The Bank of New York Mellon Co. (NYSE:BK) Shares Purchased by Arizona State Retirement System

Arizona State Retirement System grew its stake in shares of The Bank of New York Mellon Co. (NYSE:BK) by 0.4% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 218,716 shares of the bank’s stock after acquiring an additional 810 shares during the period. Arizona State Retirement System’s holdings in Bank of New York Mellon were worth $13,099,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Vanguard Group Inc. raised its position in shares of Bank of New York Mellon by 6.1% during the 4th quarter. Vanguard Group Inc. now owns 74,501,451 shares of the bank’s stock valued at $3,877,801,000 after acquiring an additional 4,293,751 shares in the last quarter. Artisan Partners Limited Partnership raised its holdings in shares of Bank of New York Mellon by 0.7% during the fourth quarter. Artisan Partners Limited Partnership now owns 19,793,539 shares of the bank’s stock worth $1,030,254,000 after purchasing an additional 144,162 shares during the period. Norges Bank bought a new position in shares of Bank of New York Mellon in the 4th quarter worth about $813,701,000. Victory Capital Management Inc. boosted its holdings in shares of Bank of New York Mellon by 2.2% in the 2nd quarter. Victory Capital Management Inc. now owns 8,192,345 shares of the bank’s stock valued at $490,640,000 after buying an additional 179,503 shares during the period. Finally, Dimensional Fund Advisors LP grew its position in shares of Bank of New York Mellon by 3.4% during the 4th quarter. Dimensional Fund Advisors LP now owns 6,758,152 shares of the bank’s stock valued at $351,775,000 after buying an additional 223,867 shares during the last quarter. Institutional investors own 85.31% of the company’s stock.

Bank of New York Mellon Trading Down 2.3 %

Shares of NYSE:BK opened at $66.41 on Friday. The company has a 50 day moving average of $64.20 and a 200-day moving average of $59.66. The company has a current ratio of 0.70, a quick ratio of 0.70 and a debt-to-equity ratio of 0.85. The firm has a market cap of $49.66 billion, a P/E ratio of 15.37, a P/E/G ratio of 1.18 and a beta of 1.09. The Bank of New York Mellon Co. has a twelve month low of $39.66 and a twelve month high of $68.60.

Bank of New York Mellon (NYSE:BK) last issued its quarterly 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 analyst estimates of $4.53 billion. During the same period last year, the company posted $1.38 EPS. The firm’s quarterly revenue was up 2.1% on a year-over-year basis. As a group, analysts anticipate that The Bank of New York Mellon Co. will post 5.63 earnings per share for the current fiscal year.

Bank of New York Mellon Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, August 2nd. Shareholders of record on Monday, July 22nd were given a $0.47 dividend. The ex-dividend date was Monday, July 22nd. This is a boost from Bank of New York Mellon’s previous quarterly dividend of $0.42. This represents a $1.88 annualized dividend and a yield of 2.83%. Bank of New York Mellon’s payout ratio is 43.52%.

Analysts Set New Price Targets

A number of brokerages have commented on BK. Barclays lifted their target price on 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. Morgan Stanley boosted 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. Deutsche Bank Aktiengesellschaft increased their target price on Bank of New York Mellon from $63.00 to $66.00 and gave the stock a “hold” rating in a research report on Thursday, August 15th. Citigroup downgraded shares of 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. Finally, 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 report on Monday, July 15th. Six equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $66.14.

Insider Buying and Selling at Bank of New York Mellon

In other news, VP Hanneke Smits sold 15,000 shares of Bank of New York Mellon 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 transaction, the vice president now owns 173,930 shares of the company’s stock, valued at approximately $11,150,652.30. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 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.