Principal Financial Group Inc. lifted its stake in The Bank of New York Mellon Co. (NYSE:BK - Free Report) by 1.7% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 883,853 shares of the bank's stock after acquiring an additional 14,916 shares during the period. Principal Financial Group Inc. owned 0.12% of Bank of New York Mellon worth $63,514,000 at the end of the most recent quarter.
Several other large investors have also recently made changes to their positions in BK. Ameriprise Financial Inc. lifted its position in Bank of New York Mellon by 4.2% during the second quarter. Ameriprise Financial Inc. now owns 10,416,436 shares of the bank's stock valued at $623,891,000 after acquiring an additional 421,161 shares during the last quarter. Victory Capital Management Inc. boosted its position in shares of Bank of New York Mellon by 2.2% in the 2nd quarter. Victory Capital Management Inc. now owns 8,192,345 shares of the bank's stock worth $490,640,000 after purchasing an additional 179,503 shares in the last quarter. Legal & General Group Plc grew its stake in Bank of New York Mellon by 1.2% during the 2nd quarter. Legal & General Group Plc now owns 8,058,064 shares of the bank's stock worth $482,597,000 after buying an additional 97,286 shares during the last quarter. LSV Asset Management increased its position in Bank of New York Mellon by 3.9% during the 2nd quarter. LSV Asset Management now owns 7,569,133 shares of the bank's stock valued at $453,315,000 after buying an additional 286,820 shares in the last quarter. Finally, Dimensional Fund Advisors LP raised its stake in Bank of New York Mellon by 6.7% in the second quarter. Dimensional Fund Advisors LP now owns 7,252,925 shares of the bank's stock valued at $434,370,000 after buying an additional 454,151 shares during the last quarter. 85.31% of the stock is owned by institutional investors.
Insider Transactions at Bank of New York Mellon
In related news, VP Hanneke Smits sold 16,475 shares of the company's stock in a transaction dated 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 completion of the transaction, the vice president now owns 157,455 shares of the company's stock, valued at approximately $12,040,583.85. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In related news, VP Hanneke Smits sold 16,475 shares of the business's stock in a transaction on Tuesday, October 15th. The shares were sold at an average price of $76.47, for a total value of $1,259,843.25. Following the completion of the sale, the vice president now owns 157,455 shares of the company's stock, valued at approximately $12,040,583.85. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 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 transaction of $1,907,750.00. Following the transaction, the executive vice president now owns 75,404 shares of the company's stock, valued at $5,754,079.24. This represents a 0.00 % 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.
Analysts Set New Price Targets
A number of brokerages have recently weighed in on BK. Citigroup boosted their price target on Bank of New York Mellon from $65.00 to $70.00 and gave the stock a "neutral" rating in a research note on Thursday, September 19th. JPMorgan Chase & Co. boosted their target price on shares of Bank of New York Mellon from $69.00 to $77.00 and gave the stock an "overweight" rating in a research report on Monday, October 7th. Barclays raised their price target on shares of Bank of New York Mellon from $75.00 to $86.00 and gave the stock an "overweight" rating in a report on Monday, October 14th. Keefe, Bruyette & Woods reissued an "outperform" rating and set a $75.00 price objective (up from $70.00) on shares of Bank of New York Mellon in a report on Monday, July 15th. Finally, Deutsche Bank Aktiengesellschaft upgraded Bank of New York Mellon from a "hold" rating to a "buy" rating and raised their target price for the stock from $66.00 to $80.00 in a research note on Monday, September 23rd. Five 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 an average rating of "Moderate Buy" and a consensus target price of $76.69.
Read Our Latest Stock Analysis on BK
Bank of New York Mellon Stock Performance
Bank of New York Mellon stock traded down $0.63 during midday trading on Friday, hitting $77.06. 3,176,365 shares of the company were exchanged, compared to its average volume of 4,158,608. The business has a fifty day simple moving average of $72.95 and a two-hundred day simple moving average of $65.23. The company has a debt-to-equity ratio of 0.89, a quick ratio of 0.70 and a current ratio of 0.70. The firm has a market capitalization of $56.03 billion, a PE ratio of 16.75, a price-to-earnings-growth ratio of 0.91 and a beta of 1.07. The Bank of New York Mellon Co. has a fifty-two week low of $44.93 and a fifty-two week high of $80.29.
Bank of New York Mellon (NYSE:BK - Get Free Report) last posted its earnings results on Friday, October 11th. The bank reported $1.52 earnings per share for the quarter, beating the consensus estimate of $1.41 by $0.11. Bank of New York Mellon had a net margin of 9.44% and a return on equity of 12.06%. The firm had revenue of $4.65 billion during the quarter, compared to analyst estimates of $4.52 billion. On average, sell-side analysts forecast that The Bank of New York Mellon Co. will post 5.79 earnings per share for the current year.
Bank of New York Mellon Announces Dividend
The company also recently disclosed a quarterly dividend, which was paid on Friday, November 1st. Shareholders of record on Monday, October 21st were given a $0.47 dividend. The ex-dividend date was Monday, October 21st. This represents a $1.88 dividend on an annualized basis and a dividend yield of 2.44%. Bank of New York Mellon's dividend payout ratio (DPR) is currently 40.87%.
Bank of New York Mellon Company Profile
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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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