Hartford Financial Management Inc. Grows Stock Holdings in The Bank of New York Mellon Corporation (NYSE:BK)

Hartford Financial Management Inc. grew its holdings in shares of The Bank of New York Mellon Corporation (NYSE:BK) by 43.5% in the 1st quarter, according to its most recent disclosure with the SEC. The fund owned 723 shares of the bank’s stock after purchasing an additional 219 shares during the period. Hartford Financial Management Inc.’s holdings in Bank of New York Mellon were worth $61,000 as of its most recent SEC filing.

Several other large investors have also recently made changes to their positions in BK. Norges Bank purchased a new position in shares of Bank of New York Mellon during the fourth quarter valued at approximately $1,150,462,000. FMR LLC lifted its holdings in shares of Bank of New York Mellon by 19.3% during the fourth quarter. FMR LLC now owns 23,071,584 shares of the bank’s stock valued at $1,772,590,000 after purchasing an additional 3,732,862 shares during the last quarter. Northern Trust Corp raised its holdings in Bank of New York Mellon by 19.1% in 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 during the last quarter. GAMMA Investing LLC raised its holdings in Bank of New York Mellon by 9,538.9% in the 1st quarter. GAMMA Investing LLC now owns 1,399,958 shares of the bank’s stock worth $117,414,000 after acquiring an additional 1,385,434 shares during the last quarter. Finally, Raymond James Financial Inc. purchased a new position in Bank of New York Mellon in the 4th quarter worth approximately $90,955,000. 85.31% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of equities analysts recently weighed in on the stock. Citigroup boosted their price objective 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. Royal Bank Of Canada restated a “sector perform” rating and issued a $90.00 price objective on shares of Bank of New York Mellon in a report on Monday, March 17th. Morgan Stanley boosted their price objective on shares of Bank of New York Mellon from $94.00 to $95.00 and gave the stock an “overweight” rating in a report on Tuesday, June 3rd. Wells Fargo & Company boosted their price objective 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. Finally, Evercore ISI boosted their price objective on shares of Bank of New York Mellon from $83.00 to $87.00 and gave the stock an “in-line” rating in a report on Tuesday, April 1st. Seven analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $91.85.

Bank of New York Mellon Price Performance

Shares of BK opened at $91.49 on Thursday. The firm has a market cap of $65.46 billion, a PE ratio of 14.90, a P/E/G ratio of 1.00 and a beta of 1.08. The company has a current ratio of 0.69, a quick ratio of 0.69 and a debt-to-equity ratio of 0.81. The firm has a fifty day simple moving average of $84.93 and a two-hundred day simple moving average of $83.10. The Bank of New York Mellon Corporation has a 1-year low of $58.19 and a 1-year high of $92.08.

Bank of New York Mellon (NYSE:BK) last posted its quarterly earnings data on Friday, April 11th. The bank reported $1.58 EPS for the quarter, topping the consensus estimate of $1.50 by $0.08. The firm had revenue of $4.79 billion during the quarter, compared to analyst estimates of $4.76 billion. Bank of New York Mellon had a return on equity of 12.96% and a net margin of 11.78%. Bank of New York Mellon’s revenue was up 5.9% on a year-over-year basis. During the same period in the prior year, the business posted $1.29 EPS. On average, equities analysts anticipate that The Bank of New York Mellon Corporation will post 6.96 EPS for the current year.

Bank of New York Mellon Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, May 2nd. Stockholders of record on Monday, April 21st were paid a $0.47 dividend. The ex-dividend date of this dividend was Monday, April 21st. This represents a $1.88 annualized dividend and a dividend yield of 2.05%. Bank of New York Mellon’s dividend payout ratio (DPR) is 30.62%.

Insider Transactions at Bank of New York Mellon

In related news, VP Catherine Keating sold 65,473 shares of the company’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 completion of the transaction, the vice president now owns 87,542 shares of the company’s stock, valued at approximately $6,767,872.02. This represents a 42.79% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Kurtis R. Kurimsky sold 5,641 shares of the company’s stock in a transaction on Monday, April 14th. The stock was sold at an average price of $77.50, for a total transaction of $437,177.50. Following the completion of the transaction, the insider now directly owns 21,679 shares of the company’s stock, valued at $1,680,122.50. This represents a 20.65% decrease in their position. The disclosure for this sale can be found here. Insiders sold 101,114 shares of company stock worth $7,869,795 in the last three months. Corporate insiders own 0.14% of the company’s stock.

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.