The Bank of New York Mellon Co. (NYSE:BK) Shares Sold by State of Michigan Retirement System

State of Michigan Retirement System lowered its stake in The Bank of New York Mellon Co. (NYSE:BK) by 1.1% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 223,855 shares of the bank’s stock after selling 2,500 shares during the period. State of Michigan Retirement System’s holdings in Bank of New York Mellon were worth $12,899,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also made changes to their positions in BK. Norges Bank acquired a new position in shares of Bank of New York Mellon in the fourth quarter valued at about $813,701,000. Vanguard Group Inc. boosted its stake in shares of Bank of New York Mellon by 6.1% in the fourth quarter. Vanguard Group Inc. now owns 74,501,451 shares of the bank’s stock worth $3,877,801,000 after buying an additional 4,293,751 shares during the last quarter. KBC Group NV grew its holdings in Bank of New York Mellon by 217.0% during the fourth quarter. KBC Group NV now owns 1,528,492 shares of the bank’s stock worth $79,558,000 after acquiring an additional 1,046,298 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank grew its stake in shares of Bank of New York Mellon by 153.5% during the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 1,554,532 shares of the bank’s stock worth $80,913,000 after purchasing an additional 941,193 shares during the period. Finally, Putnam Investments LLC increased its holdings in Bank of New York Mellon by 224.9% in the fourth quarter. Putnam Investments LLC now owns 1,001,056 shares of the bank’s stock valued at $52,105,000 after buying an additional 692,910 shares in the last quarter. 85.31% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of analysts have recently commented on BK shares. Keefe, Bruyette & Woods upgraded Bank of New York Mellon from a “market perform” rating to an “outperform” rating and boosted their price objective for the company from $60.00 to $70.00 in a research report on Thursday, June 27th. Jefferies Financial Group increased their price objective on shares of Bank of New York Mellon from $67.00 to $68.00 and gave the company a “buy” rating in a report on Thursday, April 18th. Evercore ISI increased their price target on Bank of New York Mellon from $57.00 to $61.00 and gave the company an “in-line” rating in a report on Thursday, April 4th. Morgan Stanley lifted their target price on shares of Bank of New York Mellon from $62.00 to $63.00 and gave the stock an “equal weight” rating in a research note on Thursday, April 18th. Finally, Bank of America boosted their target price on shares of Bank of New York Mellon from $64.00 to $66.00 and gave the company a “buy” rating in a report on Wednesday, April 17th. Five equities research analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $61.15.

Insider Buying and Selling

In related news, insider Kurtis R. Kurimsky sold 6,215 shares of Bank of New York Mellon stock in a transaction that occurred on Tuesday, May 7th. The shares were sold at an average price of $57.93, for a total value of $360,034.95. Following the completion of the transaction, the insider now owns 24,346 shares in the company, valued at $1,410,363.78. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, insider Kurtis R. Kurimsky sold 6,215 shares of the stock in a transaction on Tuesday, May 7th. The stock was sold at an average price of $57.93, for a total value of $360,034.95. Following the transaction, the insider now owns 24,346 shares of the company’s stock, valued at $1,410,363.78. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, VP Catherine Keating sold 54,070 shares of Bank of New York Mellon stock in a transaction dated Thursday, April 18th. The stock was sold at an average price of $54.88, for a total value of $2,967,361.60. Following the sale, the vice president now directly owns 78,350 shares of the company’s stock, valued at $4,299,848. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 115,928 shares of company stock worth $6,475,216. Company insiders own 0.14% of the company’s stock.

Bank of New York Mellon Stock Up 0.6 %

Shares of BK stock traded up $0.39 during trading on Tuesday, reaching $60.50. The company’s stock had a trading volume of 2,719,369 shares, compared to its average volume of 3,712,139. The company has a debt-to-equity ratio of 0.90, a current ratio of 0.71 and a quick ratio of 0.71. The Bank of New York Mellon Co. has a 1-year low of $39.66 and a 1-year high of $60.87. The company has a market capitalization of $45.24 billion, a price-to-earnings ratio of 14.73, a P/E/G ratio of 1.20 and a beta of 1.09. The stock’s 50-day moving average price is $58.51 and its 200 day moving average price is $56.13.

Bank of New York Mellon (NYSE:BK) last announced its quarterly earnings data on Tuesday, April 16th. The bank reported $1.29 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.19 by $0.10. Bank of New York Mellon had a return on equity of 11.80% and a net margin of 9.48%. The business had revenue of $4.53 billion for the quarter, compared to analysts’ expectations of $4.39 billion. During the same period last year, the firm earned $1.13 earnings per share. The company’s revenue for the quarter was up 3.8% compared to the same quarter last year. On average, research analysts anticipate that The Bank of New York Mellon Co. will post 5.45 EPS for the current year.

Bank of New York Mellon Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, May 9th. Stockholders of record on Friday, April 26th were given a dividend of $0.42 per share. This represents a $1.68 dividend on an annualized basis and a dividend yield of 2.78%. The ex-dividend date was Thursday, April 25th. Bank of New York Mellon’s dividend payout ratio is presently 40.98%.

Bank of New York Mellon 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.