Duality Advisers LP Acquires New Position in The Bank of New York Mellon Co. (NYSE:BK)

Duality Advisers LP bought a new position in The Bank of New York Mellon Co. (NYSE:BK) during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor bought 94,511 shares of the bank’s stock, valued at approximately $5,446,000. Bank of New York Mellon makes up about 0.5% of Duality Advisers LP’s holdings, making the stock its 27th largest position.

Several other institutional investors and hedge funds also recently made changes to their positions in BK. Norges Bank purchased a new stake in Bank of New York Mellon during the fourth quarter valued at approximately $813,701,000. Vanguard Group Inc. boosted its stake in shares of Bank of New York Mellon by 6.1% during the fourth quarter. Vanguard Group Inc. now owns 74,501,451 shares of the bank’s stock valued at $3,877,801,000 after purchasing an additional 4,293,751 shares during the period. KBC Group NV grew its stake in Bank of New York Mellon by 217.0% in the 4th quarter. KBC Group NV now owns 1,528,492 shares of the bank’s stock worth $79,558,000 after acquiring an additional 1,046,298 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank boosted its holdings in shares of Bank of New York Mellon by 153.5% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 1,554,532 shares of the bank’s stock valued at $80,913,000 after purchasing an additional 941,193 shares during the period. Finally, Putnam Investments LLC increased its stake in shares of Bank of New York Mellon by 224.9% during the fourth quarter. Putnam Investments LLC now owns 1,001,056 shares of the bank’s stock valued at $52,105,000 after buying an additional 692,910 shares during the period. Institutional investors own 85.31% of the company’s stock.

Insider Transactions at Bank of New York Mellon

In other news, VP Catherine Keating sold 54,070 shares of the firm’s stock in a transaction that occurred on Thursday, April 18th. The shares were sold at an average price of $54.88, for a total transaction of $2,967,361.60. Following the completion of the sale, the vice president now owns 78,350 shares in the company, valued at approximately $4,299,848. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In other Bank of New York Mellon news, VP Senthilkumar Santhanakrishnan sold 15,643 shares of Bank of New York Mellon stock in a transaction dated Wednesday, May 8th. The stock was sold at an average price of $57.65, for a total value of $901,818.95. Following the completion of the transaction, the vice president now directly owns 144,721 shares of the company’s stock, valued at approximately $8,343,165.65. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, VP Catherine Keating sold 54,070 shares of the business’s stock in a transaction dated Thursday, April 18th. The stock was sold at an average price of $54.88, for a total transaction of $2,967,361.60. Following the sale, the vice president now owns 78,350 shares in the company, valued at $4,299,848. The disclosure for this sale can be found here. Insiders have sold 115,928 shares of company stock valued at $6,475,216 over the last ninety days. Insiders own 0.14% of the company’s stock.

Analysts Set New Price Targets

A number of analysts have weighed in on BK shares. Jefferies Financial Group upped their target price on Bank of New York Mellon from $67.00 to $68.00 and gave the stock a “buy” rating in a report on Thursday, April 18th. Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $58.00 price objective on shares of Bank of New York Mellon in a research report on Wednesday, March 27th. Evercore ISI reissued an “in-line” rating and set a $61.00 target price on shares of Bank of New York Mellon in a research report on Wednesday, July 3rd. Morgan Stanley raised their price objective on Bank of New York Mellon from $62.00 to $63.00 and gave the stock an “equal weight” rating in a research report on Thursday, April 18th. Finally, Keefe, Bruyette & Woods upgraded Bank of New York Mellon from a “market perform” rating to an “outperform” rating and increased their price target for the company from $60.00 to $70.00 in a research note on Thursday, June 27th. Five research analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. According to MarketBeat.com, Bank of New York Mellon presently has an average rating of “Moderate Buy” and a consensus price target of $61.15.

Bank of New York Mellon Price Performance

Shares of NYSE:BK traded up $3.17 during midday trading on Friday, reaching $64.64. 6,382,113 shares of the company’s stock traded hands, compared to its average volume of 3,707,535. The company has a market cap of $48.34 billion, a P/E ratio of 15.75, a PEG ratio of 1.23 and a beta of 1.09. The company has a fifty day simple moving average of $59.04 and a two-hundred day simple moving average of $56.56. The company has a debt-to-equity ratio of 0.90, a quick ratio of 0.71 and a current ratio of 0.71. The Bank of New York Mellon Co. has a 1 year low of $39.66 and a 1 year high of $64.93.

Bank of New York Mellon (NYSE:BK) last released its earnings results on Friday, July 12th. The bank reported $1.51 EPS for the quarter, topping analysts’ consensus estimates of $1.41 by $0.10. The business had revenue of $4.60 billion during the quarter, compared to analysts’ expectations of $4.53 billion. Bank of New York Mellon had a net margin of 9.48% and a return on equity of 11.80%. The company’s quarterly revenue was up 2.1% on a year-over-year basis. During the same quarter in the previous year, the company earned $1.38 earnings per share. Equities analysts predict that The Bank of New York Mellon Co. will post 5.47 EPS for the current fiscal year.

Bank of New York Mellon Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, August 2nd. Shareholders of record on Monday, July 22nd will be issued a dividend of $0.47 per share. This represents a $1.88 dividend on an annualized basis and a dividend yield of 2.91%. This is a boost from Bank of New York Mellon’s previous quarterly dividend of $0.42. Bank of New York Mellon’s dividend payout ratio is presently 40.98%.

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.