New York State Common Retirement Fund Lowers Stock Position in The Bank of New York Mellon Co. (NYSE:BK)

New York State Common Retirement Fund cut its position in shares of The Bank of New York Mellon Co. (NYSE:BK) by 6.3% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 1,182,785 shares of the bank’s stock after selling 79,980 shares during the period. New York State Common Retirement Fund owned 0.15% of Bank of New York Mellon worth $61,564,000 as of its most recent filing with the SEC.

Other hedge funds have also recently added to or reduced their stakes in the company. AE Wealth Management LLC raised its position in Bank of New York Mellon by 1.7% during the third quarter. AE Wealth Management LLC now owns 49,069 shares of the bank’s stock worth $2,093,000 after acquiring an additional 813 shares during the period. HB Wealth Management LLC raised its position in shares of Bank of New York Mellon by 58.5% in the third quarter. HB Wealth Management LLC now owns 8,224 shares of the bank’s stock valued at $351,000 after buying an additional 3,036 shares during the last quarter. SG Americas Securities LLC increased its position in Bank of New York Mellon by 23.4% during the third quarter. SG Americas Securities LLC now owns 61,911 shares of the bank’s stock worth $2,641,000 after purchasing an additional 11,739 shares during the last quarter. Caprock Group LLC increased its position in Bank of New York Mellon by 8.9% during the third quarter. Caprock Group LLC now owns 28,517 shares of the bank’s stock worth $1,216,000 after purchasing an additional 2,338 shares during the last quarter. Finally, Capital Asset Advisory Services LLC acquired a new stake in Bank of New York Mellon during the third quarter worth about $201,000. 85.31% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In related news, VP Catherine Keating sold 4,498 shares of the business’s stock in a transaction dated Thursday, February 8th. The shares were sold at an average price of $54.81, for a total value of $246,535.38. Following the sale, the vice president now directly owns 123,490 shares in the company, valued at approximately $6,768,486.90. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In related news, EVP J Kevin Mccarthy sold 40,000 shares of the business’s stock in a transaction dated Friday, April 19th. The shares were sold at an average price of $56.15, for a total value of $2,246,000.00. Following the completion of the transaction, the executive vice president now owns 100,404 shares of the company’s stock, valued at approximately $5,637,684.60. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Catherine Keating sold 4,498 shares of the business’s stock in a transaction dated Thursday, February 8th. The shares were sold at an average price of $54.81, for a total transaction of $246,535.38. Following the completion of the transaction, the vice president now directly owns 123,490 shares of the company’s stock, valued at approximately $6,768,486.90. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 98,568 shares of company stock worth $5,459,897. Corporate insiders own 0.14% of the company’s stock.

Bank of New York Mellon Stock Performance

NYSE:BK opened at $57.45 on Wednesday. The firm’s fifty day moving average price is $55.86 and its 200 day moving average price is $51.58. The Bank of New York Mellon Co. has a 1-year low of $39.65 and a 1-year high of $58.28. The company has a debt-to-equity ratio of 0.90, a current ratio of 0.71 and a quick ratio of 0.72. The firm has a market cap of $43.25 billion, a price-to-earnings ratio of 14.01, a price-to-earnings-growth ratio of 1.23 and a beta of 1.12.

Bank of New York Mellon (NYSE:BK) last posted its quarterly earnings data on Tuesday, April 16th. The bank reported $1.29 earnings per share for the quarter, beating analysts’ consensus estimates of $1.19 by $0.10. The firm had revenue of $4.53 billion for the quarter, compared to analyst estimates of $4.39 billion. Bank of New York Mellon had a net margin of 9.48% and a return on equity of 11.80%. Bank of New York Mellon’s quarterly revenue was up 3.8% on a year-over-year basis. During the same period last year, the firm posted $1.13 EPS. On average, sell-side analysts expect that The Bank of New York Mellon Co. will post 5.42 EPS for the current year.

Bank of New York Mellon Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, May 9th. Shareholders of record on Friday, April 26th will be given a dividend of $0.42 per share. The ex-dividend date is Thursday, April 25th. This represents a $1.68 annualized dividend and a dividend yield of 2.92%. Bank of New York Mellon’s payout ratio is currently 40.98%.

Wall Street Analyst Weigh In

Several research analysts have weighed in on the stock. Morgan Stanley increased their target price on shares of Bank of New York Mellon from $62.00 to $63.00 and gave the stock an “equal weight” rating in a research note on Thursday, April 18th. Citigroup increased their target price on shares of Bank of New York Mellon from $60.00 to $65.00 and gave the stock a “buy” rating in a research note on Wednesday, February 14th. Bank of America lifted their target price on shares of Bank of New York Mellon from $64.00 to $66.00 and gave the company a “buy” rating in a report on Wednesday, April 17th. Evercore ISI lifted their target price on shares of Bank of New York Mellon from $57.00 to $61.00 and gave the company an “in-line” rating in a report on Thursday, April 4th. Finally, Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $58.00 target price on shares of Bank of New York Mellon in a report on Wednesday, March 27th. Five investment analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $60.17.

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.