The Manufacturers Life Insurance Company Sells 24,224 Shares of The Bank of New York Mellon Co. (NYSE:BK)

The Manufacturers Life Insurance Company reduced its stake in The Bank of New York Mellon Co. (NYSE:BK - Free Report) by 4.9% during the third quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 471,235 shares of the bank's stock after selling 24,224 shares during the quarter. The Manufacturers Life Insurance Company owned approximately 0.06% of Bank of New York Mellon worth $33,863,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently bought and sold shares of the stock. United Advisor Group LLC purchased a new stake in shares of Bank of New York Mellon in the third quarter worth $595,000. Principal Financial Group Inc. boosted its holdings in Bank of New York Mellon by 1.7% in the 3rd quarter. Principal Financial Group Inc. now owns 883,853 shares of the bank's stock worth $63,514,000 after buying an additional 14,916 shares during the period. Ameriprise Financial Inc. increased its stake in Bank of New York Mellon by 4.2% in the 2nd 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 in the last quarter. Chase Investment Counsel Corp raised its holdings in Bank of New York Mellon by 67.2% during the third quarter. Chase Investment Counsel Corp now owns 83,530 shares of the bank's stock valued at $6,002,000 after acquiring an additional 33,558 shares during the period. Finally, Williams Financial LLC purchased a new position in shares of Bank of New York Mellon in the second quarter valued at about $587,000. 85.31% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

BK has been the topic of several recent analyst reports. Citigroup lifted their target price on Bank of New York Mellon from $75.00 to $82.00 and gave the company a "neutral" rating in a research note on Monday, November 25th. Morgan Stanley lifted their price objective on shares of Bank of New York Mellon from $72.00 to $78.00 and gave the company an "equal weight" rating in a research report on Monday, September 30th. Wells Fargo & Company upped their target price on shares of Bank of New York Mellon from $79.00 to $81.00 and gave the stock an "equal weight" rating in a research report on Friday, November 15th. Deutsche Bank Aktiengesellschaft lifted their price target on shares of Bank of New York Mellon from $82.00 to $85.00 and gave the company a "buy" rating in a report on Monday, November 11th. Finally, StockNews.com upgraded shares of Bank of New York Mellon from a "hold" rating to a "buy" rating in a research note on Tuesday, November 19th. Five equities research analysts have rated the stock with a hold rating and nine have given a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $78.15.

Insiders Place Their Bets

In other news, VP Hanneke Smits sold 16,475 shares of the company's stock in a transaction dated 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 transaction, the vice president now directly owns 157,455 shares in the company, 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 document filed with the SEC, which is accessible through the SEC website. Also, EVP J Kevin Mccarthy sold 25,000 shares of the firm's stock in a transaction dated 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 completion of the transaction, 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 Trading Up 0.2 %

Shares of NYSE BK traded up $0.13 during trading hours on Friday, hitting $81.87. 2,180,286 shares of the company traded hands, compared to its average volume of 3,837,340. The company's 50 day moving average price is $76.07 and its 200 day moving average price is $67.53. The Bank of New York Mellon Co. has a 12 month low of $47.44 and a 12 month high of $82.72. The stock has a market capitalization of $59.53 billion, a price-to-earnings ratio of 17.80, a price-to-earnings-growth ratio of 0.93 and a beta of 1.07. The company has a current ratio of 0.70, a quick ratio of 0.70 and a debt-to-equity ratio of 0.89.

Bank of New York Mellon (NYSE:BK - Get Free Report) last posted its quarterly earnings data on Friday, October 11th. The bank reported $1.52 earnings per share for the quarter, beating analysts' consensus estimates 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 business had revenue of $4.65 billion for the quarter, compared to analysts' expectations of $4.52 billion. On average, equities research analysts anticipate 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 company also recently disclosed a quarterly dividend, which was paid on Friday, November 1st. Investors of record on Monday, October 21st were given a $0.47 dividend. This represents a $1.88 dividend on an annualized basis and a yield of 2.30%. The ex-dividend date of this dividend was Monday, October 21st. Bank of New York Mellon's dividend payout ratio (DPR) is currently 40.87%.

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.