Freestone Grove Partners LP Invests $6.86 Million in The Bank of New York Mellon Co. (NYSE:BK)

Freestone Grove Partners LP purchased a new stake in shares of The Bank of New York Mellon Co. (NYSE:BK) during the 4th quarter, according to its most recent filing with the SEC. The institutional investor purchased 89,329 shares of the bank’s stock, valued at approximately $6,863,000.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in BK. Norges Bank bought a new position in shares of Bank of New York Mellon in the fourth quarter worth about $1,150,462,000. FMR LLC grew its stake in Bank of New York Mellon by 19.3% in the 4th quarter. FMR LLC now owns 23,071,584 shares of the bank’s stock worth $1,772,590,000 after acquiring an additional 3,732,862 shares in the last quarter. Northern Trust Corp increased its position in shares of Bank of New York Mellon by 19.1% during the fourth quarter. Northern Trust Corp now owns 9,533,615 shares of the bank’s stock worth $732,468,000 after acquiring an additional 1,526,686 shares during the period. Raymond James Financial Inc. bought a new stake in shares of Bank of New York Mellon during the fourth quarter valued at approximately $90,955,000. Finally, Arrowstreet Capital Limited Partnership boosted its holdings in shares of Bank of New York Mellon by 17.0% in the fourth quarter. Arrowstreet Capital Limited Partnership now owns 7,751,219 shares of the bank’s stock valued at $595,526,000 after purchasing an additional 1,125,493 shares during the period. 85.31% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on BK shares. Deutsche Bank Aktiengesellschaft lifted their target price on Bank of New York Mellon from $94.00 to $98.00 and gave the company a “buy” rating in a research report on Thursday, January 16th. Citigroup lifted their price objective on Bank of New York Mellon from $82.00 to $85.00 and gave the company a “neutral” rating in a report on Monday, March 24th. Wells Fargo & Company increased their target price on shares of Bank of New York Mellon from $86.00 to $96.00 and gave the stock an “equal weight” rating in a report on Monday, March 3rd. StockNews.com lowered shares of Bank of New York Mellon from a “buy” rating to a “hold” rating in a report on Wednesday, February 19th. Finally, Barclays increased their price objective on shares of Bank of New York Mellon from $102.00 to $104.00 and gave the company an “overweight” rating in a research note on Thursday, January 16th. Six equities research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $91.31.

Insiders Place Their Bets

In other news, EVP J Kevin Mccarthy sold 30,000 shares of the firm’s stock in a transaction dated Tuesday, April 29th. The stock was sold at an average price of $79.03, for a total value of $2,370,900.00. Following the completion of the transaction, the executive vice president now directly owns 55,115 shares in the company, valued at $4,355,738.45. This trade represents a 35.25 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Kurtis R. Kurimsky sold 5,641 shares of the company’s stock in a transaction that occurred on Monday, April 14th. The shares were sold at an average price of $77.50, for a total value of $437,177.50. Following the completion of the sale, the insider now owns 21,679 shares in the company, valued at approximately $1,680,122.50. This represents a 20.65 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 101,114 shares of company stock valued at $7,869,795. Insiders own 0.14% of the company’s stock.

Bank of New York Mellon Stock Performance

Shares of BK opened at $82.17 on Friday. The Bank of New York Mellon Co. has a 12 month low of $56.48 and a 12 month high of $90.34. The stock has a fifty day moving average price of $80.98 and a 200-day moving average price of $80.66. The company has a current ratio of 0.69, a quick ratio of 0.70 and a debt-to-equity ratio of 0.83. The firm has a market cap of $59.00 billion, a PE ratio of 14.14, a P/E/G ratio of 0.97 and a beta of 1.03.

Bank of New York Mellon (NYSE:BK) last issued its quarterly earnings results on Friday, April 11th. The bank reported $1.58 earnings per share for the quarter, topping the consensus estimate of $1.50 by $0.08. Bank of New York Mellon had a return on equity of 12.68% and a net margin of 11.35%. The business had revenue of $4.79 billion during the quarter, compared to the consensus estimate of $4.76 billion. During the same quarter last year, the company earned $1.29 earnings per share. The company’s quarterly revenue was up 5.9% on a year-over-year basis. Equities research analysts predict that The Bank of New York Mellon Co. will post 6.96 earnings per share for the current fiscal year.

Bank of New York Mellon Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, May 2nd. Shareholders of record on Monday, April 21st were paid a dividend of $0.47 per share. The ex-dividend date was Monday, April 21st. This represents a $1.88 dividend on an annualized basis and a yield of 2.29%. Bank of New York Mellon’s payout ratio is 30.62%.

Bank of New York Mellon Company 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.