Taika Capital LP Makes New Investment in The Bank of New York Mellon Co. (NYSE:BK)

Taika Capital LP acquired a new position in The Bank of New York Mellon Co. (NYSE:BK - Free Report) during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor acquired 14,327 shares of the bank's stock, valued at approximately $1,030,000. Bank of New York Mellon makes up about 0.8% of Taika Capital LP's investment portfolio, making the stock its 29th biggest holding.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. McClarren Financial Advisors Inc. boosted its position in Bank of New York Mellon by 586.4% during the 3rd quarter. McClarren Financial Advisors Inc. now owns 405 shares of the bank's stock valued at $29,000 after acquiring an additional 346 shares in the last quarter. Clearstead Trust LLC bought a new stake in Bank of New York Mellon during the 2nd quarter valued at $32,000. Family Firm Inc. purchased a new stake in shares of Bank of New York Mellon during the 2nd quarter valued at $40,000. Fortitude Family Office LLC lifted its holdings in shares of Bank of New York Mellon by 130.6% during the 3rd quarter. Fortitude Family Office LLC now owns 611 shares of the bank's stock valued at $44,000 after purchasing an additional 346 shares during the last quarter. Finally, Grove Bank & Trust lifted its holdings in shares of Bank of New York Mellon by 28.8% during the 3rd quarter. Grove Bank & Trust now owns 644 shares of the bank's stock valued at $46,000 after purchasing an additional 144 shares during the last quarter. Institutional investors own 85.31% of the company's stock.

Wall Street Analyst Weigh In

Several brokerages have recently commented on BK. UBS Group increased their price objective on Bank of New York Mellon from $73.00 to $82.00 and gave the company a "buy" rating in a report on Tuesday, October 8th. Evercore ISI increased their price objective on 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. The Goldman Sachs Group increased their price objective on Bank of New York Mellon from $74.00 to $80.00 and gave the company a "buy" rating in a report on Thursday, September 26th. Deutsche Bank Aktiengesellschaft raised their target price on Bank of New York Mellon from $82.00 to $85.00 and gave the stock a "buy" rating in a research note on Monday, November 11th. Finally, Wells Fargo & Company raised their target price on Bank of New York Mellon from $79.00 to $81.00 and gave the stock an "equal weight" rating in a research note on Friday, November 15th. Five equities research analysts have rated the stock with a hold rating and nine have given a buy rating to the company. According to data from MarketBeat.com, Bank of New York Mellon has an average rating of "Moderate Buy" and a consensus target price of $79.77.

Bank of New York Mellon Price Performance

Shares of Bank of New York Mellon stock traded down $1.08 on Friday, hitting $80.41. 1,267,627 shares of the company were exchanged, compared to its average volume of 3,812,850. The stock has a market capitalization of $58.46 billion, a price-to-earnings ratio of 17.51, a price-to-earnings-growth ratio of 0.92 and a beta of 1.07. The company has a 50-day moving average price of $76.79 and a 200 day moving average price of $68.08. The Bank of New York Mellon Co. has a 1-year low of $47.60 and a 1-year high of $82.72. The company has a quick ratio of 0.70, a current 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 earnings results on Friday, October 11th. The bank reported $1.52 earnings per share 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. As a group, sell-side analysts predict that The Bank of New York Mellon Co. will post 5.84 earnings per share 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. Investors of record on Monday, October 21st were issued a $0.47 dividend. This represents a $1.88 dividend on an annualized basis and a yield of 2.34%. The ex-dividend date of this dividend was Monday, October 21st. Bank of New York Mellon's dividend payout ratio is presently 40.87%.

Insiders Place Their Bets

In other news, VP Hanneke Smits sold 16,475 shares of the company's 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 sale, the vice president now owns 157,455 shares of the company's stock, valued at approximately $12,040,583.85. This represents a 9.47 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP J Kevin Mccarthy sold 25,000 shares of the company's stock in a transaction on Tuesday, October 15th. The stock was 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 in the company, valued at $5,754,079.24. This represents a 24.90 % decrease in their position. The disclosure for this sale can be found here. 0.14% of the stock is owned by insiders.

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.