Kentucky Retirement Systems Insurance Trust Fund Has $1.44 Million Stake in The Bank of New York Mellon Co. (NYSE:BK)

Kentucky Retirement Systems Insurance Trust Fund decreased its stake in shares of The Bank of New York Mellon Co. (NYSE:BK) by 8.5% during the 1st quarter, according to the company in its most recent filing with the SEC. The firm owned 25,059 shares of the bank’s stock after selling 2,340 shares during the quarter. Kentucky Retirement Systems Insurance Trust Fund’s holdings in Bank of New York Mellon were worth $1,444,000 as of its most recent filing with the SEC.

Other hedge funds have also made changes to their positions in the company. United Services Automobile Association increased its holdings in Bank of New York Mellon by 6.9% in the 4th quarter. United Services Automobile Association now owns 25,447 shares of the bank’s stock valued at $1,325,000 after buying an additional 1,640 shares during the period. Entropy Technologies LP acquired a new position in Bank of New York Mellon in the first quarter worth about $1,027,000. QRG Capital Management Inc. lifted its stake in Bank of New York Mellon by 6.9% during the first quarter. QRG Capital Management Inc. now owns 127,576 shares of the bank’s stock worth $7,351,000 after purchasing an additional 8,204 shares during the period. Searle & CO. acquired a new stake in Bank of New York Mellon during the fourth quarter valued at approximately $234,000. Finally, Wakefield Asset Management LLLP bought a new stake in shares of Bank of New York Mellon in the 1st quarter valued at approximately $3,740,000. Institutional investors own 85.31% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts recently commented on the company. Citigroup downgraded Bank of New York Mellon from a “buy” rating to a “neutral” rating and set a $65.00 target price for the company. in a research report on Monday, July 15th. Keefe, Bruyette & Woods restated an “outperform” rating and issued a $75.00 target price (up previously from $70.00) on shares of Bank of New York Mellon in a research note on Monday, July 15th. Deutsche Bank Aktiengesellschaft increased their target price on shares of Bank of New York Mellon from $61.00 to $63.00 and gave the stock a “hold” rating in a research report on Monday, July 15th. Morgan Stanley boosted their price target on shares of Bank of New York Mellon from $63.00 to $65.00 and gave the company an “equal weight” rating in a research report on Monday, July 15th. Finally, Barclays raised their price objective on shares of Bank of New York Mellon from $68.00 to $75.00 and gave the stock an “overweight” rating in a report on Monday, July 15th. Six research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. According to MarketBeat, Bank of New York Mellon presently has an average rating of “Moderate Buy” and an average target price of $65.23.

Bank of New York Mellon Trading Up 0.8 %

Shares of NYSE:BK traded up $0.54 during trading on Friday, hitting $65.35. 3,898,661 shares of the company’s stock were exchanged, compared to its average volume of 4,424,193. The firm has a 50-day moving average price of $60.39 and a two-hundred day moving average price of $57.52. The Bank of New York Mellon Co. has a 1-year low of $39.66 and a 1-year high of $65.90. The firm has a market cap of $48.87 billion, a P/E ratio of 15.13, a PEG ratio of 1.16 and a beta of 1.09. The company has a current ratio of 0.70, a quick ratio of 0.71 and a debt-to-equity ratio of 0.85.

Bank of New York Mellon (NYSE:BK) last issued its earnings results on Friday, July 12th. The bank reported $1.51 EPS for the quarter, beating the consensus estimate of $1.43 by $0.08. Bank of New York Mellon had a net margin of 9.40% and a return on equity of 11.87%. The company had revenue of $4.60 billion during the quarter, compared to analysts’ expectations of $4.53 billion. During the same quarter in the previous year, the company posted $1.38 EPS. The business’s revenue for the quarter was up 2.1% compared to the same quarter last year. Equities analysts predict that The Bank of New York Mellon Co. will post 5.58 earnings per share for the current year.

Bank of New York Mellon Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, August 2nd. Investors of record on Monday, July 22nd will be given a $0.47 dividend. This represents a $1.88 dividend on an annualized basis and a dividend yield of 2.88%. This is an increase from Bank of New York Mellon’s previous quarterly dividend of $0.42. The ex-dividend date is Monday, July 22nd. Bank of New York Mellon’s dividend payout ratio (DPR) is currently 43.52%.

Insider Buying and Selling

In other news, VP Senthilkumar Santhanakrishnan sold 15,643 shares of the business’s stock in a transaction on Wednesday, May 8th. The shares were sold at an average price of $57.65, for a total value of $901,818.95. Following the completion of the transaction, the vice president now owns 144,721 shares of the company’s stock, valued at approximately $8,343,165.65. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In related news, VP Senthilkumar Santhanakrishnan sold 15,643 shares of the stock in a transaction that occurred on Wednesday, May 8th. The stock was sold at an average price of $57.65, for a total transaction of $901,818.95. Following the completion of the sale, the vice president now directly owns 144,721 shares of the company’s stock, valued at approximately $8,343,165.65. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, 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 transaction of $360,034.95. Following the completion of the transaction, the insider now directly owns 24,346 shares in the company, valued at approximately $1,410,363.78. The disclosure for this sale can be found here. Insiders have sold 36,858 shares of company stock valued at $2,223,504 in the last 90 days. 0.14% of the stock is owned by insiders.

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.