State of Michigan Retirement System lifted its position in Bank of New York Mellon Corp (NYSE:BK) by 7.0% during the 2nd quarter, HoldingsChannel reports. The firm owned 205,809 shares of the bank’s stock after buying an additional 13,461 shares during the period. State of Michigan Retirement System’s holdings in Bank of New York Mellon were worth $7,955,000 at the end of the most recent reporting period.
Several other hedge funds have also modified their holdings of the stock. Modus Advisors LLC bought a new stake in Bank of New York Mellon during the second quarter valued at $25,000. Patriot Financial Group Insurance Agency LLC raised its holdings in shares of Bank of New York Mellon by 123.1% in the 2nd quarter. Patriot Financial Group Insurance Agency LLC now owns 656 shares of the bank’s stock valued at $25,000 after acquiring an additional 362 shares in the last quarter. Capstone Financial Group Inc. bought a new stake in shares of Bank of New York Mellon during the 1st quarter valued at about $25,000. Campbell Wealth Management purchased a new position in shares of Bank of New York Mellon during the second quarter worth about $31,000. Finally, Ellevest Inc. increased its position in shares of Bank of New York Mellon by 135.1% in the second quarter. Ellevest Inc. now owns 804 shares of the bank’s stock worth $31,000 after purchasing an additional 462 shares during the last quarter. Institutional investors own 81.65% of the company’s stock.
A number of equities analysts have commented on the stock. Royal Bank of Canada reissued a “hold” rating on shares of Bank of New York Mellon in a research note on Sunday, April 19th. Deutsche Bank cut their target price on shares of Bank of New York Mellon from $41.00 to $40.00 and set a “hold” rating for the company in a research report on Thursday, July 9th. Seaport Global Securities assumed coverage on Bank of New York Mellon in a research note on Wednesday, July 8th. They issued a “buy” rating and a $51.00 target price on the stock. Morgan Stanley dropped their price target on Bank of New York Mellon from $42.00 to $41.00 and set an “underweight” rating for the company in a research note on Thursday, July 16th. Finally, JPMorgan Chase & Co. upgraded Bank of New York Mellon from an “underweight” rating to a “neutral” rating in a report on Sunday, April 19th. Three investment analysts have rated the stock with a sell rating, eight have issued a hold rating and nine have given a buy rating to the company’s stock. Bank of New York Mellon has a consensus rating of “Hold” and an average price target of $44.97.
NYSE:BK opened at $35.85 on Friday. The company has a debt-to-equity ratio of 0.74, a quick ratio of 0.72 and a current ratio of 0.68. Bank of New York Mellon Corp has a fifty-two week low of $26.40 and a fifty-two week high of $51.60. The firm has a market cap of $31.74 billion, a PE ratio of 7.71, a price-to-earnings-growth ratio of 1.15 and a beta of 1.10. The business has a 50 day moving average price of $37.53 and a 200-day moving average price of $38.56.
Bank of New York Mellon (NYSE:BK) last posted its quarterly earnings results on Wednesday, July 15th. The bank reported $1.01 EPS for the quarter, beating the Zacks’ consensus estimate of $0.91 by $0.10. The company had revenue of $4.01 billion during the quarter, compared to analyst estimates of $3.91 billion. Bank of New York Mellon had a net margin of 22.31% and a return on equity of 10.34%. The firm’s revenue was up 2.2% compared to the same quarter last year. During the same period in the prior year, the business posted $1.01 EPS. Research analysts predict that Bank of New York Mellon Corp will post 3.91 EPS for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, August 7th. Stockholders of record on Monday, July 27th will be paid a dividend of $0.31 per share. This represents a $1.24 annualized dividend and a dividend yield of 3.46%. The ex-dividend date of this dividend is Friday, July 24th. Bank of New York Mellon’s dividend payout ratio (DPR) is 30.85%.
In related news, EVP J Kevin Mccarthy sold 10,000 shares of Bank of New York Mellon stock in a transaction on Friday, May 8th. The shares were sold at an average price of $35.12, for a total value of $351,200.00. Following the sale, the executive vice president now owns 119,870 shares in the company, valued at $4,209,834.40. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, EVP Mitchell E. Harris sold 35,000 shares of the business’s stock in a transaction on Wednesday, July 22nd. The shares were sold at an average price of $35.75, for a total transaction of $1,251,250.00. Following the transaction, the executive vice president now directly owns 145,425 shares in the company, valued at $5,198,943.75. The disclosure for this sale can be found here. Corporate insiders own 0.12% 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 to institutions, corporations, and high net worth individuals in the United States and internationally. The company operates through two segments, Investment Management and Investment Services. It offers investment management, custody, foreign exchange, fund broker-dealer, collateral and liquidity, clearing, corporate trust, global payment, trade finance, and cash management services, as well as securities finance and depositary receipts.
Further Reading: Equity Income
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