The Bank of New York Mellon Co. (NYSE:BK) Shares Bought by Rafferty Asset Management LLC

Rafferty Asset Management LLC grew its position in shares of The Bank of New York Mellon Co. (NYSE:BK) by 2.5% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 256,522 shares of the bank’s stock after purchasing an additional 6,337 shares during the period. Rafferty Asset Management LLC’s holdings in Bank of New York Mellon were worth $19,709,000 at the end of the most recent quarter.

Several other hedge funds also recently modified their holdings of the company. FMR LLC boosted its stake in shares of Bank of New York Mellon by 19.3% during the 4th quarter. FMR LLC now owns 23,071,584 shares of the bank’s stock worth $1,772,590,000 after purchasing an additional 3,732,862 shares during the last quarter. Norges Bank acquired a new stake in shares of Bank of New York Mellon during the 4th quarter worth about $1,150,462,000. Ameriprise Financial Inc. boosted its stake in shares of Bank of New York Mellon by 0.3% during the 4th quarter. Ameriprise Financial Inc. now owns 11,821,988 shares of the bank’s stock worth $908,281,000 after purchasing an additional 35,413 shares during the last quarter. Northern Trust Corp boosted its stake in shares of Bank of New York Mellon by 19.1% during the 4th quarter. Northern Trust Corp now owns 9,533,615 shares of the bank’s stock worth $732,468,000 after purchasing an additional 1,526,686 shares during the last quarter. Finally, Arrowstreet Capital Limited Partnership boosted its stake in shares of Bank of New York Mellon by 17.0% during the 4th quarter. Arrowstreet Capital Limited Partnership now owns 7,751,219 shares of the bank’s stock worth $595,526,000 after purchasing an additional 1,125,493 shares during the last quarter. 85.31% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research firms recently issued reports on BK. StockNews.com cut shares of Bank of New York Mellon from a “buy” rating to a “hold” rating in a research report on Wednesday, February 19th. Bank of America raised their target price on shares of Bank of New York Mellon from $90.00 to $95.00 and gave the stock a “buy” rating in a research report on Thursday, January 16th. Morgan Stanley decreased their target price on shares of Bank of New York Mellon from $99.00 to $98.00 and set an “overweight” rating on the stock in a research report on Wednesday, April 2nd. Wells Fargo & Company raised their target price on shares of Bank of New York Mellon from $86.00 to $96.00 and gave the stock an “equal weight” rating in a research report on Monday, March 3rd. Finally, Deutsche Bank Aktiengesellschaft raised their target price on shares of Bank of New York Mellon from $94.00 to $98.00 and gave the stock a “buy” rating in a research report on Thursday, January 16th. Six equities research analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. Based on data from MarketBeat, Bank of New York Mellon presently has an average rating of “Moderate Buy” and a consensus price target of $91.31.

Insider Activity

In other news, insider Kurtis R. Kurimsky sold 5,641 shares of Bank of New York Mellon stock in a transaction that occurred on Monday, April 14th. The shares were sold at an average price of $77.50, for a total transaction of $437,177.50. Following the sale, the insider now owns 21,679 shares in the company, valued at $1,680,122.50. This trade represents a 20.65% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, VP Catherine Keating sold 65,473 shares of Bank of New York Mellon stock in a transaction that occurred on Monday, April 14th. The shares were sold at an average price of $77.31, for a total transaction of $5,061,717.63. Following the sale, the vice president now owns 87,542 shares in the company, valued at $6,767,872.02. This represents a 42.79% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 101,114 shares of company stock worth $7,869,795 over the last 90 days. Company insiders own 0.14% of the company’s stock.

Bank of New York Mellon Trading Up 1.5%

NYSE BK opened at $89.30 on Friday. The Bank of New York Mellon Co. has a one year low of $57.18 and a one year high of $90.34. The company’s 50 day moving average price is $80.89 and its 200 day moving average price is $81.24. The company has a debt-to-equity ratio of 0.83, a quick ratio of 0.70 and a current ratio of 0.69. The firm has a market capitalization of $63.89 billion, a price-to-earnings ratio of 15.37, a PEG ratio of 0.97 and a beta of 1.05.

Bank of New York Mellon (NYSE:BK) last posted its quarterly earnings results on Friday, April 11th. The bank reported $1.58 EPS for the quarter, beating the consensus estimate of $1.50 by $0.08. Bank of New York Mellon had a net margin of 11.35% and a return on equity of 12.68%. The firm had revenue of $4.79 billion for the quarter, compared to analyst estimates of $4.76 billion. During the same quarter last year, the firm posted $1.29 earnings per share. Bank of New York Mellon’s revenue for the quarter was up 5.9% compared to the same quarter last year. On average, sell-side analysts predict that The Bank of New York Mellon Co. will post 6.96 EPS for the current year.

Bank of New York Mellon Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, May 2nd. Investors of record on Monday, April 21st were issued a $0.47 dividend. The ex-dividend date of this dividend was Monday, April 21st. This represents a $1.88 annualized dividend and a yield of 2.11%. Bank of New York Mellon’s payout ratio is 30.62%.

About Bank of New York Mellon

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.