The Bank of New York Mellon Co. (NYSE:BK) Stock Position Raised by QRG Capital Management Inc.

QRG Capital Management Inc. increased its position in The Bank of New York Mellon Co. (NYSE:BK) by 6.9% during the first quarter, according to its most recent Form 13F filing with the SEC. The fund owned 127,576 shares of the bank’s stock after buying an additional 8,204 shares during the period. QRG Capital Management Inc.’s holdings in Bank of New York Mellon were worth $7,351,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. United Services Automobile Association grew its position in shares of Bank of New York Mellon by 6.9% in the fourth quarter. United Services Automobile Association now owns 25,447 shares of the bank’s stock valued at $1,325,000 after purchasing an additional 1,640 shares during the last quarter. Searle & CO. acquired a new position in Bank of New York Mellon in the fourth quarter worth about $234,000. Wakefield Asset Management LLLP acquired a new stake in Bank of New York Mellon in the 1st quarter valued at $3,740,000. Mirae Asset Global Investments Co. Ltd. increased its position in shares of Bank of New York Mellon by 22.5% during the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 222,781 shares of the bank’s stock worth $11,596,000 after purchasing an additional 40,969 shares in the last quarter. Finally, Janney Capital Management LLC acquired a new position in shares of Bank of New York Mellon in the 4th quarter worth approximately $243,000. Institutional investors own 85.31% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on BK shares. Deutsche Bank Aktiengesellschaft upped their price objective on Bank of New York Mellon from $61.00 to $63.00 and gave the stock a “hold” rating in a report on Monday. Royal Bank of Canada reiterated a “sector perform” rating and set a $58.00 target price on shares of Bank of New York Mellon in a report on Wednesday, March 27th. Morgan Stanley upped their target price on shares of Bank of New York Mellon from $63.00 to $65.00 and gave the stock an “equal weight” rating in a research note on Monday. Barclays lifted 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. Finally, Bank of America boosted their price target on Bank of New York Mellon from $64.00 to $66.00 and gave the stock a “buy” rating in a research report on Wednesday, April 17th. Six equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $65.23.

Insider Activity at Bank of New York Mellon

In other Bank of New York Mellon news, insider Kurtis R. Kurimsky sold 6,215 shares of the stock in a transaction on Tuesday, May 7th. The stock was sold at an average price of $57.93, for a total transaction of $360,034.95. Following the sale, the insider now owns 24,346 shares of the company’s stock, valued at approximately $1,410,363.78. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, insider Kurtis R. Kurimsky sold 6,215 shares of the company’s stock in a transaction dated Tuesday, May 7th. The shares were sold at an average price of $57.93, for a total transaction of $360,034.95. Following the transaction, the insider now owns 24,346 shares in the company, valued at $1,410,363.78. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, VP Catherine Keating sold 54,070 shares of the business’s stock in a transaction on Thursday, April 18th. The shares were sold at an average price of $54.88, for a total transaction of $2,967,361.60. Following the sale, the vice president now directly owns 78,350 shares in the company, valued at $4,299,848. The disclosure for this sale can be found here. Insiders sold 115,928 shares of company stock worth $6,475,216 in the last 90 days. 0.14% of the stock is owned by corporate insiders.

Bank of New York Mellon Stock Performance

NYSE:BK traded down $0.69 during trading hours on Tuesday, reaching $65.02. The company had a trading volume of 5,189,517 shares, compared to its average volume of 3,760,271. The firm has a market cap of $48.62 billion, a price-to-earnings ratio of 15.21, a PEG ratio of 1.31 and a beta of 1.09. The company has a current ratio of 0.71, a quick ratio of 0.71 and a debt-to-equity ratio of 0.90. The firm’s 50 day moving average price is $59.36 and its 200-day moving average price is $56.81. The Bank of New York Mellon Co. has a 52 week low of $39.66 and a 52 week high of $65.90.

Bank of New York Mellon (NYSE:BK) last released its earnings results 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 company had revenue of $4.60 billion during the quarter, compared to analyst estimates of $4.53 billion. Bank of New York Mellon had a net margin of 9.40% and a return on equity of 11.89%. The firm’s quarterly revenue was up 2.1% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.38 EPS. On average, analysts forecast that The Bank of New York Mellon Co. will post 5.49 EPS for the current year.

Bank of New York Mellon Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, August 2nd. Stockholders of record on Monday, July 22nd will be paid a dividend of $0.47 per share. This is a positive change from Bank of New York Mellon’s previous quarterly dividend of $0.42. This represents a $1.88 dividend on an annualized basis and a dividend yield of 2.89%. The ex-dividend date is Monday, July 22nd. Bank of New York Mellon’s payout ratio is currently 38.89%.

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.