of Bank of New York Mellon during the first quarter worth $1,027,000. QRG Capital Management Inc. raised its position in shares of Bank of New York Mellon by 6.9% during the 1st quarter. QRG Capital Management Inc. now owns 127,576 shares of the bank's stock worth $7,351,000 after purchasing an additional 8,204 shares during the period. Wakefield Asset Management LLLP acquired a new position in Bank of New York Mellon during the 1st quarter valued at approximately $3,740,000. Bessemer Group Inc. grew its stake in Bank of New York Mellon by 128.8% during the 1st quarter. Bessemer Group Inc. now owns 30,755 shares of the bank's stock worth $1,771,000 after buying an additional 17,312 shares during the last quarter. Finally, Ameriprise Financial Inc. increased its position in Bank of New York Mellon by 4.2% in the second 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. 85.31% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In other Bank of New York Mellon news, VP Hanneke Smits sold 15,000 shares of the stock in a transaction on Thursday, July 18th. The shares were sold at an average price of $64.11, for a total transaction of $961,650.00. Following the transaction, the vice president now directly owns 173,930 shares of the company's stock, valued at $11,150,652.30. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. 0.14% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

BK has been the subject of several recent research reports. Citigroup upped their price target on shares of Bank of New York Mellon from $65.00 to $70.00 and gave the stock a "neutral" rating in a research report on Thursday, September 19th. Evercore ISI lifted their price target 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, July 15th. Deutsche Bank Aktiengesellschaft upgraded Bank of New York Mellon from a "hold" rating to a "buy" rating and raised their target price for the company from $66.00 to $80.00 in a research report on Monday, September 23rd. Keefe, Bruyette & Woods reissued an "outperform" rating and issued a $75.00 price target (up previously from $70.00) on shares of Bank of New York Mellon in a research note on Monday, July 15th. Finally, Barclays lifted their price objective on shares of Bank of New York Mellon from $68.00 to $75.00 and gave the company an "overweight" rating in a research note on Monday, July 15th. Four investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. According to data from MarketBeat, Bank of New York Mellon has an average rating of "Moderate Buy" and a consensus target price of $69.38.

Bank of New York Mellon Stock Up 1.6 %

Shares of NYSE BK traded up $1.16 during mid-day trading on Friday, reaching $71.98. The company had a trading volume of 2,361,483 shares, compared to its average volume of 3,842,556. The stock has a fifty day moving average of $67.46 and a two-hundred day moving average of $61.83. The Bank of New York Mellon Co. has a 12-month low of $39.66 and a 12-month high of $73.19. The company has a market capitalization of $53.83 billion, a price-to-earnings ratio of 16.66, a PEG ratio of 1.24 and a beta of 1.08. The company has a debt-to-equity ratio of 0.85, a quick ratio of 0.70 and a current ratio of 0.70.

Bank of New York Mellon (NYSE:BK - Get Free Report) last posted its quarterly earnings results on Friday, July 12th. The bank reported $1.51 EPS for the quarter, beating the consensus estimate of $1.43 by $0.08. Bank of New York Mellon had a net margin of 9.40% and a return on equity of 11.87%. The business 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 EPS. Bank of New York Mellon's revenue was up 2.1% on a year-over-year basis. As a group, equities research analysts expect that The Bank of New York Mellon Co. will post 5.63 EPS for the current year.

Bank of New York Mellon Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, August 2nd. Stockholders of record on Monday, July 22nd were issued a dividend of $0.47 per share. This represents a $1.88 annualized dividend and a dividend yield of 2.61%. This is a positive change from Bank of New York Mellon's previous quarterly dividend of $0.42. The ex-dividend date of this dividend was Monday, July 22nd. Bank of New York Mellon's payout ratio is currently 43.52%.

Bank of New York Mellon Company 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.