Zurcher Kantonalbank Zurich Cantonalbank Grows Holdings in The Bank of New York Mellon Co. (NYSE:BK)

Zurcher Kantonalbank Zurich Cantonalbank increased its position in The Bank of New York Mellon Co. (NYSE:BK - Free Report) by 1.6% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,932,633 shares of the bank's stock after buying an additional 30,986 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank owned 0.27% of Bank of New York Mellon worth $138,879,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. McClarren Financial Advisors Inc. increased its position in shares of Bank of New York Mellon by 586.4% during the third quarter. McClarren Financial Advisors Inc. now owns 405 shares of the bank's stock worth $29,000 after acquiring an additional 346 shares in the last quarter. Olistico Wealth LLC bought a new stake in shares of Bank of New York Mellon in the 2nd quarter worth $30,000. Clearstead Trust LLC purchased a new stake in shares of Bank of New York Mellon in the second quarter valued at about $32,000. Family Firm Inc. bought a new position in shares of Bank of New York Mellon during the second quarter valued at about $40,000. Finally, Fortitude Family Office LLC grew its position in Bank of New York Mellon by 130.6% in the 3rd quarter. Fortitude Family Office LLC now owns 611 shares of the bank's stock worth $44,000 after purchasing an additional 346 shares in the last quarter. 85.31% of the stock is owned by institutional investors.

Bank of New York Mellon Price Performance

BK traded up $0.47 on Thursday, reaching $81.74. The company had a trading volume of 2,823,693 shares, compared to its average volume of 3,844,544. The Bank of New York Mellon Co. has a 52-week low of $46.81 and a 52-week high of $82.08. The company has a market cap of $59.43 billion, a price-to-earnings ratio of 17.77, a P/E/G ratio of 0.93 and a beta of 1.07. 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 business has a 50 day simple moving average of $75.67 and a 200 day simple moving average of $67.20.

Bank of New York Mellon (NYSE:BK - Get Free Report) last released its quarterly earnings results 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. The business had revenue of $4.65 billion for the quarter, compared to the consensus estimate of $4.52 billion. Bank of New York Mellon had a return on equity of 12.06% and a net margin of 9.44%. As a group, sell-side analysts anticipate that The Bank of New York Mellon Co. will post 5.82 EPS for the current year.

Bank of New York Mellon Announces Dividend

The firm also recently announced 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 was Monday, October 21st. Bank of New York Mellon's payout ratio is presently 40.87%.

Analysts Set New Price Targets

Several brokerages have weighed in on BK. JPMorgan Chase & Co. increased their price objective on Bank of New York Mellon from $69.00 to $77.00 and gave the company an "overweight" rating in a report on Monday, October 7th. Deutsche Bank Aktiengesellschaft lifted their price objective on Bank of New York Mellon from $82.00 to $85.00 and gave the stock a "buy" rating in a report on Monday, November 11th. Royal Bank of Canada reaffirmed a "sector perform" rating and set a $79.00 price objective on shares of Bank of New York Mellon in a report on Monday, October 14th. Citigroup boosted their price target on shares of Bank of New York Mellon from $75.00 to $82.00 and gave the company a "neutral" rating in a research report on Monday. Finally, Morgan Stanley boosted their target price on shares of Bank of New York Mellon from $72.00 to $78.00 and gave the company an "equal weight" rating in a report on Monday, September 30th. Five analysts have rated the stock with a hold rating and nine have given a buy rating to the company. According to MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $78.15.

Insiders Place Their Bets

In related news, EVP J Kevin Mccarthy sold 25,000 shares of Bank of New York Mellon stock in a transaction on Tuesday, October 15th. The shares were sold at an average price of $76.31, for a total value of $1,907,750.00. Following the transaction, the executive vice president now directly owns 75,404 shares of the company's stock, valued at $5,754,079.24. The trade was a 24.90 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, VP Hanneke Smits sold 16,475 shares of the stock in a transaction dated 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 disclosure for this sale can be found here. 0.14% of the stock is currently owned by insiders.

About Bank of New York Mellon

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.