Kentucky Retirement Systems Sells 1,314 Shares of The Bank of New York Mellon Co. (NYSE:BK)

Kentucky Retirement Systems lessened its holdings in The Bank of New York Mellon Co. (NYSE:BK) by 2.3% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 56,353 shares of the bank’s stock after selling 1,314 shares during the quarter. Kentucky Retirement Systems’ holdings in Bank of New York Mellon were worth $3,375,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also recently bought and sold shares of the company. Olistico Wealth LLC bought a new position in Bank of New York Mellon in the 2nd quarter valued at $30,000. Able Wealth Management LLC purchased a new position in shares of Bank of New York Mellon during the 4th quarter valued at $32,000. Kathleen S. Wright Associates Inc. purchased a new position in shares of Bank of New York Mellon during the 1st quarter valued at $32,000. Clearstead Trust LLC purchased a new position in shares of Bank of New York Mellon during the 2nd quarter valued at $32,000. Finally, Family Firm Inc. purchased a new position in shares of Bank of New York Mellon during the 2nd quarter valued at $40,000. Institutional investors own 85.31% of the company’s stock.

Bank of New York Mellon Stock Performance

NYSE:BK opened at $71.71 on Friday. The business’s 50-day moving average price is $65.83 and its two-hundred day moving average price is $60.53. The Bank of New York Mellon Co. has a twelve month low of $39.66 and a twelve month high of $71.92. The stock has a market cap of $53.63 billion, a P/E ratio of 16.60, a PEG ratio of 1.17 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.

Bank of New York Mellon (NYSE:BK) last released its quarterly 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 return on equity of 11.87% and a net margin of 9.40%. The firm had revenue of $4.60 billion for the quarter, compared to analysts’ expectations of $4.53 billion. During the same quarter last year, the firm posted $1.38 EPS. The company’s revenue was up 2.1% compared to the same quarter last year. As a group, equities analysts predict 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 disclosed a quarterly dividend, which was paid on Friday, August 2nd. Stockholders of record on Monday, July 22nd were given a dividend of $0.47 per share. The ex-dividend date of this dividend was Monday, July 22nd. This is a positive change from Bank of New York Mellon’s previous quarterly dividend of $0.42. This represents a $1.88 annualized dividend and a dividend yield of 2.62%. Bank of New York Mellon’s dividend payout ratio is 43.52%.

Insider Activity

In other news, VP Hanneke Smits sold 15,000 shares of the stock in a transaction dated Thursday, July 18th. The stock was sold at an average price of $64.11, for a total transaction of $961,650.00. Following the transaction, the vice president now directly owns 173,930 shares in the company, valued at approximately $11,150,652.30. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 0.14% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts have recently commented on the company. Barclays upped their price target on Bank of New York Mellon from $68.00 to $75.00 and gave the company an “overweight” rating in a research report on Monday, July 15th. Evercore ISI upped their price target on Bank of New York Mellon from $61.00 to $66.00 and gave the company an “in-line” rating in a research report on Monday, July 15th. Keefe, Bruyette & Woods reaffirmed an “outperform” rating and set a $75.00 price target (up previously from $70.00) on shares of Bank of New York Mellon in a research report on Monday, July 15th. Citigroup upped their price target on Bank of New York Mellon from $65.00 to $70.00 and gave the company a “neutral” rating in a research report on Thursday. Finally, Deutsche Bank Aktiengesellschaft increased their price objective 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 research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to MarketBeat, Bank of New York Mellon currently has an average rating of “Moderate Buy” and a consensus target price of $66.59.

Bank of New York Mellon 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.