PGGM Investments Boosts Holdings in The Bank of New York Mellon Co. (NYSE:BK)

PGGM Investments lifted its stake in The Bank of New York Mellon Co. (NYSE:BK) by 37.6% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 130,022 shares of the bank’s stock after purchasing an additional 35,497 shares during the period. PGGM Investments’ holdings in Bank of New York Mellon were worth $6,768,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently modified their holdings of BK. Mirae Asset Global Investments Co. Ltd. lifted its position in Bank of New York Mellon by 22.5% during the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 222,781 shares of the bank’s stock valued at $11,596,000 after acquiring an additional 40,969 shares during the period. Trust Point Inc. purchased a new position in Bank of New York Mellon during the 4th quarter valued at about $310,000. WCG Wealth Advisors LLC purchased a new position in Bank of New York Mellon during the 3rd quarter valued at about $1,552,000. Meeder Asset Management Inc. purchased a new position in Bank of New York Mellon during the 4th quarter valued at about $1,298,000. Finally, Robeco Institutional Asset Management B.V. lifted its position in Bank of New York Mellon by 22.2% during the 3rd quarter. Robeco Institutional Asset Management B.V. now owns 2,557,750 shares of the bank’s stock valued at $109,088,000 after acquiring an additional 465,229 shares during the period. 85.31% of the stock is owned by hedge funds and other institutional investors.

Bank of New York Mellon Stock Performance

Shares of BK stock traded up $0.14 during trading hours on Friday, reaching $57.32. The company had a trading volume of 2,058,025 shares, compared to its average volume of 3,589,079. The business has a fifty day moving average price of $56.01 and a 200-day moving average price of $51.84. The Bank of New York Mellon Co. has a one year low of $39.65 and a one year high of $58.28. The firm has a market cap of $43.15 billion, a PE ratio of 13.98, a price-to-earnings-growth ratio of 1.23 and a beta of 1.12. The company has a debt-to-equity ratio of 0.90, a quick ratio of 0.72 and a current ratio of 0.71.

Bank of New York Mellon (NYSE:BK) last announced its quarterly earnings results on Tuesday, April 16th. The bank reported $1.29 EPS for the quarter, topping analysts’ consensus estimates of $1.19 by $0.10. Bank of New York Mellon had a net margin of 9.48% and a return on equity of 11.80%. The firm had revenue of $4.53 billion during the quarter, compared to analyst estimates of $4.39 billion. During the same period in the previous year, the business posted $1.13 earnings per share. The business’s revenue for the quarter was up 3.8% on a year-over-year basis. Sell-side analysts predict that The Bank of New York Mellon Co. will post 5.43 earnings per share for the current fiscal year.

Bank of New York Mellon Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, May 9th. Stockholders of record on Friday, April 26th will be paid a $0.42 dividend. The ex-dividend date of this dividend is Thursday, April 25th. This represents a $1.68 dividend on an annualized basis and a dividend yield of 2.93%. Bank of New York Mellon’s dividend payout ratio is presently 40.98%.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on BK shares. Citigroup lifted their price target on shares of Bank of New York Mellon from $60.00 to $65.00 and gave the company a “buy” rating in a research report on Wednesday, February 14th. Royal Bank of Canada reissued a “sector perform” rating and set a $58.00 price target on shares of Bank of New York Mellon in a research report on Wednesday, March 27th. Evercore ISI lifted their price target on shares of Bank of New York Mellon from $57.00 to $61.00 and gave the company an “in-line” rating in a research report on Thursday, April 4th. Jefferies Financial Group raised their price objective on shares of Bank of New York Mellon from $67.00 to $68.00 and gave the company a “buy” rating in a research note on Thursday, April 18th. Finally, Morgan Stanley raised their price objective on shares of Bank of New York Mellon from $62.00 to $63.00 and gave the company an “equal weight” rating in a research note on Thursday, April 18th. Five research analysts have rated the stock with a hold rating and five have given a buy rating to the company. Based on data from MarketBeat, Bank of New York Mellon presently has a consensus rating of “Moderate Buy” and a consensus target price of $60.17.

Insider Transactions at Bank of New York Mellon

In other news, VP Catherine Keating sold 54,070 shares of Bank of New York Mellon stock in a transaction that occurred on Thursday, April 18th. The shares were sold at an average price of $54.88, for a total value of $2,967,361.60. Following the completion of the sale, the vice president now directly owns 78,350 shares in the company, valued at $4,299,848. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, EVP J Kevin Mccarthy sold 40,000 shares of the firm’s stock in a transaction that occurred on 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 transaction, the executive vice president now owns 100,404 shares of the company’s stock, valued at $5,637,684.60. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, VP Catherine Keating sold 54,070 shares of the firm’s stock in a transaction that occurred on Thursday, April 18th. The stock was sold at an average price of $54.88, for a total transaction of $2,967,361.60. Following the completion of the transaction, the vice president now directly owns 78,350 shares in the company, valued at approximately $4,299,848. The disclosure for this sale can be found here. Insiders sold 98,568 shares of company stock worth $5,459,897 over the last three months. 0.14% of the stock is currently owned by company 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.