Principal Financial Group Inc. Purchases 14,916 Shares of The Bank of New York Mellon Co. (NYSE:BK)

Principal Financial Group Inc. raised its position in The Bank of New York Mellon Co. (NYSE:BK) by 1.7% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 883,853 shares of the bank’s stock after acquiring an additional 14,916 shares during the quarter. Principal Financial Group Inc.’s holdings in Bank of New York Mellon were worth $63,514,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently modified their holdings of BK. Family Firm Inc. bought a new position in Bank of New York Mellon during the second quarter worth about $40,000. LRI Investments LLC increased its holdings in shares of Bank of New York Mellon by 746.5% during the 2nd quarter. LRI Investments LLC now owns 1,219 shares of the bank’s stock worth $73,000 after acquiring an additional 1,075 shares during the last quarter. Verdence Capital Advisors LLC raised its stake in Bank of New York Mellon by 30.6% in the 2nd quarter. Verdence Capital Advisors LLC now owns 14,037 shares of the bank’s stock valued at $841,000 after acquiring an additional 3,286 shares during the period. Allspring Global Investments Holdings LLC lifted its holdings in Bank of New York Mellon by 29.6% during the 2nd quarter. Allspring Global Investments Holdings LLC now owns 969,910 shares of the bank’s stock valued at $58,088,000 after purchasing an additional 221,372 shares during the last quarter. Finally, Aspen Investment Management Inc boosted its position in Bank of New York Mellon by 41.5% during the second quarter. Aspen Investment Management Inc now owns 11,560 shares of the bank’s stock worth $692,000 after purchasing an additional 3,390 shares during the period. Institutional investors own 85.31% of the company’s stock.

Bank of New York Mellon Stock Up 1.6 %

Shares of NYSE BK opened at $77.62 on Friday. The stock has a market capitalization of $56.44 billion, a P/E ratio of 16.87, a PEG ratio of 0.91 and a beta of 1.07. The stock’s fifty day moving average is $78.20 and its 200 day moving average is $69.68. The Bank of New York Mellon Co. has a 52 week low of $50.90 and a 52 week high of $82.72. The company has a debt-to-equity ratio of 0.89, a quick ratio of 0.70 and a current ratio of 0.70.

Bank of New York Mellon (NYSE:BK) last released its earnings results on Friday, October 11th. The bank reported $1.52 EPS for the quarter, beating 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 analyst estimates of $4.52 billion. Sell-side analysts forecast that The Bank of New York Mellon Co. will post 5.84 earnings per share for the current fiscal year.

Bank of New York Mellon Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, November 1st. Shareholders of record on Monday, October 21st were given a dividend of $0.47 per share. The ex-dividend date was Monday, October 21st. This represents a $1.88 annualized dividend and a yield of 2.42%. Bank of New York Mellon’s dividend payout ratio is currently 40.87%.

Insider Buying and Selling at Bank of New York Mellon

In related news, VP Hanneke Smits sold 16,475 shares of the stock in a transaction that occurred on Tuesday, October 15th. The shares were sold at an average price of $76.47, for a total value of $1,259,843.25. Following the completion of the transaction, the vice president now owns 157,455 shares of the company’s stock, valued at $12,040,583.85. This represents a 9.47 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, EVP J Kevin Mccarthy sold 25,000 shares of the firm’s stock in a transaction that occurred 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. This represents a 24.90 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 0.14% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on the stock. Citigroup increased their price objective on shares of Bank of New York Mellon from $75.00 to $82.00 and gave the company a “neutral” rating in a research report on Monday, November 25th. Deutsche Bank Aktiengesellschaft raised their price objective on shares of Bank of New York Mellon from $82.00 to $85.00 and gave the stock a “buy” rating in a research report on Monday, November 11th. Morgan Stanley raised Bank of New York Mellon from an “equal weight” rating to an “overweight” rating and upped their target price for the company from $82.00 to $94.00 in a research report on Monday, December 9th. Barclays lifted their price target on Bank of New York Mellon from $75.00 to $86.00 and gave the stock an “overweight” rating in a report on Monday, October 14th. Finally, The Goldman Sachs Group upped their price objective on Bank of New York Mellon from $74.00 to $80.00 and gave the company a “buy” rating in a report on Thursday, September 26th. Four equities research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Bank of New York Mellon has a consensus rating of “Moderate Buy” and an average price target of $81.00.

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.