Kentucky Retirement Systems Lowers Stock Position in The Bank of New York Mellon Co. (NYSE:BK)

Kentucky Retirement Systems decreased its position in shares of The Bank of New York Mellon Co. (NYSE:BK) by 6.3% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 57,667 shares of the bank’s stock after selling 3,867 shares during the quarter. Kentucky Retirement Systems’ holdings in Bank of New York Mellon were worth $3,323,000 at the end of the most recent quarter.

Other institutional investors have also modified their holdings of the company. Wetzel Investment Advisors Inc. boosted its stake in shares of Bank of New York Mellon by 82.1% during the 1st quarter. Wetzel Investment Advisors Inc. now owns 510 shares of the bank’s stock worth $28,000 after acquiring an additional 230 shares in the last quarter. Atlantic Edge Private Wealth Management LLC purchased a new stake in Bank of New York Mellon in the 4th quarter valued at approximately $28,000. Able Wealth Management LLC purchased a new stake in Bank of New York Mellon in the 4th quarter valued at approximately $32,000. Kathleen S. Wright Associates Inc. purchased a new stake in Bank of New York Mellon in the 1st quarter valued at approximately $32,000. Finally, Hartford Financial Management Inc. lifted its stake in Bank of New York Mellon by 41.4% in the 4th quarter. Hartford Financial Management Inc. now owns 625 shares of the bank’s stock valued at $33,000 after buying an additional 183 shares in the last quarter. Hedge funds and other institutional investors own 85.31% of the company’s stock.

Insider Transactions at Bank of New York Mellon

In other news, insider Kurtis R. Kurimsky sold 6,215 shares of the business’s stock in a transaction that occurred on Tuesday, May 7th. The stock was 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 $1,410,363.78. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In other Bank of New York Mellon news, insider Kurtis R. Kurimsky sold 6,215 shares of the company’s stock in a transaction that occurred 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 completion of the sale, the insider now directly owns 24,346 shares in the company, valued at $1,410,363.78. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Hanneke Smits sold 15,000 shares of the company’s stock in a transaction that occurred on Thursday, July 18th. The stock was sold at an average price of $64.11, for a total value of $961,650.00. Following the completion of the sale, the vice president now owns 173,930 shares of the company’s stock, valued at $11,150,652.30. The disclosure for this sale can be found here. Over the last three months, insiders sold 36,858 shares of company stock worth $2,223,504. Company insiders own 0.14% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on the company. Evercore ISI increased their price target on Bank of New York Mellon from $61.00 to $66.00 and gave the stock an “in-line” rating in a research note on Monday, July 15th. Jefferies Financial Group lifted their price objective on Bank of New York Mellon from $67.00 to $68.00 and gave the company a “buy” rating in a research report on Thursday, April 18th. Keefe, Bruyette & Woods reaffirmed an “outperform” rating and issued a $75.00 price objective (up previously from $70.00) on shares of Bank of New York Mellon in a research report on Monday, July 15th. Morgan Stanley lifted their price objective on 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, Deutsche Bank Aktiengesellschaft lifted their price objective on Bank of New York Mellon from $61.00 to $63.00 and gave the company a “hold” rating in a research report on Monday, July 15th. Six 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, Bank of New York Mellon has an average rating of “Moderate Buy” and a consensus price target of $65.23.

Bank of New York Mellon Stock Up 0.8 %

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

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

Bank of New York Mellon Increases Dividend

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

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.