Prudential PLC Acquires 41,145 Shares of The Bank of New York Mellon Corporation $BK

Prudential PLC lifted its holdings in The Bank of New York Mellon Corporation (NYSE:BK) by 16.1% during the 2nd quarter, HoldingsChannel reports. The institutional investor owned 296,448 shares of the bank’s stock after purchasing an additional 41,145 shares during the period. Prudential PLC’s holdings in Bank of New York Mellon were worth $27,009,000 at the end of the most recent quarter.

A number of other large investors also recently bought and sold shares of the business. Vanguard Group Inc. grew its position in Bank of New York Mellon by 0.7% in the 2nd quarter. Vanguard Group Inc. now owns 71,092,148 shares of the bank’s stock valued at $6,477,206,000 after acquiring an additional 517,081 shares during the last quarter. Geode Capital Management LLC boosted its stake in shares of Bank of New York Mellon by 4.3% during the second quarter. Geode Capital Management LLC now owns 18,898,373 shares of the bank’s stock valued at $1,717,074,000 after purchasing an additional 785,478 shares during the period. Artisan Partners Limited Partnership boosted its stake in shares of Bank of New York Mellon by 0.9% during the second quarter. Artisan Partners Limited Partnership now owns 15,803,214 shares of the bank’s stock valued at $1,439,831,000 after purchasing an additional 139,544 shares during the period. Ameriprise Financial Inc. grew its holdings in shares of Bank of New York Mellon by 1.9% in the first quarter. Ameriprise Financial Inc. now owns 12,043,601 shares of the bank’s stock worth $1,010,093,000 after purchasing an additional 221,613 shares during the last quarter. Finally, Nuveen LLC bought a new position in shares of Bank of New York Mellon in the first quarter worth about $773,627,000. Hedge funds and other institutional investors own 85.31% of the company’s stock.

Wall Street Analysts Forecast Growth

BK has been the subject of a number of research analyst reports. Barclays lifted their price objective on shares of Bank of New York Mellon from $104.00 to $120.00 and gave the company an “overweight” rating in a report on Friday, October 17th. Morgan Stanley lifted their price target on shares of Bank of New York Mellon from $101.00 to $116.00 and gave the company an “overweight” rating in a research note on Monday, September 29th. Keefe, Bruyette & Woods boosted their price target on Bank of New York Mellon from $120.00 to $124.00 and gave the company an “outperform” rating in a report on Friday, October 17th. Wells Fargo & Company increased their price objective on Bank of New York Mellon from $100.00 to $109.00 and gave the stock an “equal weight” rating in a research note on Friday, October 17th. Finally, BMO Capital Markets started coverage on Bank of New York Mellon in a research report on Friday, October 3rd. They set an “outperform” rating and a $125.00 target price for the company. Ten analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $111.29.

Bank of New York Mellon Price Performance

NYSE BK opened at $107.50 on Thursday. The company has a market cap of $74.97 billion, a PE ratio of 15.51, a P/E/G ratio of 0.98 and a beta of 1.13. The firm’s 50 day moving average price is $107.89 and its 200-day moving average price is $99.67. The company has a debt-to-equity ratio of 0.83, a quick ratio of 0.72 and a current ratio of 0.70. The Bank of New York Mellon Corporation has a 52-week low of $70.46 and a 52-week high of $113.74.

Bank of New York Mellon (NYSE:BK) last posted its earnings results on Tuesday, March 26th. The bank reported $1.30 earnings per share for the quarter. Bank of New York Mellon had a return on equity of 14.03% and a net margin of 12.86%.The company had revenue of $4.38 billion during the quarter. Sell-side analysts forecast that The Bank of New York Mellon Corporation will post 6.96 EPS for the current fiscal year.

Bank of New York Mellon Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, November 7th. Investors of record on Monday, October 27th were paid a dividend of $0.53 per share. This represents a $2.12 annualized dividend and a dividend yield of 2.0%. The ex-dividend date was Monday, October 27th. Bank of New York Mellon’s payout ratio is 30.59%.

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.