State of Michigan Retirement System Sells 5,500 Shares of The Bank of New York Mellon Co. (NYSE:BK)

State of Michigan Retirement System trimmed its stake in shares of The Bank of New York Mellon Co. (NYSE:BK) by 2.5% in the 2nd quarter, HoldingsChannel.com reports. The fund owned 218,355 shares of the bank’s stock after selling 5,500 shares during the period. State of Michigan Retirement System’s holdings in Bank of New York Mellon were worth $13,077,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in the stock. International Assets Investment Management LLC bought a new stake in Bank of New York Mellon in the fourth quarter worth $7,754,000. Tokio Marine Asset Management Co. Ltd. increased its stake in Bank of New York Mellon by 8.9% during the fourth quarter. Tokio Marine Asset Management Co. Ltd. now owns 17,352 shares of the bank’s stock worth $903,000 after acquiring an additional 1,411 shares during the last quarter. Syon Capital LLC bought a new position in shares of Bank of New York Mellon during the 4th quarter valued at approximately $233,000. Spinnaker Trust bought a new stake in Bank of New York Mellon in the fourth quarter worth $209,000. Finally, Truist Financial Corp boosted its stake in Bank of New York Mellon by 33.2% during the fourth quarter. Truist Financial Corp now owns 1,297,698 shares of the bank’s stock worth $67,545,000 after buying an additional 323,343 shares during the period. Institutional investors own 85.31% of the company’s stock.

Insider Transactions at Bank of New York Mellon

In related news, VP Hanneke Smits sold 15,000 shares of the business’s stock in a transaction dated Thursday, July 18th. The shares were 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 of the company’s stock, valued at $11,150,652.30. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Company insiders own 0.14% of the company’s stock.

Wall Street Analysts Forecast Growth

BK has been the topic of several research analyst reports. Morgan Stanley upped their price objective on Bank of New York Mellon from $65.00 to $72.00 and gave the company an “equal weight” rating in a research report on Tuesday, July 30th. Keefe, Bruyette & Woods reiterated an “outperform” rating and issued a $75.00 price target (up previously from $70.00) on shares of Bank of New York Mellon in a report on Monday, July 15th. Barclays raised their target price on shares of Bank of New York Mellon from $68.00 to $75.00 and gave the company an “overweight” rating in a research note on Monday, July 15th. Citigroup lowered Bank of New York Mellon from a “buy” rating to a “neutral” rating and set a $65.00 price objective for the company. in a report on Monday, July 15th. Finally, Deutsche Bank Aktiengesellschaft raised their price target on Bank of New York Mellon from $63.00 to $66.00 and gave the stock a “hold” rating in a report on Thursday, August 15th. Six equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat.com, Bank of New York Mellon presently has a consensus rating of “Moderate Buy” and a consensus target price of $66.14.

Bank of New York Mellon Stock Up 0.9 %

Shares of BK opened at $67.00 on Tuesday. 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 52-week low of $39.66 and a 52-week high of $67.32. The stock has a fifty day simple moving average of $62.67 and a two-hundred day simple moving average of $58.93. The company has a market capitalization of $50.10 billion, a PE ratio of 15.51, a price-to-earnings-growth ratio of 1.14 and a beta of 1.09.

Bank of New York Mellon (NYSE:BK) last announced its quarterly earnings data on Friday, July 12th. The bank reported $1.51 earnings per share (EPS) for the quarter, beating the consensus estimate 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 business had revenue of $4.60 billion during the quarter, compared to analysts’ expectations of $4.53 billion. During the same quarter last year, the business posted $1.38 EPS. The business’s quarterly revenue was up 2.1% compared to the same quarter last year. As a group, equities analysts forecast that The Bank of New York Mellon Co. will post 5.6 EPS for the current year.

Bank of New York Mellon Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, August 2nd. Stockholders of record on Monday, July 22nd were issued a $0.47 dividend. The ex-dividend date of this dividend was Monday, July 22nd. This represents a $1.88 dividend on an annualized basis and a dividend yield of 2.81%. This is a positive change from Bank of New York Mellon’s previous quarterly dividend of $0.42. Bank of New York Mellon’s payout ratio is presently 43.52%.

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.