Illinois Municipal Retirement Fund Boosts Stock Position in Bank of New York Mellon Corporation $BNY

Illinois Municipal Retirement Fund grew its holdings in shares of Bank of New York Mellon Corporation (NYSE:BNY) by 1.7% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 371,189 shares of the bank’s stock after buying an additional 6,319 shares during the quarter. Bank of New York Mellon accounts for about 0.5% of Illinois Municipal Retirement Fund’s investment portfolio, making the stock its 21st largest holding. Illinois Municipal Retirement Fund owned about 0.05% of Bank of New York Mellon worth $43,091,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also recently added to or reduced their stakes in the company. Thurston Springer Miller Herd & Titak Inc. bought a new stake in shares of Bank of New York Mellon in the 4th quarter worth about $27,000. MCF Advisors LLC grew its stake in Bank of New York Mellon by 74.8% in the fourth quarter. MCF Advisors LLC now owns 236 shares of the bank’s stock worth $27,000 after purchasing an additional 101 shares in the last quarter. Marquette Asset Management LLC increased its holdings in Bank of New York Mellon by 174.7% in the fourth quarter. Marquette Asset Management LLC now owns 261 shares of the bank’s stock valued at $30,000 after buying an additional 166 shares during the last quarter. Kohmann Bosshard Financial Services LLC bought a new stake in Bank of New York Mellon in the fourth quarter valued at about $46,000. Finally, Dunhill Financial LLC raised its stake in Bank of New York Mellon by 130.8% during the third quarter. Dunhill Financial LLC now owns 427 shares of the bank’s stock valued at $47,000 after buying an additional 242 shares in the last quarter. 85.31% of the stock is owned by institutional investors and hedge funds.

Bank of New York Mellon Stock Down 2.3%

BNY stock opened at $139.89 on Thursday. The stock has a market cap of $96.02 billion, a PE ratio of 17.33, a price-to-earnings-growth ratio of 1.05 and a beta of 1.07. The firm’s 50-day simple moving average is $134.27 and its 200 day simple moving average is $123.41. Bank of New York Mellon Corporation has a fifty-two week low of $87.41 and a fifty-two week high of $144.98. The company has a quick ratio of 0.75, a current ratio of 0.75 and a debt-to-equity ratio of 0.82.

Bank of New York Mellon (NYSE:BNY) last posted its earnings results on Thursday, April 16th. The bank reported $2.25 EPS for the quarter, topping the consensus estimate of $1.94 by $0.31. Bank of New York Mellon had a net margin of 14.60% and a return on equity of 15.29%. The firm had revenue of $5.41 billion during the quarter, compared to analysts’ expectations of $5.14 billion. During the same quarter in the prior year, the firm earned $1.58 EPS. Bank of New York Mellon’s quarterly revenue was up 12.9% on a year-over-year basis. As a group, sell-side analysts predict that Bank of New York Mellon Corporation will post 8.78 EPS for the current year.

Bank of New York Mellon Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, May 8th. Investors of record on Monday, April 27th were given a $0.53 dividend. This represents a $2.12 annualized dividend and a yield of 1.5%. The ex-dividend date was Monday, April 27th. Bank of New York Mellon’s dividend payout ratio (DPR) is currently 26.27%.

Wall Street Analysts Forecast Growth

A number of research analysts have commented on BNY shares. Wall Street Zen raised Bank of New York Mellon to a “hold” rating in a report on Saturday, May 23rd. Royal Bank Of Canada raised their price objective on Bank of New York Mellon from $130.00 to $142.00 and gave the stock a “sector perform” rating in a research note on Friday, April 17th. Weiss Ratings raised shares of Bank of New York Mellon from a “buy (a-)” rating to a “buy (a)” rating in a report on Monday, May 4th. Keefe, Bruyette & Woods boosted their target price on shares of Bank of New York Mellon from $143.00 to $150.00 and gave the company an “outperform” rating in a research note on Friday, April 17th. Finally, Evercore set a $136.00 price target on shares of Bank of New York Mellon in a research report on Friday, April 17th. One research analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and five have assigned a Hold rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $138.08.

Insiders Place Their Bets

In related news, insider Kurtis R. Kurimsky sold 5,290 shares of Bank of New York Mellon stock in a transaction dated Friday, April 17th. The shares were sold at an average price of $136.02, for a total transaction of $719,545.80. Following the sale, the insider directly owned 17,259 shares in the company, valued at $2,347,569.18. The trade was a 23.46% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP J Kevin Mccarthy sold 30,000 shares of the stock in a transaction dated Friday, April 17th. The shares were sold at an average price of $136.50, for a total transaction of $4,095,000.00. Following the completion of the transaction, the executive vice president owned 50,238 shares of the company’s stock, valued at $6,857,487. This represents a 37.39% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 48,091 shares of company stock worth $6,568,423 over the last 90 days. Insiders own 0.17% of the company’s stock.

About Bank of New York Mellon

BNY, formerly known as BNY Mellon, is a global financial services company headquartered in New York City. Formed in 2007 through the merger of the Bank of New York and Mellon Financial Corporation, BNY traces its roots back to 1784, making it one of the oldest banking institutions in the United States. It was also the first company listed on the New York Stock Exchange.

BNY operates at the center of the world’s capital markets, partnering with clients to help them operate more efficiently and accelerate growth.