Spinnaker Trust Invests $209,000 in The Bank of New York Mellon Co. (NYSE:BK)

Spinnaker Trust purchased a new position in The Bank of New York Mellon Co. (NYSE:BK) in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm purchased 4,020 shares of the bank’s stock, valued at approximately $209,000.

A number of other large investors have also recently made changes to their positions in the stock. Northern Trust Corp boosted its stake in Bank of New York Mellon by 8.2% during the third quarter. Northern Trust Corp now owns 9,453,880 shares of the bank’s stock valued at $403,208,000 after buying an additional 715,421 shares during the period. Victory Capital Management Inc. boosted its stake in Bank of New York Mellon by 1.5% during the third quarter. Victory Capital Management Inc. now owns 8,757,443 shares of the bank’s stock valued at $373,505,000 after buying an additional 129,929 shares during the period. Legal & General Group Plc boosted its stake in Bank of New York Mellon by 0.9% during the third quarter. Legal & General Group Plc now owns 6,609,866 shares of the bank’s stock valued at $281,912,000 after buying an additional 57,402 shares during the period. Bank of New York Mellon Corp boosted its stake in Bank of New York Mellon by 3.7% during the third quarter. Bank of New York Mellon Corp now owns 6,387,455 shares of the bank’s stock valued at $272,425,000 after buying an additional 226,834 shares during the period. Finally, Invesco Ltd. boosted its stake in Bank of New York Mellon by 10.0% during the third quarter. Invesco Ltd. now owns 5,772,146 shares of the bank’s stock valued at $246,182,000 after buying an additional 524,912 shares during the period. 85.31% of the stock is owned by institutional investors.

Bank of New York Mellon Stock Up 0.2 %

Bank of New York Mellon stock traded up $0.14 during trading hours on Friday, hitting $57.32. 2,058,025 shares of the stock traded hands, compared to its average volume of 3,589,079. The company has a current ratio of 0.71, a quick ratio of 0.72 and a debt-to-equity ratio of 0.90. The firm’s 50-day moving average price is $56.01 and its two-hundred day moving average price is $51.77. The Bank of New York Mellon Co. has a one year low of $39.65 and a one year high of $58.28. The company has a market cap of $43.15 billion, a PE ratio of 13.98, a PEG ratio of 1.23 and a beta of 1.12.

Bank of New York Mellon (NYSE:BK) last issued 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 return on equity of 11.80% and a net margin of 9.48%. The firm had revenue of $4.53 billion for the quarter, compared to analysts’ expectations of $4.39 billion. During the same period in the previous year, the firm posted $1.13 EPS. The business’s revenue for the quarter was up 3.8% compared to the same quarter last year. On average, research analysts forecast that The Bank of New York Mellon Co. will post 5.43 EPS for the current year.

Bank of New York Mellon Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, May 9th. Investors of record on Friday, April 26th will be issued 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 yield of 2.93%. Bank of New York Mellon’s payout ratio is currently 40.98%.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on BK. UBS Group raised their price target on Bank of New York Mellon from $54.00 to $62.00 and gave the company a “buy” rating in a research report on Tuesday, January 9th. Evercore ISI raised their price target on 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. Citigroup raised their price target on 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 reiterated a “sector perform” rating and issued a $58.00 price objective on shares of Bank of New York Mellon in a report on Wednesday, March 27th. Finally, Morgan Stanley lifted their price objective on Bank of New York Mellon from $62.00 to $63.00 and gave the stock an “equal weight” rating in a report on Thursday, April 18th. Five investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $60.17.

Insider Buying and Selling

In related news, EVP J Kevin Mccarthy sold 40,000 shares of the business’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 completion of the transaction, the executive vice president now directly owns 100,404 shares in the company, valued at approximately $5,637,684.60. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. In other Bank of New York Mellon news, VP Catherine Keating sold 54,070 shares of the business’s stock in a transaction on Thursday, April 18th. The shares were sold at an average price of $54.88, for a total transaction 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 approximately $4,299,848. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, EVP J Kevin Mccarthy sold 40,000 shares of the business’s stock in a transaction on Friday, April 19th. The shares were sold at an average price of $56.15, for a total transaction of $2,246,000.00. Following the sale, the executive vice president now owns 100,404 shares of the company’s stock, valued at $5,637,684.60. The disclosure for this sale can be found here. Insiders sold a total of 98,568 shares of company stock worth $5,459,897 in the last three months. 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.