Vanguard Group Inc. Acquires 4,293,751 Shares of The Bank of New York Mellon Co. (NYSE:BK)

Vanguard Group Inc. grew its holdings in shares of The Bank of New York Mellon Co. (NYSE:BK) by 6.1% during the fourth quarter, Holdings Channel reports. The firm owned 74,501,451 shares of the bank’s stock after purchasing an additional 4,293,751 shares during the period. Vanguard Group Inc. owned 0.10% of Bank of New York Mellon worth $3,877,801,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also modified their holdings of BK. Norges Bank acquired a new position in Bank of New York Mellon in the 4th quarter valued at $813,701,000. KBC Group NV grew its stake in Bank of New York Mellon by 217.0% in the 4th quarter. KBC Group NV now owns 1,528,492 shares of the bank’s stock valued at $79,558,000 after buying an additional 1,046,298 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank grew its stake in Bank of New York Mellon by 153.5% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 1,554,532 shares of the bank’s stock valued at $80,913,000 after buying an additional 941,193 shares during the last quarter. Northern Trust Corp grew its stake in Bank of New York Mellon by 8.2% in the 3rd quarter. Northern Trust Corp now owns 9,453,880 shares of the bank’s stock valued at $403,208,000 after buying an additional 715,421 shares during the last quarter. Finally, Putnam Investments LLC grew its stake in Bank of New York Mellon by 224.9% in the 4th 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 during the last quarter. Institutional investors own 85.31% of the company’s stock.

Insider Activity

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

Analyst Ratings Changes

A number of research analysts recently issued reports on the stock. Bank of America raised 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 research note on Wednesday, April 17th. Royal Bank of Canada reiterated a “sector perform” rating and issued a $58.00 target price on shares of Bank of New York Mellon in a research note on Wednesday, March 27th. Jefferies Financial Group raised their price target on shares of Bank of New York Mellon from $67.00 to $68.00 and gave the stock a “buy” rating in a research report on Thursday, April 18th. Evercore ISI raised their price target on shares of Bank of New York Mellon from $57.00 to $61.00 and gave the stock an “in-line” rating in a research report on Thursday, April 4th. Finally, Morgan Stanley raised their price target 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 report on Thursday, April 18th. Five analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $60.17.

Bank of New York Mellon Price Performance

Shares of Bank of New York Mellon stock opened at $58.19 on Tuesday. The company has a debt-to-equity ratio of 0.90, a quick ratio of 0.71 and a current ratio of 0.71. The firm’s 50-day simple moving average is $57.79 and its 200-day simple moving average is $55.43. The Bank of New York Mellon Co. has a twelve month low of $39.66 and a twelve month high of $60.87. The firm has a market cap of $43.51 billion, a P/E ratio of 14.19, a price-to-earnings-growth ratio of 1.19 and a beta of 1.08.

Bank of New York Mellon (NYSE:BK) last issued its earnings results on Tuesday, April 16th. The bank reported $1.29 earnings per share for the quarter, beating the consensus estimate of $1.19 by $0.10. Bank of New York Mellon had a net margin of 9.48% and a return on equity of 11.80%. The business had revenue of $4.53 billion for the quarter, compared to analyst estimates of $4.39 billion. During the same period in the previous year, the business earned $1.13 EPS. The firm’s revenue was up 3.8% on a year-over-year basis. As a group, research analysts expect that The Bank of New York Mellon Co. will post 5.45 EPS for the current fiscal year.

Bank of New York Mellon Announces Dividend

The firm also recently announced 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. The ex-dividend date of this dividend was Thursday, April 25th. This represents a $1.68 annualized dividend and a dividend yield of 2.89%. Bank of New York Mellon’s dividend payout ratio (DPR) is currently 40.98%.

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.