The Bank of New York Mellon Co. (NYSE:BK) Shares Sold by Dai ichi Life Insurance Company Ltd

Dai ichi Life Insurance Company Ltd lowered its stake in The Bank of New York Mellon Co. (NYSE:BK) by 24.2% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 73,663 shares of the bank’s stock after selling 23,570 shares during the period. Dai ichi Life Insurance Company Ltd’s holdings in Bank of New York Mellon were worth $4,412,000 at the end of the most recent quarter.

Several other large investors have also added to or reduced their stakes in the company. Atlantic Edge Private Wealth Management LLC acquired a new position in Bank of New York Mellon during the fourth quarter valued at $28,000. Olistico Wealth LLC acquired a new position in Bank of New York Mellon in the 2nd quarter valued at $30,000. Able Wealth Management LLC acquired a new position in Bank of New York Mellon during the fourth quarter worth about $32,000. Kathleen S. Wright Associates Inc. acquired a new stake in shares of Bank of New York Mellon in the first quarter valued at approximately $32,000. Finally, Family Firm Inc. purchased a new position in shares of Bank of New York Mellon during the 2nd quarter worth $40,000. Hedge funds and other institutional investors own 85.31% of the company’s stock.

Insider Activity at Bank of New York Mellon

In other Bank of New York Mellon news, VP Hanneke Smits sold 15,000 shares of the business’s stock in a transaction dated Thursday, July 18th. The stock was sold at an average price of $64.11, for a total transaction of $961,650.00. Following the completion of the sale, the vice president now owns 173,930 shares of the company’s stock, valued at $11,150,652.30. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 0.14% of the stock is owned by insiders.

Bank of New York Mellon Stock Performance

BK opened at $68.70 on Friday. The stock’s 50 day simple moving average is $64.99 and its 200 day simple moving average is $60.14. The stock has a market cap of $50.70 billion, a P/E ratio of 15.90, a P/E/G ratio of 1.17 and a beta of 1.08. The Bank of New York Mellon Co. has a 1-year low of $39.66 and a 1-year high of $69.74. The company has a debt-to-equity ratio of 0.85, a current ratio of 0.70 and a quick ratio of 0.70.

Bank of New York Mellon (NYSE:BK) last released 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. Bank of New York Mellon had a net margin of 9.40% and a return on equity of 11.87%. The business had revenue of $4.60 billion for the quarter, compared to analyst estimates of $4.53 billion. During the same period in the prior year, the business earned $1.38 earnings per share. The company’s quarterly revenue was up 2.1% on a year-over-year basis. As a group, equities analysts anticipate that The Bank of New York Mellon Co. will post 5.63 EPS for the current fiscal year.

Bank of New York Mellon Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, August 2nd. Stockholders of record on Monday, July 22nd were issued 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 annualized dividend and a dividend yield of 2.74%. The ex-dividend date of this dividend was Monday, July 22nd. Bank of New York Mellon’s dividend payout ratio is presently 43.52%.

Wall Street Analyst Weigh In

BK has been the topic of several recent analyst reports. Barclays upped their price target on Bank of New York Mellon from $68.00 to $75.00 and gave the company an “overweight” rating in a research note on Monday, July 15th. Evercore ISI lifted their price objective on shares of Bank of New York Mellon from $61.00 to $66.00 and gave the company an “in-line” rating in a report on Monday, July 15th. Citigroup cut shares of Bank of New York Mellon from a “buy” rating to a “neutral” rating and set a $65.00 price target for the company. in a research report on Monday, July 15th. Keefe, Bruyette & Woods restated an “outperform” rating and set a $75.00 target price (up from $70.00) on shares of Bank of New York Mellon in a research note on Monday, July 15th. Finally, Deutsche Bank Aktiengesellschaft boosted their price target on shares of Bank of New York Mellon from $63.00 to $66.00 and gave the stock a “hold” rating in a report on Thursday, August 15th. Six research analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $66.14.

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.