California State Teachers Retirement System Sells 18,594 Shares of The Bank of New York Mellon Co. (NYSE:BK)

California State Teachers Retirement System trimmed its position in The Bank of New York Mellon Co. (NYSE:BK) by 1.5% in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,214,881 shares of the bank’s stock after selling 18,594 shares during the period. California State Teachers Retirement System’s holdings in Bank of New York Mellon were worth $70,001,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Raymond James Financial Services Advisors Inc. raised its holdings in shares of Bank of New York Mellon by 1.0% in the 4th quarter. Raymond James Financial Services Advisors Inc. now owns 195,888 shares of the bank’s stock worth $10,196,000 after purchasing an additional 1,878 shares during the period. Blue Trust Inc. increased its holdings in shares of Bank of New York Mellon by 159.2% in the fourth quarter. Blue Trust Inc. now owns 858 shares of the bank’s stock worth $45,000 after purchasing an additional 527 shares during the period. Global Retirement Partners LLC increased its holdings in shares of Bank of New York Mellon by 51.5% in the fourth quarter. Global Retirement Partners LLC now owns 4,024 shares of the bank’s stock worth $223,000 after purchasing an additional 1,368 shares during the period. BLB&B Advisors LLC bought a new position in shares of Bank of New York Mellon in the fourth quarter worth $230,000. Finally, Wolf Group Capital Advisors grew its position in Bank of New York Mellon by 2.2% in the fourth quarter. Wolf Group Capital Advisors now owns 34,751 shares of the bank’s stock worth $1,809,000 after acquiring an additional 734 shares in the last quarter. 85.31% of the stock is owned by institutional investors.

Bank of New York Mellon Price Performance

Shares of NYSE BK traded down $0.08 during mid-day trading on Thursday, hitting $64.99. 98,665 shares of the company’s stock traded hands, compared to its average volume of 3,809,601. The company’s 50-day moving average is $60.74 and its two-hundred day moving average is $57.76. 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 has a market capitalization of $48.60 billion, a P/E ratio of 15.06, a PEG 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 issued its quarterly earnings results on Friday, July 12th. The bank reported $1.51 EPS for the quarter, beating the consensus estimate of $1.43 by $0.08. The company had revenue of $4.60 billion for the quarter, compared to the consensus estimate of $4.53 billion. Bank of New York Mellon had a net margin of 9.40% and a return on equity of 11.87%. The firm’s 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, equities 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 firm also recently disclosed 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. The ex-dividend date is Monday, July 22nd. This is an increase 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%. Bank of New York Mellon’s dividend payout ratio (DPR) is currently 43.52%.

Analysts Set New Price Targets

BK has been the subject of several research reports. Deutsche Bank Aktiengesellschaft upped their target price on shares of Bank of New York Mellon from $61.00 to $63.00 and gave the stock a “hold” rating in a research report on Monday, July 15th. Barclays increased their target price on shares of Bank of New York Mellon from $68.00 to $75.00 and gave the stock an “overweight” rating in a report on Monday, July 15th. Jefferies Financial Group raised their price objective on shares of 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. Evercore ISI raised their price objective on shares of Bank of New York Mellon from $61.00 to $66.00 and gave the stock an “in-line” rating in a report on Monday, July 15th. Finally, Keefe, Bruyette & Woods reiterated an “outperform” rating and set a $75.00 target price (up from $70.00) on shares of Bank of New York Mellon in a report on Monday, July 15th. Six investment 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 presently has a consensus rating of “Moderate Buy” and a consensus price target of $65.86.

Insider Activity

In related news, VP Senthilkumar Santhanakrishnan sold 15,643 shares of the 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 owns 144,721 shares of the company’s stock, valued at $8,343,165.65. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In related news, insider Kurtis R. Kurimsky sold 6,215 shares of the firm’s stock in a transaction on Tuesday, May 7th. The shares were 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 in the company, valued at $1,410,363.78. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, VP Senthilkumar Santhanakrishnan sold 15,643 shares of Bank of New York Mellon 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 completion of the sale, the vice president now owns 144,721 shares in the company, valued at approximately $8,343,165.65. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 36,858 shares of company stock worth $2,223,504. Corporate insiders own 0.14% of the company’s stock.

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.