7,930 Shares in The Bank of New York Mellon Co. (NYSE:BK) Bought by Magnetar Financial LLC

Magnetar Financial LLC bought a new stake 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 & Exchange Commission. The firm bought 7,930 shares of the bank’s stock, valued at approximately $457,000.

Other institutional investors and hedge funds have also modified their holdings of the company. Wetzel Investment Advisors Inc. grew its stake in Bank of New York Mellon by 82.1% during the 1st quarter. Wetzel Investment Advisors Inc. now owns 510 shares of the bank’s stock valued at $28,000 after acquiring an additional 230 shares in the last quarter. Atlantic Edge Private Wealth Management LLC acquired a new stake in shares of Bank of New York Mellon during the fourth quarter valued at about $28,000. Able Wealth Management LLC purchased a new stake in shares of Bank of New York Mellon in the 4th quarter valued at approximately $32,000. Kathleen S. Wright Associates Inc. acquired a new position in shares of Bank of New York Mellon in the 1st quarter worth approximately $32,000. Finally, Hartford Financial Management Inc. increased its holdings in Bank of New York Mellon by 41.4% in the 4th 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. Hedge funds and other institutional investors own 85.31% of the company’s stock.

Insiders Place Their Bets

In other news, VP Senthilkumar Santhanakrishnan sold 15,643 shares of Bank of New York Mellon stock in a transaction that occurred 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 completion of the sale, the vice president now directly owns 144,721 shares in the company, valued at approximately $8,343,165.65. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other Bank of New York Mellon news, insider Kurtis R. Kurimsky sold 6,215 shares of the firm’s stock in a transaction dated Tuesday, May 7th. The stock was sold at an average price of $57.93, for a total value of $360,034.95. Following the sale, the insider now directly owns 24,346 shares of the company’s stock, valued at approximately $1,410,363.78. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, VP Senthilkumar Santhanakrishnan sold 15,643 shares of the company’s stock in a transaction dated Wednesday, May 8th. The shares were sold at an average price of $57.65, for a total transaction of $901,818.95. Following the transaction, the vice president now directly owns 144,721 shares of the company’s stock, valued at approximately $8,343,165.65. The disclosure for this sale can be found here. Over the last three months, insiders have sold 36,858 shares of company stock worth $2,223,504. 0.14% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on BK shares. Morgan Stanley lifted their price objective on Bank of New York Mellon from $63.00 to $65.00 and gave the company an “equal weight” rating in a research note on Monday, July 15th. Evercore ISI boosted their price target on shares of Bank of New York Mellon from $61.00 to $66.00 and gave the stock an “in-line” rating in a research note on Monday, July 15th. Jefferies Financial Group lifted their price objective 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. Citigroup cut 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 note on Monday, July 15th. Finally, Barclays raised their price objective on shares of Bank of New York Mellon from $68.00 to $75.00 and gave the company an “overweight” rating in a report on Monday, July 15th. Six equities research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $65.23.

Bank of New York Mellon Stock Performance

Shares of BK stock traded down $0.93 during trading hours on Monday, reaching $64.42. 181,647 shares of the company’s stock were exchanged, compared to its average volume of 3,811,275. The company has a debt-to-equity ratio of 0.85, a current ratio of 0.70 and a quick ratio of 0.71. The company’s 50 day moving average is $60.39 and its two-hundred day moving average is $57.55. The company has a market cap of $48.17 billion, a P/E ratio of 15.13, a price-to-earnings-growth ratio of 1.16 and a beta of 1.09. The Bank of New York Mellon Co. has a 1 year low of $39.66 and a 1 year high of $65.90.

Bank of New York Mellon (NYSE:BK) last released its quarterly earnings data on Friday, July 12th. The bank reported $1.51 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.43 by $0.08. The firm had revenue of $4.60 billion during the quarter, compared to analysts’ expectations of $4.53 billion. Bank of New York Mellon had a return on equity of 11.87% and a net margin of 9.40%. Bank of New York Mellon’s revenue was up 2.1% compared to the same quarter last year. During the same quarter in the prior year, the business posted $1.38 earnings per share. Equities research analysts anticipate that The Bank of New York Mellon Co. will post 5.58 EPS for the current fiscal year.

Bank of New York Mellon Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, August 2nd. Investors of record on Monday, July 22nd will be paid a $0.47 dividend. This is a boost from Bank of New York Mellon’s previous quarterly dividend of $0.42. The ex-dividend date of this dividend is Monday, July 22nd. This represents a $1.88 annualized dividend and a dividend yield of 2.92%. Bank of New York Mellon’s dividend payout ratio (DPR) is 43.52%.

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.