Legal & General Group Plc grew its holdings in shares of Bank of New York Mellon Corp (NYSE:BK) by 1.4% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 5,524,366 shares of the bank’s stock after buying an additional 74,115 shares during the period. Legal & General Group Plc owned 0.62% of Bank of New York Mellon worth $186,461,000 as of its most recent filing with the Securities and Exchange Commission.
Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Quadrant Capital Group LLC increased its stake in shares of Bank of New York Mellon by 12.7% during the fourth quarter. Quadrant Capital Group LLC now owns 5,483 shares of the bank’s stock valued at $261,000 after acquiring an additional 618 shares during the period. Victory Capital Management Inc. boosted its stake in shares of Bank of New York Mellon by 15.7% during the 4th quarter. Victory Capital Management Inc. now owns 848,993 shares of the bank’s stock valued at $38,018,000 after buying an additional 115,443 shares during the period. Corient Capital Partners LLC acquired a new stake in shares of Bank of New York Mellon during the 4th quarter valued at $300,000. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. lifted its stake in shares of Bank of New York Mellon by 16.0% in the 4th quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. now owns 154,946 shares of the bank’s stock valued at $7,789,000 after purchasing an additional 21,393 shares during the last quarter. Finally, Howard Wealth Management LLC acquired a new position in Bank of New York Mellon during the 4th quarter worth $28,000. 81.67% of the stock is currently owned by institutional investors.
In other news, VP Bridget E. Engle sold 37,913 shares of the company’s stock in a transaction that occurred on Friday, April 17th. The shares were sold at an average price of $37.53, for a total transaction of $1,422,874.89. Following the transaction, the vice president now directly owns 100,160 shares in the company, valued at $3,759,004.80. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP J Kevin Mccarthy sold 10,000 shares of the company’s stock in a transaction that occurred on Friday, May 8th. The stock was sold at an average price of $35.12, for a total transaction of $351,200.00. Following the transaction, the executive vice president now owns 119,870 shares in the company, valued at $4,209,834.40. The disclosure for this sale can be found here. Insiders have sold 245,292 shares of company stock worth $8,743,527 over the last quarter. 0.12% of the stock is owned by company insiders.
A number of research analysts have weighed in on the stock. Credit Suisse Group cut their target price on shares of Bank of New York Mellon from $54.00 to $44.00 and set an “outperform” rating for the company in a research report on Monday, March 30th. Evercore ISI raised shares of Bank of New York Mellon from an “underperform” rating to an “in-line” rating in a research report on Sunday, April 19th. JPMorgan Chase & Co. raised shares of Bank of New York Mellon from an “underweight” rating to a “neutral” rating in a research report on Sunday, April 19th. Morgan Stanley boosted their price objective on shares of Bank of New York Mellon from $40.00 to $42.00 and gave the stock an “underweight” rating in a report on Monday, June 1st. Finally, Keefe, Bruyette & Woods upgraded shares of Bank of New York Mellon from a “market perform” rating to an “outperform” rating and set a $49.00 price objective on the stock in a report on Wednesday, April 1st. Three research analysts have rated the stock with a sell rating, eight have assigned a hold rating and seven have issued a buy rating to the company. Bank of New York Mellon has an average rating of “Hold” and an average target price of $43.57.
NYSE:BK traded down $1.55 on Thursday, reaching $38.40. The stock had a trading volume of 3,891,641 shares, compared to its average volume of 6,441,004. The company has a market capitalization of $35.73 billion, a P/E ratio of 8.59, a price-to-earnings-growth ratio of 1.50 and a beta of 1.10. Bank of New York Mellon Corp has a 1-year low of $26.40 and a 1-year high of $51.60. The company has a quick ratio of 0.72, a current ratio of 0.72 and a debt-to-equity ratio of 0.77. The stock has a fifty day moving average price of $36.26 and a 200-day moving average price of $41.72.
Bank of New York Mellon (NYSE:BK) last released its quarterly earnings results on Thursday, April 16th. The bank reported $1.05 EPS for the quarter, beating the Zacks’ consensus estimate of $0.90 by $0.15. The firm had revenue of $3.32 billion for the quarter, compared to analyst estimates of $3.87 billion. Bank of New York Mellon had a net margin of 21.60% and a return on equity of 10.59%. The company’s revenue for the quarter was down 14.8% compared to the same quarter last year. During the same period in the previous year, the business earned $0.94 earnings per share. Sell-side analysts predict that Bank of New York Mellon Corp will post 3.52 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Monday, June 22nd. Shareholders of record on Friday, June 5th will be given a $0.31 dividend. This represents a $1.24 dividend on an annualized basis and a yield of 3.23%. Bank of New York Mellon’s dividend payout ratio (DPR) is presently 30.85%.
Bank of New York Mellon Profile
The Bank of New York Mellon Corporation provides a range of financial products and services to institutions, corporations, and high net worth individuals in the United States and internationally. The company operates through two segments, Investment Management and Investment Services. It offers investment management, custody, foreign exchange, fund broker-dealer, collateral and liquidity, clearing, corporate trust, global payment, trade finance, and cash management services, as well as securities finance and depositary receipts.
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