Atria Investments Inc boosted its stake in shares of The Bank of New York Mellon Co. (NYSE:BK - Free Report) by 17.2% in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 82,343 shares of the bank's stock after purchasing an additional 12,064 shares during the quarter. Atria Investments Inc's holdings in Bank of New York Mellon were worth $4,745,000 at the end of the most recent reporting period.
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A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. Norges Bank acquired a new position in Bank of New York Mellon during the 4th quarter worth $813,701,000. Vanguard Group Inc. grew its stake in 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 valued at $3,877,801,000 after purchasing an additional 4,293,751 shares in the last quarter. KBC Group NV grew its stake in Bank of New York Mellon by 217.0% in the fourth quarter. KBC Group NV now owns 1,528,492 shares of the bank's stock valued at $79,558,000 after purchasing an additional 1,046,298 shares in the last quarter. M&G Plc purchased a new position in Bank of New York Mellon in the first quarter valued at about $55,543,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank grew its stake in Bank of New York Mellon by 153.5% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 1,554,532 shares of the bank's stock valued at $80,913,000 after purchasing an additional 941,193 shares in the last quarter. Institutional investors and hedge funds own 85.31% of the company's stock.
Insider Activity
In related news, VP Hanneke Smits sold 15,000 shares of the company's stock in a transaction dated Thursday, July 18th. The stock was sold at an average price of $64.11, for a total transaction of $961,650.00. Following the sale, the vice president now owns 173,930 shares in the company, valued at $11,150,652.30. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Bank of New York Mellon 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 transaction, the insider now owns 24,346 shares of the company's stock, valued at $1,410,363.78. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, VP Hanneke Smits sold 15,000 shares of the company's stock in a transaction that occurred on Thursday, July 18th. The shares were sold at an average price of $64.11, for a total value of $961,650.00. Following the completion of the transaction, the vice president now directly owns 173,930 shares in the company, valued at approximately $11,150,652.30. The disclosure for this sale can be found here. Insiders have sold a total of 36,858 shares of company stock worth $2,223,504 over the last three months. Corporate insiders own 0.14% of the company's stock.
Bank of New York Mellon Trading Down 2.4 %
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Shares of Bank of New York Mellon stock traded down $1.54 during trading on Friday, reaching $63.10. 6,162,165 shares of the company were exchanged, compared to its average volume of 3,858,333. The company has a quick ratio of 0.71, a current ratio of 0.70 and a debt-to-equity ratio of 0.85. The Bank of New York Mellon Co. has a twelve month low of $39.66 and a twelve month high of $65.90. The business has a 50-day moving average price of $60.95 and a 200-day moving average price of $57.86. The firm has a market capitalization of $47.19 billion, a price-to-earnings ratio of 14.61, a P/E/G ratio of 1.16 and a beta of 1.09.
Bank of New York Mellon (NYSE:BK - Get Free Report) last posted its earnings results on Friday, July 12th. The bank reported $1.51 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.43 by $0.08. Bank of New York Mellon had a return on equity of 11.87% and a net margin of 9.40%. The firm had revenue of $4.60 billion during the quarter, compared to analysts' expectations of $4.53 billion. During the same period in the previous year, the firm earned $1.38 earnings per share. The company's revenue was up 2.1% on a year-over-year basis. Sell-side analysts anticipate 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
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The company also recently declared a quarterly dividend, which will be paid on Friday, August 2nd. Stockholders of record on Monday, July 22nd will be issued a $0.47 dividend. This represents a $1.88 dividend on an annualized basis and a dividend yield of 2.98%. This is a positive change 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 payout ratio is 43.52%.
Analyst Upgrades and Downgrades
Several analysts have recently issued reports on the company. Evercore ISI upped 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. Bank of America increased their target price on Bank of New York Mellon from $64.00 to $66.00 and gave the stock a "buy" rating in a report on Wednesday, April 17th. Morgan Stanley increased their target price on Bank of New York Mellon from $65.00 to $72.00 and gave the stock an "equal weight" rating in a report on Tuesday. Keefe, Bruyette & Woods reaffirmed an "outperform" rating and set a $75.00 price target (up from $70.00) on shares of Bank of New York Mellon in a report on Monday, July 15th. Finally, Citigroup cut Bank of New York Mellon from a "buy" rating to a "neutral" rating and set a $65.00 price target for the company. in a report on Monday, July 15th. Six analysts have rated the stock with a hold rating and six have issued a buy rating to the company's stock. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $65.86.
View Our Latest Stock Report on BK
About Bank of New York Mellon
(Free Report)
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.
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