State of Michigan Retirement System Trims Stock Holdings in The Bank of New York Mellon Co. (NYSE:BK)

State of Michigan Retirement System decreased its position in The Bank of New York Mellon Co. (NYSE:BKFree Report) by 3.0% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 226,355 shares of the bank’s stock after selling 6,900 shares during the quarter. State of Michigan Retirement System’s holdings in Bank of New York Mellon were worth $11,782,000 as of its most recent SEC filing.

Other hedge funds also recently made changes to their positions in the company. Brown Brothers Harriman & Co. raised its stake in shares of Bank of New York Mellon by 97.1% in the 1st quarter. Brown Brothers Harriman & Co. now owns 609 shares of the bank’s stock worth $30,000 after buying an additional 300 shares in the last quarter. Sunbelt Securities Inc. acquired a new position in shares of Bank of New York Mellon during the 1st quarter worth about $36,000. Addison Advisors LLC lifted its position in shares of Bank of New York Mellon by 603.2% during the 3rd quarter. Addison Advisors LLC now owns 879 shares of the bank’s stock worth $37,000 after purchasing an additional 754 shares during the last quarter. First Command Advisory Services Inc. acquired a new position in shares of Bank of New York Mellon during the 3rd quarter worth about $38,000. Finally, Blue Trust Inc. raised its holdings in Bank of New York Mellon by 159.2% in the 4th quarter. Blue Trust Inc. now owns 858 shares of the bank’s stock valued at $45,000 after acquiring an additional 527 shares in the last quarter. Institutional investors and hedge funds own 85.31% of the company’s stock.

Bank of New York Mellon Stock Up 0.2 %

NYSE BK opened at $57.05 on Wednesday. The firm has a market cap of $42.95 billion, a PE ratio of 14.37, a price-to-earnings-growth ratio of 1.22 and a beta of 1.12. The Bank of New York Mellon Co. has a one year low of $39.65 and a one year high of $57.88. The stock’s 50 day simple moving average is $55.58 and its 200 day simple moving average is $50.08. The company has a debt-to-equity ratio of 0.87, a current ratio of 0.72 and a quick ratio of 0.72.

Bank of New York Mellon (NYSE:BKGet Free Report) last released its quarterly earnings results on Friday, January 12th. The bank reported $1.28 EPS for the quarter, topping analysts’ consensus estimates of $1.12 by $0.16. The business had revenue of $4.31 billion for the quarter, compared to analyst estimates of $4.30 billion. Bank of New York Mellon had a return on equity of 11.63% and a net margin of 10.01%. Bank of New York Mellon’s revenue for the quarter was up 10.0% on a year-over-year basis. During the same period in the prior year, the company earned $1.30 EPS. As a group, sell-side analysts forecast that The Bank of New York Mellon Co. will post 5.26 earnings per share for the current fiscal year.

Bank of New York Mellon Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, February 2nd. Shareholders of record on Monday, January 22nd were given a $0.42 dividend. The ex-dividend date of this dividend was Friday, January 19th. This represents a $1.68 dividend on an annualized basis and a yield of 2.94%. Bank of New York Mellon’s payout ratio is 42.32%.

Analyst Upgrades and Downgrades

Several research firms have commented on BK. UBS Group upped their price target on Bank of New York Mellon from $54.00 to $62.00 and gave the company a “buy” rating in a report on Tuesday, January 9th. Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $58.00 price target on shares of Bank of New York Mellon in a report on Wednesday, March 27th. JPMorgan Chase & Co. raised Bank of New York Mellon from a “neutral” rating to an “overweight” rating and set a $54.50 price target for the company in a report on Monday, December 18th. Citigroup upped their price target on Bank of New York Mellon from $60.00 to $65.00 and gave the company a “buy” rating in a report on Wednesday, February 14th. Finally, Morgan Stanley upgraded Bank of New York Mellon from an “underweight” rating to an “equal weight” rating and upped their price objective for the company from $52.00 to $62.00 in a research note on Tuesday, January 30th. Six analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $55.65.

View Our Latest Analysis on Bank of New York Mellon

Insider Buying and Selling at Bank of New York Mellon

In other Bank of New York Mellon news, VP Catherine Keating sold 4,498 shares of the stock in a transaction on Thursday, February 8th. The stock was sold at an average price of $54.81, for a total value of $246,535.38. Following the transaction, the vice president now directly owns 123,490 shares in the company, valued at approximately $6,768,486.90. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In other news, VP Hanneke Smits sold 15,425 shares of the stock in a transaction on Tuesday, January 16th. The stock was sold at an average price of $55.16, for a total value of $850,843.00. Following the transaction, the vice president now owns 119,656 shares of the company’s stock, valued at approximately $6,600,224.96. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, VP Catherine Keating sold 4,498 shares of the stock in a transaction on Thursday, February 8th. The shares were sold at an average price of $54.81, for a total value of $246,535.38. Following the completion of the transaction, the vice president now directly owns 123,490 shares in the company, valued at approximately $6,768,486.90. The disclosure for this sale can be found here. Corporate insiders own 0.14% of the company’s stock.

Bank of New York Mellon Profile

(Free Report)

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.

See Also

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Institutional Ownership by Quarter for Bank of New York Mellon (NYSE:BK)

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