Principal Financial Group Inc. Has $63.51 Million Stock Position in The Bank of New York Mellon Co. (NYSE:BK)

Principal Financial Group Inc. raised its stake in The Bank of New York Mellon Co. (NYSE:BK) by 1.7% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 883,853 shares of the bank’s stock after acquiring an additional 14,916 shares during the quarter. Principal Financial Group Inc. owned about 0.12% of Bank of New York Mellon worth $63,514,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors also recently modified their holdings of the stock. Franklin Resources Inc. increased its holdings in shares of Bank of New York Mellon by 8.3% in the third quarter. Franklin Resources Inc. now owns 2,252,729 shares of the bank’s stock valued at $172,348,000 after purchasing an additional 173,347 shares in the last quarter. Synovus Financial Corp increased its stake in shares of Bank of New York Mellon by 5.6% in the 3rd quarter. Synovus Financial Corp now owns 13,241 shares of the bank’s stock valued at $952,000 after buying an additional 700 shares during the period. Tidal Investments LLC raised its position in shares of Bank of New York Mellon by 7.1% during the third quarter. Tidal Investments LLC now owns 33,764 shares of the bank’s stock worth $2,426,000 after acquiring an additional 2,240 shares during the last quarter. Wilmington Savings Fund Society FSB lifted its stake in shares of Bank of New York Mellon by 340.8% during the third quarter. Wilmington Savings Fund Society FSB now owns 27,991 shares of the bank’s stock valued at $2,011,000 after acquiring an additional 21,641 shares during the period. Finally, World Investment Advisors LLC bought a new position in Bank of New York Mellon in the third quarter valued at about $2,617,000. 85.31% of the stock is owned by institutional investors.

Bank of New York Mellon Price Performance

NYSE BK opened at $77.62 on Friday. The company has a debt-to-equity ratio of 0.89, a quick ratio of 0.70 and a current ratio of 0.70. The stock has a market cap of $56.44 billion, a price-to-earnings ratio of 16.87, a PEG ratio of 0.91 and a beta of 1.07. The business has a 50 day simple moving average of $78.20 and a 200 day simple moving average of $69.68. The Bank of New York Mellon Co. has a 52-week low of $50.90 and a 52-week high of $82.72.

Bank of New York Mellon (NYSE:BK) last issued its quarterly earnings data on Friday, October 11th. The bank reported $1.52 EPS for the quarter, topping analysts’ consensus estimates of $1.41 by $0.11. The business had revenue of $4.65 billion for the quarter, compared to analyst estimates of $4.52 billion. Bank of New York Mellon had a net margin of 9.44% and a return on equity of 12.06%. Analysts anticipate that The Bank of New York Mellon Co. will post 5.84 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, November 1st. Stockholders of record on Monday, October 21st were given a dividend of $0.47 per share. The ex-dividend date of this dividend was Monday, October 21st. This represents a $1.88 annualized dividend and a dividend yield of 2.42%. Bank of New York Mellon’s dividend payout ratio is currently 40.87%.

Wall Street Analyst Weigh In

Several analysts have weighed in on BK shares. Royal Bank of Canada reissued a “sector perform” rating and set a $79.00 price objective on shares of Bank of New York Mellon in a report on Monday, October 14th. UBS Group increased their price objective on shares of Bank of New York Mellon from $73.00 to $82.00 and gave the company a “buy” rating in a report on Tuesday, October 8th. Morgan Stanley raised shares of Bank of New York Mellon from an “equal weight” rating to an “overweight” rating and lifted their target price for the stock from $82.00 to $94.00 in a report on Monday, December 9th. Wells Fargo & Company increased their price target on Bank of New York Mellon from $79.00 to $81.00 and gave the company an “equal weight” rating in a research note on Friday, November 15th. Finally, Barclays lifted their price objective on Bank of New York Mellon from $75.00 to $86.00 and gave the stock an “overweight” rating in a research note on Monday, October 14th. Four investment analysts have rated the stock with a hold rating and ten have given a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $81.00.

Insider Buying and Selling

In other Bank of New York Mellon news, EVP J Kevin Mccarthy sold 25,000 shares of the business’s stock in a transaction dated Tuesday, October 15th. The shares were sold at an average price of $76.31, for a total transaction of $1,907,750.00. Following the sale, the executive vice president now directly owns 75,404 shares of the company’s stock, valued at $5,754,079.24. The trade was a 24.90 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. Also, VP Hanneke Smits sold 16,475 shares of the firm’s stock in a transaction dated Tuesday, October 15th. The shares were sold at an average price of $76.47, for a total value of $1,259,843.25. Following the completion of the transaction, the vice president now owns 157,455 shares of the company’s stock, valued at $12,040,583.85. The trade was a 9.47 % decrease in their position. The disclosure for this sale can be found here. 0.14% of the stock is owned by corporate insiders.

Bank of New York Mellon Company Profile

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.