Marco Investment Management LLC Invests $244,000 in The Bank of New York Mellon Co. (NYSE:BK)

Marco Investment Management LLC bought a new stake in The Bank of New York Mellon Co. (NYSE:BK) in the third quarter, HoldingsChannel reports. The fund bought 3,400 shares of the bank’s stock, valued at approximately $244,000.

Other hedge funds have also recently added to or reduced their stakes in the company. Ameriprise Financial Inc. grew its position in shares of Bank of New York Mellon by 4.2% during the second quarter. Ameriprise Financial Inc. now owns 10,416,436 shares of the bank’s stock worth $623,891,000 after acquiring an additional 421,161 shares during the last quarter. Victory Capital Management Inc. grew its position in Bank of New York Mellon by 2.2% during the 2nd quarter. Victory Capital Management Inc. now owns 8,192,345 shares of the bank’s stock worth $490,640,000 after purchasing an additional 179,503 shares during the last quarter. Legal & General Group Plc grew its position in Bank of New York Mellon by 1.2% during the 2nd quarter. Legal & General Group Plc now owns 8,058,064 shares of the bank’s stock worth $482,597,000 after purchasing an additional 97,286 shares during the last quarter. LSV Asset Management raised its holdings in shares of Bank of New York Mellon by 3.9% in the second quarter. LSV Asset Management now owns 7,569,133 shares of the bank’s stock valued at $453,315,000 after buying an additional 286,820 shares during the last quarter. Finally, Dimensional Fund Advisors LP raised its holdings in shares of Bank of New York Mellon by 6.7% in the second quarter. Dimensional Fund Advisors LP now owns 7,252,925 shares of the bank’s stock valued at $434,370,000 after buying an additional 454,151 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 Performance

Shares of BK opened at $80.14 on Monday. The company has a quick ratio of 0.70, a current ratio of 0.70 and a debt-to-equity ratio of 0.89. The Bank of New York Mellon Co. has a 52-week low of $46.81 and a 52-week high of $80.29. The company has a 50-day simple moving average of $75.03 and a 200-day simple moving average of $66.77. The company has a market capitalization of $58.27 billion, a PE ratio of 17.42, a P/E/G ratio of 0.90 and a beta of 1.07.

Bank of New York Mellon (NYSE:BK) last issued its earnings results on Friday, October 11th. The bank reported $1.52 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.41 by $0.11. Bank of New York Mellon had a net margin of 9.44% and a return on equity of 12.06%. The company had revenue of $4.65 billion during the quarter, compared to analysts’ expectations of $4.52 billion. Equities research analysts predict that The Bank of New York Mellon Co. will post 5.82 earnings per share for the current fiscal year.

Bank of New York Mellon Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, November 1st. Investors of record on Monday, October 21st were issued a dividend of $0.47 per share. The ex-dividend date was Monday, October 21st. This represents a $1.88 annualized dividend and a yield of 2.35%. Bank of New York Mellon’s dividend payout ratio is presently 40.87%.

Insiders Place Their Bets

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

Wall Street Analyst Weigh In

Several brokerages recently issued reports on BK. Evercore ISI boosted their price target on Bank of New York Mellon from $66.00 to $77.00 and gave the company an “in-line” rating in a research report on Monday, October 14th. Deutsche Bank Aktiengesellschaft lifted their target price on Bank of New York Mellon from $82.00 to $85.00 and gave the company a “buy” rating in a research note on Monday, November 11th. StockNews.com upgraded Bank of New York Mellon from a “hold” rating to a “buy” rating in a research note on Tuesday, November 19th. Wells Fargo & Company lifted their price objective on shares of Bank of New York Mellon from $79.00 to $81.00 and gave the company an “equal weight” rating in a research report on Friday, November 15th. Finally, Citigroup boosted their price objective on shares of Bank of New York Mellon from $65.00 to $70.00 and gave the company a “neutral” rating in a research note on Thursday, September 19th. Five investment analysts have rated the stock with a hold rating and nine have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $77.23.

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.