The Bank of New York Mellon Co. (NYSE:BK) Stake Boosted by Meeder Asset Management Inc.

Meeder Asset Management Inc. increased its position in shares of The Bank of New York Mellon Co. (NYSE:BK) by 312.2% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 224,728 shares of the bank’s stock after purchasing an additional 170,210 shares during the quarter. Bank of New York Mellon accounts for about 0.9% of Meeder Asset Management Inc.’s investment portfolio, making the stock its 24th largest holding. Meeder Asset Management Inc.’s holdings in Bank of New York Mellon were worth $13,459,000 at the end of the most recent quarter.

Several other large investors have also recently added to or reduced their stakes in BK. Gilbert & Cook Inc. lifted its stake in Bank of New York Mellon by 4.7% during the fourth quarter. Gilbert & Cook Inc. now owns 9,361 shares of the bank’s stock worth $487,000 after purchasing an additional 419 shares during the last quarter. Envestnet Portfolio Solutions Inc. lifted its stake in Bank of New York Mellon by 9.1% in the fourth quarter. Envestnet Portfolio Solutions Inc. now owns 45,181 shares of the bank’s stock valued at $2,352,000 after buying an additional 3,777 shares during the last quarter. Massachusetts Financial Services Co. MA lifted its stake in Bank of New York Mellon by 29.3% in the fourth quarter. Massachusetts Financial Services Co. MA now owns 2,096,246 shares of the bank’s stock valued at $109,110,000 after buying an additional 475,497 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. lifted its stake in Bank of New York Mellon by 5.8% in the fourth quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 759,737 shares of the bank’s stock valued at $39,354,000 after buying an additional 41,683 shares during the last quarter. Finally, Foundations Investment Advisors LLC lifted its stake in Bank of New York Mellon by 6.9% in the fourth quarter. Foundations Investment Advisors LLC now owns 9,329 shares of the bank’s stock valued at $518,000 after buying an additional 600 shares during the last quarter. 85.31% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

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

Insider Buying and Selling

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

Bank of New York Mellon Price Performance

NYSE:BK opened at $69.05 on Friday. The business’s 50-day moving average price is $64.81 and its 200 day moving average price is $60.02. The firm has a market cap of $51.64 billion, a P/E ratio of 15.98, a PEG ratio of 1.14 and a beta of 1.08. The Bank of New York Mellon Co. has a 52-week low of $39.66 and a 52-week high of $69.10. The company has a quick ratio of 0.70, a current ratio of 0.70 and a debt-to-equity ratio of 0.85.

Bank of New York Mellon (NYSE:BK) last released its earnings results on Friday, July 12th. The bank reported $1.51 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.43 by $0.08. The firm had revenue of $4.60 billion for the quarter, compared to analyst estimates of $4.53 billion. Bank of New York Mellon had a return on equity of 11.87% and a net margin of 9.40%. Bank of New York Mellon’s revenue was up 2.1% compared to the same quarter last year. During the same period in the previous year, the company earned $1.38 earnings per share. As a group, sell-side analysts predict that The Bank of New York Mellon Co. will post 5.63 earnings per share for the current fiscal year.

Bank of New York Mellon Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, August 2nd. Investors 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 dividend on an annualized basis and a yield of 2.72%. The ex-dividend date of this dividend was Monday, July 22nd. Bank of New York Mellon’s payout ratio is presently 43.52%.

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.