Board of the Pension Protection Fund Acquires 7,100 Shares of The Bank of New York Mellon Corporation $BK

Board of the Pension Protection Fund grew its holdings in The Bank of New York Mellon Corporation (NYSE:BK) by 69.6% in the 2nd quarter, HoldingsChannel reports. The firm owned 17,300 shares of the bank’s stock after buying an additional 7,100 shares during the quarter. Bank of New York Mellon comprises approximately 1.7% of Board of the Pension Protection Fund’s holdings, making the stock its 11th largest holding. Board of the Pension Protection Fund’s holdings in Bank of New York Mellon were worth $1,576,000 as of its most recent filing with the SEC.

Several other large investors have also modified their holdings of BK. Opal Wealth Advisors LLC bought a new stake in shares of Bank of New York Mellon in the 1st quarter valued at about $25,000. Alpine Bank Wealth Management bought a new stake in shares of Bank of New York Mellon in the 1st quarter valued at about $25,000. Cornerstone Planning Group LLC raised its holdings in shares of Bank of New York Mellon by 100.0% in the 1st quarter. Cornerstone Planning Group LLC now owns 392 shares of the bank’s stock valued at $30,000 after purchasing an additional 196 shares in the last quarter. Orion Capital Management LLC bought a new stake in shares of Bank of New York Mellon in the 1st quarter valued at about $32,000. Finally, Hoey Investments Inc. bought a new stake in shares of Bank of New York Mellon in the 2nd quarter valued at about $32,000. Institutional investors own 85.31% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts have recently commented on the stock. Keefe, Bruyette & Woods boosted their price target on shares of Bank of New York Mellon from $105.00 to $113.00 and gave the company an “outperform” rating in a report on Wednesday, July 16th. Wells Fargo & Company lifted their price objective on shares of Bank of New York Mellon from $96.00 to $100.00 and gave the stock an “equal weight” rating in a research report on Wednesday, July 16th. BMO Capital Markets began coverage on shares of Bank of New York Mellon in a research report on Friday, October 3rd. They issued an “outperform” rating and a $125.00 price objective on the stock. Weiss Ratings reaffirmed a “buy (b+)” rating on shares of Bank of New York Mellon in a research report on Wednesday. Finally, Citigroup lifted their price objective on shares of Bank of New York Mellon from $92.00 to $105.00 and gave the stock a “neutral” rating in a research report on Friday, September 5th. Ten analysts have rated the stock with a Buy rating and six have given a Hold rating to the stock. According to MarketBeat.com, Bank of New York Mellon currently has a consensus rating of “Moderate Buy” and an average target price of $106.77.

Insider Activity

In related news, EVP J Kevin Mccarthy sold 20,000 shares of the business’s stock in a transaction on Tuesday, July 22nd. The shares were sold at an average price of $98.45, for a total transaction of $1,969,000.00. Following the completion of the transaction, the executive vice president directly owned 35,115 shares in the company, valued at $3,457,071.75. The trade was a 36.29% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 0.14% of the stock is currently owned by company insiders.

Bank of New York Mellon Stock Down 2.1%

NYSE:BK opened at $104.63 on Friday. The company has a market cap of $73.79 billion, a PE ratio of 15.97, a P/E/G ratio of 0.98 and a beta of 1.13. The Bank of New York Mellon Corporation has a twelve month low of $70.46 and a twelve month high of $110.87. The company has a current ratio of 0.72, a quick ratio of 0.72 and a debt-to-equity ratio of 0.86. The company’s 50 day moving average is $105.10 and its two-hundred day moving average is $93.74.

Bank of New York Mellon (NYSE:BK) last released its earnings results on Tuesday, March 26th. The bank reported $1.30 earnings per share for the quarter. The company had revenue of $4.38 billion for the quarter. Bank of New York Mellon had a net margin of 12.27% and a return on equity of 13.46%. Analysts anticipate that The Bank of New York Mellon Corporation will post 6.96 EPS for the current year.

Bank of New York Mellon Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, August 7th. Stockholders of record on Friday, July 25th were paid a $0.53 dividend. The ex-dividend date was Friday, July 25th. This is an increase from Bank of New York Mellon’s previous quarterly dividend of $0.47. This represents a $2.12 dividend on an annualized basis and a dividend yield of 2.0%. Bank of New York Mellon’s dividend payout ratio (DPR) is currently 32.37%.

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.