State of Alaska Department of Revenue Sells 23,320 Shares of The Bank of New York Mellon Co. (NYSE:BK)

State of Alaska Department of Revenue cut its stake in The Bank of New York Mellon Co. (NYSE:BK) by 13.5% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 149,205 shares of the bank’s stock after selling 23,320 shares during the quarter. State of Alaska Department of Revenue’s holdings in Bank of New York Mellon were worth $8,596,000 at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in BK. Advisors Asset Management Inc. increased its stake in shares of Bank of New York Mellon by 10.4% in the 3rd quarter. Advisors Asset Management Inc. now owns 22,382 shares of the bank’s stock worth $955,000 after acquiring an additional 2,109 shares in the last quarter. Axxcess Wealth Management LLC increased its stake in shares of Bank of New York Mellon by 75.3% in the 3rd quarter. Axxcess Wealth Management LLC now owns 11,682 shares of the bank’s stock worth $498,000 after acquiring an additional 5,017 shares in the last quarter. Ameriprise Financial Inc. increased its stake in shares of Bank of New York Mellon by 2.7% in the 3rd quarter. Ameriprise Financial Inc. now owns 1,496,555 shares of the bank’s stock worth $63,829,000 after acquiring an additional 38,712 shares in the last quarter. Adage Capital Partners GP L.L.C. increased its stake in shares of Bank of New York Mellon by 8.2% in the 3rd quarter. Adage Capital Partners GP L.L.C. now owns 774,316 shares of the bank’s stock worth $33,025,000 after acquiring an additional 58,800 shares in the last quarter. Finally, Legal & General Group Plc increased its stake in shares of Bank of New York Mellon by 0.9% in the 3rd quarter. Legal & General Group Plc now owns 6,609,866 shares of the bank’s stock worth $281,912,000 after acquiring an additional 57,402 shares in the last quarter. 85.31% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other Bank of New York Mellon news, VP Senthilkumar Santhanakrishnan sold 15,643 shares of the firm’s stock in a transaction that occurred on Wednesday, May 8th. The shares were sold at an average price of $57.65, for a total transaction of $901,818.95. Following the completion of the transaction, the vice president now directly owns 144,721 shares of the company’s stock, valued at approximately $8,343,165.65. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In other news, VP Senthilkumar Santhanakrishnan sold 15,643 shares of Bank of New York Mellon stock in a transaction that occurred on Wednesday, May 8th. The shares were sold at an average price of $57.65, for a total transaction of $901,818.95. Following the completion of the transaction, the vice president now directly owns 144,721 shares of the company’s stock, valued at approximately $8,343,165.65. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, insider Kurtis R. Kurimsky sold 6,215 shares of Bank of New York Mellon stock in a transaction that occurred on Tuesday, May 7th. The shares were sold at an average price of $57.93, for a total transaction of $360,034.95. Following the transaction, the insider now directly owns 24,346 shares of the company’s stock, valued at $1,410,363.78. The disclosure for this sale can be found here. In the last ninety days, insiders sold 115,928 shares of company stock valued at $6,475,216. 0.14% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

Several analysts recently commented on BK shares. Morgan Stanley increased 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 report on Thursday, April 18th. Royal Bank of Canada reissued a “sector perform” rating and set a $58.00 price objective on shares of Bank of New York Mellon in a research report on Wednesday, March 27th. Jefferies Financial Group increased 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 report on Thursday, April 18th. Keefe, Bruyette & Woods raised shares of Bank of New York Mellon from a “market perform” rating to an “outperform” rating and raised their price target for the company from $60.00 to $70.00 in a report on Thursday, June 27th. Finally, Evercore ISI reaffirmed an “in-line” rating and set a $61.00 price target on shares of Bank of New York Mellon in a report on Wednesday. Five equities research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to data from MarketBeat.com, Bank of New York Mellon currently has a consensus rating of “Moderate Buy” and an average target price of $61.15.

Bank of New York Mellon Stock Down 0.0 %

Shares of NYSE:BK traded down $0.03 during trading on Wednesday, reaching $60.47. The stock had a trading volume of 1,528,637 shares, compared to its average volume of 3,695,877. The Bank of New York Mellon Co. has a one year low of $39.66 and a one year high of $60.91. The company has a market capitalization of $45.22 billion, a P/E ratio of 14.75, a PEG ratio of 1.20 and a beta of 1.09. The company has a current ratio of 0.71, a quick ratio of 0.71 and a debt-to-equity ratio of 0.90. The firm’s 50-day simple moving average is $58.57 and its 200 day simple moving average is $56.19.

Bank of New York Mellon (NYSE:BK) last released its quarterly earnings results 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 business had revenue of $4.53 billion for the quarter, compared to analysts’ expectations of $4.39 billion. Bank of New York Mellon had a net margin of 9.48% and a return on equity of 11.80%. The company’s revenue was up 3.8% compared to the same quarter last year. During the same period last year, the business earned $1.13 EPS. As a group, research analysts expect that The Bank of New York Mellon Co. will post 5.45 EPS for the current fiscal year.

Bank of New York Mellon Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, May 9th. Shareholders of record on Friday, April 26th were given a dividend of $0.42 per share. This represents a $1.68 dividend on an annualized basis and a yield of 2.78%. The ex-dividend date of this dividend was Thursday, April 25th. Bank of New York Mellon’s dividend payout ratio is presently 40.98%.

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.