Mackenzie Financial Corp Acquires 10,590 Shares of The Bank of New York Mellon Co. (NYSE:BK)

Mackenzie Financial Corp increased its holdings in shares of The Bank of New York Mellon Co. (NYSE:BK) by 11.8% in the fourth quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 100,179 shares of the bank’s stock after purchasing an additional 10,590 shares during the quarter. Mackenzie Financial Corp’s holdings in Bank of New York Mellon were worth $7,697,000 as of its most recent filing with the SEC.

A number of other large investors have also bought and sold shares of BK. Norges Bank bought a new position in shares of Bank of New York Mellon during the 4th quarter worth approximately $1,150,462,000. FMR LLC grew its stake in shares of Bank of New York Mellon by 19.3% during 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 grew its stake in shares of Bank of New York Mellon by 19.1% during the 4th 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 in the last quarter. Raymond James Financial Inc. bought a new position in shares of Bank of New York Mellon during the 4th quarter worth approximately $90,955,000. Finally, Arrowstreet Capital Limited Partnership grew its stake in shares of Bank of New York Mellon by 17.0% during the 4th quarter. Arrowstreet Capital Limited Partnership now owns 7,751,219 shares of the bank’s stock worth $595,526,000 after acquiring an additional 1,125,493 shares in the last quarter. 85.31% of the stock is owned by institutional investors.

Bank of New York Mellon Trading Up 1.2%

Shares of Bank of New York Mellon stock opened at $90.17 on Wednesday. The business has a fifty day simple moving average of $82.10 and a two-hundred day simple moving average of $82.01. The Bank of New York Mellon Co. has a 1 year low of $57.18 and a 1 year high of $90.63. The company has a market capitalization of $64.51 billion, a price-to-earnings ratio of 15.52, a P/E/G ratio of 0.97 and a beta of 1.05. The company has a debt-to-equity ratio of 0.83, a current ratio of 0.69 and a quick ratio of 0.70.

Bank of New York Mellon (NYSE:BK) last announced its quarterly earnings results on Friday, April 11th. The bank reported $1.58 earnings per share (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 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 firm posted $1.29 EPS. The company’s quarterly revenue was up 5.9% on a year-over-year basis. Research analysts forecast that The Bank of New York Mellon Co. will post 6.96 EPS for the current year.

Bank of New York Mellon Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, May 2nd. Stockholders of record on Monday, April 21st were issued a dividend of $0.47 per share. This represents a $1.88 dividend on an annualized basis and a dividend yield of 2.08%. The ex-dividend date of this dividend was Monday, April 21st. Bank of New York Mellon’s dividend payout ratio is currently 30.62%.

Insider Transactions at Bank of New York Mellon

In other news, VP Catherine Keating sold 65,473 shares of Bank of New York Mellon stock in a transaction on Monday, April 14th. The stock was sold at an average price of $77.31, for a total transaction of $5,061,717.63. Following the completion of the sale, the vice president now owns 87,542 shares of the company’s stock, valued at approximately $6,767,872.02. This trade represents a 42.79% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP J Kevin Mccarthy sold 30,000 shares of the firm’s stock in a transaction on 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 owns 55,115 shares in the company, valued at $4,355,738.45. The trade was a 35.25% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 101,114 shares of company stock valued at $7,869,795. 0.14% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

BK has been the subject of several analyst reports. Wells Fargo & Company raised their target price 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 note on Monday, March 3rd. Royal Bank of Canada reissued a “sector perform” rating and issued a $90.00 target price on shares of Bank of New York Mellon in a research note on Monday, March 17th. Truist Financial decreased their target price on shares of Bank of New York Mellon from $90.00 to $87.00 and set a “buy” rating for the company in a research note on Monday, April 14th. Citigroup raised their target price on shares of Bank of New York Mellon from $82.00 to $85.00 and gave the company a “neutral” rating in a research note on Monday, March 24th. Finally, 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 research note on Wednesday, April 2nd. Six equities research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $91.31.

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.