Sompo Asset Management Co. Ltd. Purchases 1,400 Shares of The Bank of New York Mellon Co. (NYSE:BK)

Sompo Asset Management Co. Ltd. grew its holdings in shares of The Bank of New York Mellon Co. (NYSE:BK) by 9.6% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 15,910 shares of the bank’s stock after buying an additional 1,400 shares during the period. Sompo Asset Management Co. Ltd.’s holdings in Bank of New York Mellon were worth $1,143,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently modified their holdings of BK. Swedbank AB raised its stake in Bank of New York Mellon by 4.1% during the third quarter. Swedbank AB now owns 725,864 shares of the bank’s stock valued at $52,161,000 after buying an additional 28,384 shares during the last quarter. Kingsview Wealth Management LLC raised its stake in shares of Bank of New York Mellon by 129.0% in the third quarter. Kingsview Wealth Management LLC now owns 13,380 shares of the bank’s stock worth $961,000 after purchasing an additional 7,537 shares during the last quarter. Cerity Partners LLC lifted its holdings in shares of Bank of New York Mellon by 58.3% during the third quarter. Cerity Partners LLC now owns 52,982 shares of the bank’s stock valued at $3,807,000 after purchasing an additional 19,518 shares in the last quarter. Great Valley Advisor Group Inc. purchased a new stake in shares of Bank of New York Mellon during the third quarter valued at $219,000. Finally, GenTrust LLC bought a new stake in Bank of New York Mellon in the 3rd quarter worth about $359,000. 85.31% of the stock is owned by hedge funds and other institutional investors.

Bank of New York Mellon Trading Up 1.6 %

Shares of BK opened at $80.14 on Friday. The Bank of New York Mellon Co. has a 1 year low of $46.81 and a 1 year high of $80.29. The company has a 50 day simple moving average of $75.03 and a two-hundred day simple moving average of $66.71. The company has a debt-to-equity ratio of 0.89, a current ratio of 0.70 and a quick ratio of 0.70. The firm has a market cap of $58.27 billion, a P/E ratio of 17.42, a price-to-earnings-growth ratio of 0.90 and a beta of 1.07.

Bank of New York Mellon (NYSE:BK) last posted its earnings results on Friday, October 11th. The bank reported $1.52 EPS for the quarter, topping analysts’ consensus estimates of $1.41 by $0.11. The company had revenue of $4.65 billion for the quarter, compared to the consensus estimate of $4.52 billion. Bank of New York Mellon had a return on equity of 12.06% and a net margin of 9.44%. On average, equities analysts expect 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 Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, November 1st. Stockholders of record on Monday, October 21st were issued a $0.47 dividend. The ex-dividend date of this dividend was Monday, October 21st. This represents a $1.88 dividend on an annualized basis and a dividend yield of 2.35%. Bank of New York Mellon’s dividend payout ratio (DPR) is presently 40.87%.

Insider Activity

In other news, EVP J Kevin Mccarthy sold 25,000 shares of the firm’s stock in a transaction dated Tuesday, October 15th. The shares were sold at an average price of $76.31, for a total value 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 approximately $5,754,079.24. This trade represents a 24.90 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Hanneke Smits sold 16,475 shares of the company’s stock in a transaction that occurred on 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 transaction, the vice president now directly owns 157,455 shares in the company, valued at approximately $12,040,583.85. This represents a 9.47 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 0.14% of the company’s stock.

Analyst Ratings Changes

Several research firms have issued reports on BK. Deutsche Bank Aktiengesellschaft upped their target price on shares of 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. Evercore ISI upped their price target on shares of 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. Royal Bank of Canada reiterated a “sector perform” rating and set a $79.00 target price on shares of Bank of New York Mellon in a research report on Monday, October 14th. Barclays increased their target price on shares of Bank of New York Mellon from $75.00 to $86.00 and gave the stock an “overweight” rating in a report on Monday, October 14th. Finally, StockNews.com raised shares of Bank of New York Mellon from a “hold” rating to a “buy” rating in a report on Tuesday, November 19th. Five research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. According to MarketBeat.com, Bank of New York Mellon presently has an average rating of “Moderate Buy” and an average price target of $77.23.

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.