The Bank of New York Mellon Co. (NYSE:BK) Shares Purchased by LSV Asset Management

LSV Asset Management grew its position in shares of The Bank of New York Mellon Co. (NYSE:BK) by 1.0% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 7,372,209 shares of the bank’s stock after purchasing an additional 72,880 shares during the period. Bank of New York Mellon accounts for about 0.8% of LSV Asset Management’s investment portfolio, making the stock its 19th largest position. LSV Asset Management owned about 0.96% of Bank of New York Mellon worth $383,723,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also modified their holdings of the company. Hartford Financial Management Inc. increased its stake in Bank of New York Mellon by 41.4% in the fourth quarter. Hartford Financial Management Inc. now owns 625 shares of the bank’s stock valued at $33,000 after purchasing an additional 183 shares during the last quarter. Addison Advisors LLC increased its stake 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 valued at $37,000 after acquiring an additional 754 shares during the last quarter. First Command Advisory Services Inc. purchased a new position in shares of Bank of New York Mellon during the 3rd quarter worth about $38,000. Blue Trust Inc. boosted its position in shares of Bank of New York Mellon by 159.2% in the fourth quarter. Blue Trust Inc. now owns 858 shares of the bank’s stock worth $45,000 after acquiring an additional 527 shares during the last quarter. Finally, Stonehage Fleming Financial Services Holdings Ltd purchased a new stake in Bank of New York Mellon in the third quarter valued at approximately $49,000. 85.31% of the stock is currently owned by hedge funds and other institutional investors.

Bank of New York Mellon Stock Up 0.7 %

Shares of BK traded up $0.40 during mid-day trading on Friday, reaching $57.00. 2,214,001 shares of the stock traded hands, compared to its average volume of 3,813,908. The stock has a fifty day simple moving average of $56.16 and a 200 day simple moving average of $52.30. The Bank of New York Mellon Co. has a 12-month low of $39.65 and a 12-month high of $58.28. The company has a quick ratio of 0.72, a current ratio of 0.71 and a debt-to-equity ratio of 0.90. The firm has a market cap of $42.91 billion, a price-to-earnings ratio of 13.90, a P/E/G ratio of 1.23 and a beta of 1.11.

Bank of New York Mellon (NYSE:BK) last released its quarterly earnings results on Tuesday, April 16th. The bank reported $1.29 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.19 by $0.10. The firm had revenue of $4.53 billion for the quarter, compared to the consensus estimate of $4.39 billion. Bank of New York Mellon had a net margin of 9.48% and a return on equity of 11.80%. The firm’s quarterly revenue was up 3.8% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.13 EPS. Sell-side analysts expect that The Bank of New York Mellon Co. will post 5.43 EPS for the current fiscal year.

Bank of New York Mellon Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, May 9th. Investors of record on Friday, April 26th will be issued a $0.42 dividend. This represents a $1.68 dividend on an annualized basis and a yield of 2.95%. The ex-dividend date of this dividend is Thursday, April 25th. Bank of New York Mellon’s dividend payout ratio is currently 40.98%.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on BK. Jefferies Financial Group lifted their price target on shares of Bank of New York Mellon from $67.00 to $68.00 and gave the company a “buy” rating in a report on Thursday, April 18th. Bank of America boosted their price target on Bank of New York Mellon from $64.00 to $66.00 and gave the company a “buy” rating in a research report on Wednesday, April 17th. Citigroup upped their price target on Bank of New York Mellon from $60.00 to $65.00 and gave the stock a “buy” rating in a research note on Wednesday, February 14th. Morgan Stanley boosted their target price on Bank of New York Mellon from $62.00 to $63.00 and gave the stock an “equal weight” rating in a report on Thursday, April 18th. Finally, UBS Group increased their target price on shares of Bank of New York Mellon from $54.00 to $62.00 and gave the stock a “buy” rating in a research report on Tuesday, January 9th. Five investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $60.17.

Insider Buying and Selling at Bank of New York Mellon

In related news, VP Catherine Keating sold 4,498 shares of Bank of New York Mellon 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 sale, the vice president now owns 123,490 shares in the company, valued at $6,768,486.90. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. In other news, VP Catherine Keating sold 4,498 shares of the stock in a transaction dated Thursday, February 8th. The shares were sold at an average price of $54.81, for a total transaction of $246,535.38. Following the transaction, the vice president now owns 123,490 shares of the company’s stock, valued at $6,768,486.90. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP J Kevin Mccarthy sold 40,000 shares of Bank of New York Mellon stock in a transaction dated Friday, April 19th. The stock was sold at an average price of $56.15, for a total value of $2,246,000.00. Following the completion of the transaction, the executive vice president now owns 100,404 shares of the company’s stock, valued at $5,637,684.60. The disclosure for this sale can be found here. Insiders sold a total of 98,568 shares of company stock worth $5,459,897 in the last 90 days. 0.14% of the stock is owned by corporate insiders.

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.