The Bank of New York Mellon Co. (NYSE:BK) Shares Sold by Kentucky Retirement Systems Insurance Trust Fund

Kentucky Retirement Systems Insurance Trust Fund cut its stake in The Bank of New York Mellon Co. (NYSE:BK) by 8.5% in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 25,059 shares of the bank’s stock after selling 2,340 shares during the quarter. Kentucky Retirement Systems Insurance Trust Fund’s holdings in Bank of New York Mellon were worth $1,444,000 as of its most recent SEC filing.

Several other institutional investors have also modified their holdings of the stock. Raymond James & Associates grew its position in Bank of New York Mellon by 21.9% in the fourth quarter. Raymond James & Associates now owns 573,982 shares of the bank’s stock worth $29,876,000 after acquiring an additional 102,983 shares during the period. CVA Family Office LLC acquired a new stake in shares of Bank of New York Mellon during the 4th quarter worth about $66,000. Raymond James Financial Services Advisors Inc. raised its holdings in Bank of New York Mellon by 1.0% in the 4th quarter. Raymond James Financial Services Advisors Inc. now owns 195,888 shares of the bank’s stock valued at $10,196,000 after buying an additional 1,878 shares during the period. Pacer Advisors Inc. lifted its position in Bank of New York Mellon by 5.4% in the fourth quarter. Pacer Advisors Inc. now owns 52,069 shares of the bank’s stock valued at $2,710,000 after buying an additional 2,658 shares during the last quarter. Finally, Ritholtz Wealth Management increased its position in shares of Bank of New York Mellon by 10.6% during the fourth quarter. Ritholtz Wealth Management now owns 23,937 shares of the bank’s stock valued at $1,246,000 after acquiring an additional 2,289 shares during the last quarter. Hedge funds and other institutional investors own 85.31% of the company’s stock.

Bank of New York Mellon Stock Up 0.8 %

Shares of NYSE:BK traded up $0.54 during trading hours on Friday, reaching $65.35. The stock had a trading volume of 3,898,661 shares, compared to its average volume of 4,424,193. The stock has a market capitalization of $48.87 billion, a price-to-earnings ratio of 15.13, a P/E/G ratio of 1.16 and a beta of 1.09. The firm’s 50 day moving average is $60.39 and its 200-day moving average is $57.52. The Bank of New York Mellon Co. has a 1 year low of $39.66 and a 1 year high of $65.90. The company has a debt-to-equity ratio of 0.85, a quick ratio of 0.71 and a current ratio of 0.70.

Bank of New York Mellon (NYSE:BK) last posted its quarterly earnings results on Friday, July 12th. The bank reported $1.51 earnings per share for the quarter, beating analysts’ consensus estimates of $1.43 by $0.08. Bank of New York Mellon had a return on equity of 11.87% and a net margin of 9.40%. The company had revenue of $4.60 billion for the quarter, compared to analysts’ expectations of $4.53 billion. During the same period last year, the firm earned $1.38 earnings per share. Bank of New York Mellon’s quarterly revenue was up 2.1% on a year-over-year basis. Research analysts predict that The Bank of New York Mellon Co. will post 5.58 earnings per share for the current fiscal year.

Bank of New York Mellon Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, August 2nd. Investors of record on Monday, July 22nd will be issued a $0.47 dividend. This represents a $1.88 dividend on an annualized basis and a yield of 2.88%. This is an increase from Bank of New York Mellon’s previous quarterly dividend of $0.42. The ex-dividend date of this dividend is Monday, July 22nd. Bank of New York Mellon’s dividend payout ratio is 43.52%.

Analysts Set New Price Targets

A number of equities analysts recently weighed in on BK shares. Citigroup cut shares of Bank of New York Mellon from a “buy” rating to a “neutral” rating and set a $65.00 price objective for the company. in a research report on Monday, July 15th. Morgan Stanley raised their price target on Bank of New York Mellon from $63.00 to $65.00 and gave the stock an “equal weight” rating in a research report on Monday, July 15th. Deutsche Bank Aktiengesellschaft boosted their price objective on Bank of New York Mellon from $61.00 to $63.00 and gave the company a “hold” rating in a report on Monday, July 15th. Bank of America raised their target price on Bank of New York Mellon from $64.00 to $66.00 and gave the company a “buy” rating in a report on Wednesday, April 17th. Finally, Barclays boosted their price target on shares of Bank of New York Mellon from $68.00 to $75.00 and gave the stock an “overweight” rating in a research note on Monday, July 15th. Six investment analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $65.23.

Insiders Place Their Bets

In related news, VP Senthilkumar Santhanakrishnan sold 15,643 shares of Bank of New York Mellon stock in a transaction on Wednesday, May 8th. The shares were sold at an average price of $57.65, for a total transaction of $901,818.95. Following the sale, the vice president now directly owns 144,721 shares in the company, valued at approximately $8,343,165.65. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In other Bank of New York Mellon news, VP Hanneke Smits sold 15,000 shares of the business’s stock in a transaction that occurred on Thursday, July 18th. The stock was sold at an average price of $64.11, for a total value of $961,650.00. Following the completion of the sale, the vice president now owns 173,930 shares in the company, valued at $11,150,652.30. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, VP Senthilkumar Santhanakrishnan sold 15,643 shares of the firm’s stock in a transaction that occurred on Wednesday, May 8th. The stock was sold at an average price of $57.65, for a total transaction of $901,818.95. Following the transaction, the vice president now owns 144,721 shares in the company, valued at $8,343,165.65. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 36,858 shares of company stock valued at $2,223,504. 0.14% of the stock is owned by corporate insiders.

Bank of New York Mellon 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.