PDS Planning Inc Purchases New Position in The Bank of New York Mellon Co. (NYSE:BK)

PDS Planning Inc purchased a new stake in The Bank of New York Mellon Co. (NYSE:BK) during the third quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor purchased 3,013 shares of the bank’s stock, valued at approximately $217,000.

Several other hedge funds have also recently bought and sold shares of the stock. Marshall Wace LLP boosted its holdings in shares of Bank of New York Mellon by 99.4% in the 2nd quarter. Marshall Wace LLP now owns 2,631,213 shares of the bank’s stock worth $157,583,000 after acquiring an additional 1,311,969 shares in the last quarter. Panagora Asset Management Inc. grew its holdings in shares of Bank of New York Mellon by 6,040.9% during the second quarter. Panagora Asset Management Inc. now owns 1,037,806 shares of the bank’s stock worth $62,154,000 after purchasing an additional 1,020,906 shares during the last quarter. M&G Plc acquired a new stake in shares of Bank of New York Mellon in the first quarter valued at $55,543,000. Swedbank AB bought a new position in shares of Bank of New York Mellon in the first quarter valued at about $35,514,000. Finally, BNP PARIBAS ASSET MANAGEMENT Holding S.A. lifted its position in Bank of New York Mellon by 89.5% during the 2nd quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 1,216,146 shares of the bank’s stock worth $72,835,000 after buying an additional 574,319 shares in the last quarter. 85.31% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on BK. Keefe, Bruyette & Woods reaffirmed an “outperform” rating and issued 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. Royal Bank of Canada reiterated a “sector perform” rating and issued a $79.00 price objective on shares of Bank of New York Mellon in a research report on Monday, October 14th. Evercore ISI lifted their target price on Bank of New York Mellon from $66.00 to $77.00 and gave the company an “in-line” rating in a research note on Monday, October 14th. The Goldman Sachs Group upped their price target on Bank of New York Mellon from $74.00 to $80.00 and gave the company a “buy” rating in a research note on Thursday, September 26th. Finally, Wells Fargo & Company lifted their price objective on Bank of New York Mellon from $69.00 to $79.00 and gave the stock an “equal weight” rating in a research report on Monday, October 14th. Five investment analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $76.69.

Bank of New York Mellon Stock Up 1.3 %

Shares of Bank of New York Mellon stock opened at $76.01 on Wednesday. The Bank of New York Mellon Co. has a 1 year low of $44.32 and a 1 year high of $78.03. 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 company has a market capitalization of $56.09 billion, a P/E ratio of 16.52, a price-to-earnings-growth ratio of 0.88 and a beta of 1.07. The business has a 50-day moving average of $72.34 and a two-hundred day moving average of $64.85.

Bank of New York Mellon (NYSE:BK) last announced its earnings results on Friday, October 11th. The bank reported $1.52 EPS for the quarter, topping the consensus estimate of $1.41 by $0.11. Bank of New York Mellon had a net margin of 9.44% and a return on equity of 12.06%. The firm had revenue of $4.65 billion for the quarter, compared to the consensus estimate of $4.52 billion. As a group, equities analysts predict that The Bank of New York Mellon Co. will post 5.78 EPS for the current year.

Bank of New York Mellon Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, November 1st. Investors of record on Monday, October 21st were given a $0.47 dividend. The ex-dividend date of this dividend was Monday, October 21st. This represents a $1.88 annualized dividend and a yield of 2.47%. Bank of New York Mellon’s dividend payout ratio is currently 40.87%.

Insider Activity at Bank of New York Mellon

In other Bank of New York Mellon news, EVP J Kevin Mccarthy sold 25,000 shares of Bank of New York Mellon stock in a transaction dated Tuesday, October 15th. The stock was sold at an average price of $76.31, for a total value of $1,907,750.00. Following the sale, the executive vice president now owns 75,404 shares of the company’s stock, valued at $5,754,079.24. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. In related news, VP Hanneke Smits sold 16,475 shares of the stock in a transaction on Tuesday, October 15th. The shares were sold at an average price of $76.47, for a total transaction of $1,259,843.25. Following the completion of the transaction, the vice president now owns 157,455 shares in the company, valued at approximately $12,040,583.85. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP J Kevin Mccarthy sold 25,000 shares of Bank of New York Mellon stock in a transaction on Tuesday, October 15th. The shares were sold at an average price of $76.31, for a total transaction 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 $5,754,079.24. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.14% of the stock is currently owned by insiders.

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.