Murphy Middleton Hinkle & Parker Inc. Makes New Investment in The Bank of New York Mellon Co. (NYSE:BK)

Murphy Middleton Hinkle & Parker Inc. acquired a new stake in shares of The Bank of New York Mellon Co. (NYSE:BK) in the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor acquired 2,398 shares of the bank’s stock, valued at approximately $201,000.

A number of other institutional investors have also recently made changes to their positions in BK. Norges Bank bought a new position in Bank of New York Mellon during the fourth quarter valued at $1,150,462,000. FMR LLC raised its position 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 valued at $1,772,590,000 after buying an additional 3,732,862 shares in the last quarter. Northern Trust Corp raised its position 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 valued at $732,468,000 after buying an additional 1,526,686 shares in the last quarter. GAMMA Investing LLC lifted its holdings in shares of 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 valued at $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 fourth quarter worth about $90,955,000. Hedge funds and other institutional investors own 85.31% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on BK. Royal Bank of Canada restated a “sector perform” rating and set a $90.00 price objective on shares of Bank of New York Mellon in a research report on Monday, March 17th. Citigroup boosted their target price on Bank of New York Mellon from $82.00 to $85.00 and gave the company a “neutral” rating in a research report on Monday, March 24th. Evercore ISI raised their price target on Bank of New York Mellon from $83.00 to $87.00 and gave the stock an “in-line” rating in a research report on Tuesday, April 1st. Wall Street Zen lowered shares of Bank of New York Mellon from a “buy” rating to a “hold” rating in a research note on Wednesday, February 19th. Finally, Wells Fargo & Company increased 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. Seven equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. According to data from MarketBeat, Bank of New York Mellon currently has an average rating of “Moderate Buy” and a consensus target price of $91.85.

Insiders Place Their Bets

In other news, insider Kurtis R. Kurimsky sold 5,641 shares of the company’s stock in a transaction that occurred on Monday, April 14th. The shares were sold at an average price of $77.50, for a total value of $437,177.50. Following the completion of the sale, the insider now owns 21,679 shares of the company’s stock, valued at approximately $1,680,122.50. This represents a 20.65% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, VP Catherine Keating sold 65,473 shares of the stock in a transaction that occurred on Monday, April 14th. The shares were sold at an average price of $77.31, for a total transaction of $5,061,717.63. Following the transaction, the vice president now owns 87,542 shares in the company, valued at approximately $6,767,872.02. This represents a 42.79% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 101,114 shares of company stock worth $7,869,795 in the last ninety days. 0.14% of the stock is owned by company insiders.

Bank of New York Mellon Trading Down 0.1%

NYSE BK opened at $89.96 on Wednesday. The stock has a market cap of $64.36 billion, a PE ratio of 15.48, a PEG ratio of 0.97 and a beta of 1.08. The Bank of New York Mellon Co. has a 12 month low of $57.18 and a 12 month high of $90.63. The company’s 50-day moving average price is $83.19 and its 200-day moving average price is $82.77. The company has a current ratio of 0.69, a quick ratio of 0.70 and a debt-to-equity ratio of 0.83.

Bank of New York Mellon (NYSE:BK) last released its quarterly earnings data 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. The company had revenue of $4.79 billion during the quarter, compared to analysts’ expectations of $4.76 billion. Bank of New York Mellon had a net margin of 11.35% and a return on equity of 12.68%. The firm’s quarterly revenue was up 5.9% on a year-over-year basis. During the same period in the previous year, the company earned $1.29 EPS. Equities research analysts forecast that The Bank of New York Mellon Co. will post 6.96 earnings per share for the current year.

Bank of New York Mellon Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, May 2nd. Investors of record on Monday, April 21st were paid a $0.47 dividend. 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 currently 30.62%.

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.