TIAA Trust National Association Sells 1,058 Shares of The Bank of New York Mellon Co. (NYSE:BK)

TIAA Trust National Association reduced its position in shares of The Bank of New York Mellon Co. (NYSE:BK) by 4.8% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 21,169 shares of the bank’s stock after selling 1,058 shares during the period. TIAA Trust National Association’s holdings in Bank of New York Mellon were worth $1,220,000 as of its most recent SEC filing.

Several other large investors also recently modified their holdings of BK. Intech Investment Management LLC raised its holdings in Bank of New York Mellon by 505.9% in the 1st quarter. Intech Investment Management LLC now owns 92,737 shares of the bank’s stock worth $5,344,000 after purchasing an additional 77,431 shares in the last quarter. Mitsubishi UFJ Trust & Banking Corp raised its stake in Bank of New York Mellon by 99.2% in the first quarter. Mitsubishi UFJ Trust & Banking Corp now owns 930,275 shares of the bank’s stock worth $53,271,000 after buying an additional 463,360 shares in the last quarter. Jupiter Asset Management Ltd. purchased a new stake in Bank of New York Mellon in the first quarter worth about $6,087,000. Councilmark Asset Management LLC bought a new stake in Bank of New York Mellon during the 1st quarter valued at approximately $1,504,000. Finally, M&G Plc purchased a new position in shares of Bank of New York Mellon during the 1st quarter worth approximately $55,543,000. 85.31% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on BK. Jefferies Financial Group raised their target price on 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. Royal Bank of Canada restated a “sector perform” rating and set a $58.00 target price on shares of Bank of New York Mellon in a report on Wednesday, March 27th. Deutsche Bank Aktiengesellschaft increased their price target on shares of Bank of New York Mellon from $61.00 to $63.00 and gave the stock a “hold” rating in a research note on Monday, July 15th. Morgan Stanley boosted their price objective on shares of Bank of New York Mellon from $63.00 to $65.00 and gave the stock an “equal weight” rating in a research note on Monday, July 15th. Finally, Citigroup downgraded shares of Bank of New York Mellon from a “buy” rating to a “neutral” rating and set a $65.00 target price for the company. in a research note on Monday, July 15th. Six investment analysts have rated the stock with a hold rating and six have given a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $65.23.

Bank of New York Mellon Stock Up 0.6 %

BK stock traded up $0.36 during midday trading on Monday, hitting $63.05. The company’s stock had a trading volume of 2,163,777 shares, compared to its average volume of 3,790,552. The Bank of New York Mellon Co. has a 12 month low of $39.66 and a 12 month high of $65.90. The firm’s 50-day moving average is $59.83 and its 200-day moving average is $57.14. The company has a current ratio of 0.70, a quick ratio of 0.71 and a debt-to-equity ratio of 0.85. The company has a market cap of $47.15 billion, a PE ratio of 14.40, a P/E/G ratio of 1.12 and a beta of 1.09.

Bank of New York Mellon (NYSE:BK) last released its quarterly earnings data on Friday, July 12th. The bank reported $1.51 EPS for the quarter, beating the consensus estimate of $1.43 by $0.08. Bank of New York Mellon had a return on equity of 11.87% and a net margin of 9.40%. The company had revenue of $4.60 billion for the quarter, compared to analysts’ expectations of $4.53 billion. During the same period last year, the firm posted $1.38 earnings per share. Bank of New York Mellon’s revenue was up 2.1% compared to the same quarter last year. On average, equities research analysts forecast that The Bank of New York Mellon Co. will post 5.58 earnings per share for the current fiscal year.

Bank of New York Mellon Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, August 2nd. Stockholders of record on Monday, July 22nd will be issued a dividend of $0.47 per share. This represents a $1.88 annualized dividend and a dividend yield of 2.98%. This is a boost from Bank of New York Mellon’s previous quarterly dividend of $0.42. The ex-dividend date is Monday, July 22nd. Bank of New York Mellon’s payout ratio is presently 38.89%.

Insider Activity at Bank of New York Mellon

In other Bank of New York Mellon news, insider Kurtis R. Kurimsky sold 6,215 shares of the business’s stock in a transaction dated Tuesday, May 7th. The stock was sold at an average price of $57.93, for a total transaction of $360,034.95. Following the completion of the sale, the insider now directly owns 24,346 shares in the company, valued at approximately $1,410,363.78. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. In other Bank of New York Mellon news, insider Kurtis R. Kurimsky sold 6,215 shares of the stock in a transaction that occurred on Tuesday, May 7th. The shares were sold at an average price of $57.93, for a total value of $360,034.95. Following the transaction, the insider now directly owns 24,346 shares in the company, valued at $1,410,363.78. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, VP Hanneke Smits sold 15,000 shares of the business’s stock in a transaction on Thursday, July 18th. The shares were sold at an average price of $64.11, for a total transaction of $961,650.00. Following the sale, the vice president now directly owns 173,930 shares of the company’s stock, valued at approximately $11,150,652.30. The disclosure for this sale can be found here. Insiders have sold a total of 36,858 shares of company stock worth $2,223,504 over the last quarter. Company insiders own 0.14% of the company’s stock.

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.