The Bank of New York Mellon Co. (NYSE:BK) Shares Sold by The Manufacturers Life Insurance Company

The Manufacturers Life Insurance Company lowered its holdings in The Bank of New York Mellon Co. (NYSE:BK) by 2.7% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 495,459 shares of the bank’s stock after selling 13,669 shares during the quarter. The Manufacturers Life Insurance Company’s holdings in Bank of New York Mellon were worth $29,673,000 as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in the business. Vanguard Group Inc. grew its position in 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 worth $3,877,801,000 after purchasing an additional 4,293,751 shares during the period. Marshall Wace LLP grew its holdings in Bank of New York Mellon by 99.4% during the second quarter. Marshall Wace LLP now owns 2,631,213 shares of the bank’s stock worth $157,583,000 after acquiring an additional 1,311,969 shares during the period. Panagora Asset Management Inc. grew its holdings in Bank of New York Mellon by 6,040.9% during the second quarter. Panagora Asset Management Inc. now owns 1,037,806 shares of the bank’s stock worth $62,154,000 after acquiring an additional 1,020,906 shares during the period. M&G Plc purchased a new position in Bank of New York Mellon during the first quarter valued at approximately $55,543,000. Finally, Putnam Investments LLC lifted its holdings in Bank of New York Mellon by 224.9% in the fourth quarter. Putnam Investments LLC now owns 1,001,056 shares of the bank’s stock valued at $52,105,000 after acquiring an additional 692,910 shares during the period. Hedge funds and other institutional investors own 85.31% of the company’s stock.

Bank of New York Mellon Stock Performance

Shares of Bank of New York Mellon stock opened at $71.86 on Tuesday. The firm has a market cap of $53.74 billion, a PE ratio of 16.63, a price-to-earnings-growth ratio of 1.24 and a beta of 1.08. The company has a quick ratio of 0.70, 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 $73.19. The business’s fifty day simple moving average is $66.91 and its 200-day simple moving average is $61.42.

Bank of New York Mellon (NYSE:BK) last announced its earnings results on Friday, July 12th. The bank reported $1.51 earnings per share for the quarter, topping the consensus estimate of $1.43 by $0.08. Bank of New York Mellon had a net margin of 9.40% and a return on equity of 11.87%. The company had revenue of $4.60 billion during the quarter, compared to analyst estimates of $4.53 billion. Bank of New York Mellon’s revenue was up 2.1% compared to the same quarter last year. During the same quarter last year, the firm posted $1.38 earnings per share. Equities analysts forecast that The Bank of New York Mellon Co. will post 5.63 earnings per share 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. Investors of record on Monday, July 22nd were issued a $0.47 dividend. This represents a $1.88 annualized dividend and a yield of 2.62%. The ex-dividend date of this dividend was 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 research firms recently weighed in on BK. Citigroup increased their price target on Bank of New York Mellon from $65.00 to $70.00 and gave the stock a “neutral” rating in a research report on Thursday, September 19th. Barclays raised their price target on shares of Bank of New York Mellon from $68.00 to $75.00 and gave the stock an “overweight” rating in a research note on Monday, July 15th. Morgan Stanley increased their price objective on shares of Bank of New York Mellon from $72.00 to $78.00 and gave the company an “equal weight” rating in a report on Monday. Deutsche Bank Aktiengesellschaft raised shares of Bank of New York Mellon from a “hold” rating to a “buy” rating and raised their target price for the stock from $66.00 to $80.00 in a research note on Monday, September 23rd. Finally, The Goldman Sachs Group increased their price target on Bank of New York Mellon from $74.00 to $80.00 and gave the company a “buy” rating in a report on Thursday, September 26th. Five analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to MarketBeat.com, Bank of New York Mellon presently has a consensus rating of “Moderate Buy” and an average price target of $69.38.

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 on Thursday, July 18th. The stock was sold at an average price of $64.11, for a total value of $961,650.00. Following the completion of the sale, the vice president now directly owns 173,930 shares of the company’s stock, valued at $11,150,652.30. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. 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.