Magnetar Financial LLC Acquires Shares of 7,930 The Bank of New York Mellon Co. (NYSE:BK)

Magnetar Financial LLC bought a new stake in The Bank of New York Mellon Co. (NYSE:BK) in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund bought 7,930 shares of the bank’s stock, valued at approximately $457,000.

Several other institutional investors and hedge funds have also modified their holdings of BK. United Services Automobile Association increased its holdings in shares of Bank of New York Mellon by 6.9% during the fourth quarter. United Services Automobile Association now owns 25,447 shares of the bank’s stock worth $1,325,000 after buying an additional 1,640 shares in the last quarter. Entropy Technologies LP acquired a new position in shares of Bank of New York Mellon in the first quarter valued at approximately $1,027,000. QRG Capital Management Inc. raised its holdings in Bank of New York Mellon by 6.9% in the 1st quarter. QRG Capital Management Inc. now owns 127,576 shares of the bank’s stock valued at $7,351,000 after buying an additional 8,204 shares during the last quarter. Searle & CO. acquired a new stake in Bank of New York Mellon during the 4th quarter worth approximately $234,000. Finally, Wakefield Asset Management LLLP bought a new stake in Bank of New York Mellon during the 1st quarter worth approximately $3,740,000. 85.31% of the stock is currently owned by institutional investors and hedge funds.

Bank of New York Mellon Stock Performance

NYSE:BK traded down $0.93 during trading hours on Monday, reaching $64.42. The stock had a trading volume of 181,647 shares, compared to its average volume of 3,811,275. The Bank of New York Mellon Co. has a 12-month low of $39.66 and a 12-month high of $65.90. 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 stock has a 50 day simple moving average of $60.39 and a 200 day simple moving average of $57.55. The stock has a market cap of $48.17 billion, a P/E ratio of 15.13, a price-to-earnings-growth ratio of 1.16 and a beta of 1.09.

Bank of New York Mellon (NYSE:BK) last issued its earnings results on Friday, July 12th. The bank reported $1.51 earnings per share for the quarter, topping analysts’ consensus estimates of $1.43 by $0.08. The firm had revenue of $4.60 billion during the quarter, compared to analyst estimates of $4.53 billion. Bank of New York Mellon had a net margin of 9.40% and a return on equity of 11.87%. The company’s quarterly revenue was up 2.1% on a year-over-year basis. During the same quarter last year, the business earned $1.38 earnings per share. On average, research analysts forecast that The Bank of New York Mellon Co. will post 5.58 EPS for the current fiscal year.

Bank of New York Mellon Increases Dividend

The firm also recently declared 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. This represents a $1.88 dividend on an annualized basis and a dividend yield of 2.92%. 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. Bank of New York Mellon’s dividend payout ratio (DPR) is 43.52%.

Analysts Set New Price Targets

A number of analysts have commented on BK shares. Jefferies Financial Group upped their price target on shares of 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 set 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 raised their price target on shares of Bank of New York Mellon from $63.00 to $65.00 and gave the stock an “equal weight” rating in a report on Monday, July 15th. Deutsche Bank Aktiengesellschaft raised their target price on Bank of New York Mellon from $61.00 to $63.00 and gave the company a “hold” rating in a research note on Monday, July 15th. Finally, Citigroup downgraded Bank of New York Mellon from a “buy” rating to a “neutral” rating and set a $65.00 price target on the stock. in a research note on Monday, July 15th. Six investment analysts have rated the stock with a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat.com, Bank of New York Mellon presently has a consensus rating of “Moderate Buy” and an average target price of $65.23.

Insider Transactions at Bank of New York Mellon

In other news, insider Kurtis R. Kurimsky sold 6,215 shares of the firm’s stock in a transaction 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 sale, the insider now owns 24,346 shares in the company, valued at approximately $1,410,363.78. The transaction was disclosed in a filing with the SEC, which is accessible through this link. In other news, VP Senthilkumar Santhanakrishnan sold 15,643 shares of Bank of New York Mellon stock in a transaction that occurred on Wednesday, May 8th. The shares were sold at an average price of $57.65, for a total transaction of $901,818.95. Following the completion of the transaction, the vice president now directly owns 144,721 shares in the company, valued at $8,343,165.65. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Kurtis R. Kurimsky sold 6,215 shares of the firm’s 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 transaction, the insider now directly owns 24,346 shares of the company’s stock, valued at approximately $1,410,363.78. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 36,858 shares of company stock valued at $2,223,504. 0.14% of the stock is owned by corporate insiders.

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.