The Bank of New York Mellon Co. (NYSE:BK) Shares Sold by Teachers Retirement System of The State of Kentucky

Teachers Retirement System of The State of Kentucky lowered its holdings in shares of The Bank of New York Mellon Co. (NYSE:BK) by 2.8% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 60,073 shares of the bank’s stock after selling 1,701 shares during the period. Teachers Retirement System of The State of Kentucky’s holdings in Bank of New York Mellon were worth $3,597,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently bought and sold shares of the business. Entropy Technologies LP acquired a new position in shares of Bank of New York Mellon in the first quarter valued at approximately $1,027,000. QRG Capital Management Inc. raised its position in Bank of New York Mellon by 6.9% during the 1st quarter. QRG Capital Management Inc. now owns 127,576 shares of the bank’s stock worth $7,351,000 after buying an additional 8,204 shares during the last quarter. Wakefield Asset Management LLLP acquired a new stake in shares of Bank of New York Mellon in the 1st quarter worth $3,740,000. Bessemer Group Inc. boosted its holdings in shares of Bank of New York Mellon by 128.8% in the first quarter. Bessemer Group Inc. now owns 30,755 shares of the bank’s stock valued at $1,771,000 after acquiring an additional 17,312 shares in the last quarter. Finally, Cibc World Markets Corp increased its stake in shares of Bank of New York Mellon by 42.8% during the fourth quarter. Cibc World Markets Corp now owns 178,631 shares of the bank’s stock worth $9,298,000 after acquiring an additional 53,552 shares during the period. 85.31% of the stock is owned by hedge funds and other institutional investors.

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 owns 173,930 shares of the company’s stock, valued at $11,150,652.30. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. 0.14% of the stock is currently owned by insiders.

Bank of New York Mellon Stock Performance

Bank of New York Mellon stock opened at $70.82 on Friday. The Bank of New York Mellon Co. has a fifty-two week low of $39.66 and a fifty-two week high of $73.19. The company has a market capitalization of $52.96 billion, a price-to-earnings ratio of 16.39, a PEG ratio of 1.24 and a beta of 1.08. The stock has a fifty day moving average of $67.33 and a two-hundred day moving average of $61.66. The company has a debt-to-equity ratio of 0.85, a quick ratio of 0.70 and a current ratio of 0.70.

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, beating 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 firm had revenue of $4.60 billion during the quarter, compared to the consensus estimate of $4.53 billion. During the same quarter in the previous year, the company posted $1.38 EPS. The firm’s revenue for the quarter was up 2.1% on a year-over-year basis. On average, analysts anticipate that The Bank of New York Mellon Co. will post 5.63 EPS for the current fiscal year.

Bank of New York Mellon Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, August 2nd. Shareholders of record on Monday, July 22nd were paid a $0.47 dividend. 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 2.65%. The ex-dividend date was Monday, July 22nd. Bank of New York Mellon’s payout ratio is presently 43.52%.

Analysts Set New Price Targets

A number of brokerages have weighed in on BK. 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. Morgan Stanley upped their price objective on Bank of New York Mellon from $72.00 to $78.00 and gave the stock an “equal weight” rating in a report on Monday. Citigroup raised their target price on Bank of New York Mellon from $65.00 to $70.00 and gave the company a “neutral” rating in a report on Thursday, September 19th. Evercore ISI upped their price target on shares of 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. Finally, Deutsche Bank Aktiengesellschaft upgraded shares of Bank of New York Mellon from a “hold” rating to a “buy” rating and raised their price objective for the company from $66.00 to $80.00 in a research note on Monday, September 23rd. Five investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $69.38.

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.