The Bank of New York Mellon Co. (NYSE:BK) Stock Position Boosted by Royal Bank of Canada

Royal Bank of Canada boosted its stake in The Bank of New York Mellon Co. (NYSE:BK) by 13.2% in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 4,315,954 shares of the bank’s stock after buying an additional 502,502 shares during the period. Royal Bank of Canada’s holdings in Bank of New York Mellon were worth $331,595,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Parvin Asset Management LLC bought a new position in shares of Bank of New York Mellon during the 4th quarter valued at about $25,000. Bellwether Advisors LLC bought a new position in shares of Bank of New York Mellon during the 4th quarter valued at about $28,000. Transce3nd LLC bought a new position in shares of Bank of New York Mellon during the 4th quarter valued at about $33,000. South Plains Financial Inc. bought a new position in shares of Bank of New York Mellon during the 4th quarter valued at about $34,000. Finally, Graney & King LLC bought a new position in shares of Bank of New York Mellon during the 4th quarter valued at about $35,000. Institutional investors own 85.31% of the company’s stock.

Bank of New York Mellon Price Performance

Shares of BK opened at $90.06 on Friday. The firm has a market cap of $64.43 billion, a PE ratio of 15.50, a PEG ratio of 0.97 and a beta of 1.05. The firm’s 50 day moving average price is $81.07 and its 200 day moving average price is $81.33. The company has a debt-to-equity ratio of 0.83, a quick ratio of 0.70 and a current ratio of 0.69. The Bank of New York Mellon Co. has a twelve month low of $57.18 and a twelve month high of $90.50.

Bank of New York Mellon (NYSE:BK) last announced its quarterly earnings results on Friday, April 11th. The bank reported $1.58 EPS for the quarter, beating 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 company had revenue of $4.79 billion for the quarter, compared to the consensus estimate of $4.76 billion. During the same quarter last year, the company posted $1.29 earnings per share. The company’s revenue for the quarter was up 5.9% compared to the same quarter last year. As a group, research analysts expect that The Bank of New York Mellon Co. will post 6.96 EPS for the current fiscal year.

Bank of New York Mellon Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, May 2nd. Shareholders of record on Monday, April 21st were issued a dividend of $0.47 per share. The ex-dividend date was Monday, April 21st. This represents a $1.88 annualized dividend and a yield of 2.09%. Bank of New York Mellon’s dividend payout ratio (DPR) is presently 30.62%.

Analysts Set New Price Targets

BK has been the subject of several research reports. Wells Fargo & Company raised their price objective on shares of Bank of New York Mellon from $86.00 to $96.00 and gave the company an “equal weight” rating in a research report on Monday, March 3rd. UBS Group raised their target price on shares of Bank of New York Mellon from $88.00 to $94.00 and gave the stock a “buy” rating in a report on Tuesday, January 21st. Morgan Stanley decreased their target price on shares of Bank of New York Mellon from $99.00 to $98.00 and set an “overweight” rating for the company in a report on Wednesday, April 2nd. Citigroup raised their target price on shares of Bank of New York Mellon from $82.00 to $85.00 and gave the stock a “neutral” rating in a report on Monday, March 24th. Finally, StockNews.com cut shares of Bank of New York Mellon from a “buy” rating to a “hold” rating in a report on Wednesday, February 19th. Six research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. According to data from MarketBeat.com, Bank of New York Mellon has a consensus rating of “Moderate Buy” and an average target price of $91.31.

Insider Buying and Selling at Bank of New York Mellon

In other news, VP Catherine Keating sold 65,473 shares of the firm’s stock in a transaction on Monday, April 14th. The shares were sold at an average price of $77.31, for a total value of $5,061,717.63. Following the sale, the vice president now owns 87,542 shares in the company, valued at approximately $6,767,872.02. This trade represents a 42.79% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Kurtis R. Kurimsky sold 5,641 shares of the company’s stock in a transaction on Monday, April 14th. The shares were sold at an average price of $77.50, for a total transaction of $437,177.50. Following the transaction, the insider now owns 21,679 shares of the company’s stock, valued at approximately $1,680,122.50. The trade was a 20.65% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 101,114 shares of company stock worth $7,869,795 over the last 90 days. 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.