The Bank of New York Mellon Co. (NYSE:BK) Shares Sold by Texas Permanent School Fund Corp

Texas Permanent School Fund Corp decreased its position in The Bank of New York Mellon Co. (NYSE:BK) by 0.8% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 174,216 shares of the bank’s stock after selling 1,414 shares during the quarter. Texas Permanent School Fund Corp’s holdings in Bank of New York Mellon were worth $10,038,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Quent Capital LLC raised its stake in shares of Bank of New York Mellon by 3.8% in the 4th quarter. Quent Capital LLC now owns 5,033 shares of the bank’s stock worth $262,000 after buying an additional 182 shares in the last quarter. Hartford Financial Management Inc. raised its stake in shares of 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 worth $33,000 after buying an additional 183 shares in the last quarter. Greenleaf Trust raised its stake in shares of Bank of New York Mellon by 0.7% in the 1st quarter. Greenleaf Trust now owns 28,349 shares of the bank’s stock worth $1,633,000 after buying an additional 187 shares in the last quarter. Vivaldi Capital Management LP raised its stake in shares of Bank of New York Mellon by 3.3% in the 4th quarter. Vivaldi Capital Management LP now owns 6,015 shares of the bank’s stock worth $324,000 after buying an additional 192 shares in the last quarter. Finally, Certuity LLC raised its stake in shares of Bank of New York Mellon by 2.3% in the 4th quarter. Certuity LLC now owns 8,972 shares of the bank’s stock worth $467,000 after buying an additional 205 shares in the last quarter. Institutional investors and hedge funds own 85.31% of the company’s stock.

Bank of New York Mellon Stock Performance

Shares of BK stock traded up $2.30 during mid-day trading on Friday, reaching $63.77. The stock had a trading volume of 743,463 shares, compared to its average volume of 3,665,139. The Bank of New York Mellon Co. has a one year low of $39.66 and a one year high of $63.94. The company has a quick ratio of 0.71, a current ratio of 0.71 and a debt-to-equity ratio of 0.90. The firm’s 50 day simple moving average is $59.04 and its 200 day simple moving average is $56.56. The firm has a market cap of $47.69 billion, a PE ratio of 14.99, a P/E/G ratio of 1.23 and a beta of 1.09.

Bank of New York Mellon (NYSE:BK) last issued its earnings results on Friday, July 12th. The bank reported $1.51 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.41 by $0.10. Bank of New York Mellon had a return on equity of 11.80% and a net margin of 9.48%. The business had revenue of $4.60 billion during the quarter, compared to analysts’ expectations of $4.53 billion. During the same period in the prior year, the firm posted $1.38 EPS. Bank of New York Mellon’s quarterly revenue was up 2.1% compared to the same quarter last year. On average, analysts forecast that The Bank of New York Mellon Co. will post 5.47 EPS for the current 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 dividend of $0.47 per share. This represents a $1.88 dividend on an annualized basis and a yield of 2.95%. This is a boost from Bank of New York Mellon’s previous quarterly dividend of $0.42. Bank of New York Mellon’s dividend payout ratio (DPR) is currently 40.98%.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on BK. Royal Bank of Canada restated a “sector perform” rating and issued a $58.00 target price on shares of Bank of New York Mellon in a report on Wednesday, March 27th. Jefferies Financial Group lifted their target price on Bank of New York Mellon from $67.00 to $68.00 and gave the stock a “buy” rating in a report on Thursday, April 18th. Keefe, Bruyette & Woods upgraded Bank of New York Mellon from a “market perform” rating to an “outperform” rating and lifted their target price for the stock from $60.00 to $70.00 in a report on Thursday, June 27th. Morgan Stanley lifted their price target on Bank of New York Mellon from $62.00 to $63.00 and gave the company an “equal weight” rating in a report on Thursday, April 18th. Finally, Evercore ISI reiterated an “in-line” rating and set a $61.00 price target on shares of Bank of New York Mellon in a report on Wednesday, July 3rd. Five investment analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $61.15.

Insider Activity at Bank of New York Mellon

In other news, VP Senthilkumar Santhanakrishnan sold 15,643 shares of Bank of New York Mellon stock in a transaction on Wednesday, May 8th. The stock was sold at an average price of $57.65, for a total value of $901,818.95. Following the completion of the sale, the vice president now directly owns 144,721 shares of the company’s stock, valued at approximately $8,343,165.65. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In other news, VP Senthilkumar Santhanakrishnan sold 15,643 shares of Bank of New York Mellon stock in a transaction on Wednesday, May 8th. The stock was sold at an average price of $57.65, for a total value of $901,818.95. Following the completion of the sale, the vice president now directly owns 144,721 shares of the company’s stock, valued at approximately $8,343,165.65. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, VP Catherine Keating sold 54,070 shares of Bank of New York Mellon stock in a transaction on Thursday, April 18th. The shares were sold at an average price of $54.88, for a total value of $2,967,361.60. Following the completion of the sale, the vice president now directly owns 78,350 shares of the company’s stock, valued at $4,299,848. The disclosure for this sale can be found here. Insiders sold 115,928 shares of company stock valued at $6,475,216 in the last three months. Corporate insiders own 0.14% of the company’s stock.

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.