The Bank of New York Mellon Co. (NYSE:BK) Insider Kurtis R. Kurimsky Sells 6,215 Shares

The Bank of New York Mellon Co. (NYSE:BK) insider Kurtis R. Kurimsky sold 6,215 shares of the business’s stock in a transaction on Tuesday, May 7th. The shares were sold at an average price of $57.93, for a total transaction of $360,034.95. Following the sale, the insider now owns 24,346 shares of the company’s stock, valued at approximately $1,410,363.78. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink.

Bank of New York Mellon Stock Up 0.5 %

BK stock opened at $58.62 on Friday. The firm’s 50-day moving average is $56.28 and its two-hundred day moving average is $52.68. The company has a market capitalization of $44.13 billion, a price-to-earnings ratio of 14.23, a price-to-earnings-growth ratio of 1.23 and a beta of 1.11. The Bank of New York Mellon Co. has a 52 week low of $39.65 and a 52 week high of $58.68. The company has a current ratio of 0.71, a quick ratio of 0.72 and a debt-to-equity ratio of 0.90.

Bank of New York Mellon (NYSE:BK) last announced its earnings results on Tuesday, April 16th. The bank reported $1.29 EPS for the quarter, topping the consensus estimate of $1.19 by $0.10. Bank of New York Mellon had a return on equity of 11.80% and a net margin of 9.48%. The firm had revenue of $4.53 billion for the quarter, compared to analysts’ expectations of $4.39 billion. During the same quarter in the previous year, the company earned $1.13 earnings per share. The firm’s quarterly revenue was up 3.8% compared to the same quarter last year. On average, analysts forecast that The Bank of New York Mellon Co. will post 5.43 earnings per share for the current fiscal year.

Bank of New York Mellon Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, May 9th. Shareholders of record on Friday, April 26th were issued a $0.42 dividend. This represents a $1.68 dividend on an annualized basis and a yield of 2.87%. The ex-dividend date was Thursday, April 25th. Bank of New York Mellon’s payout ratio is 40.98%.

Institutional Trading of Bank of New York Mellon

Several institutional investors and hedge funds have recently added to or reduced their stakes in BK. Vanguard Group Inc. lifted its position in shares of Bank of New York Mellon by 6.1% during the 4th quarter. Vanguard Group Inc. now owns 74,501,451 shares of the bank’s stock valued at $3,877,801,000 after acquiring an additional 4,293,751 shares during the last quarter. Artisan Partners Limited Partnership boosted its position in shares of Bank of New York Mellon by 0.7% in the 4th quarter. Artisan Partners Limited Partnership now owns 19,793,539 shares of the bank’s stock valued at $1,030,254,000 after purchasing an additional 144,162 shares during the period. Norges Bank purchased a new position in Bank of New York Mellon in the 4th quarter worth about $813,701,000. Northern Trust Corp raised its holdings in Bank of New York Mellon by 8.2% during the 3rd quarter. Northern Trust Corp now owns 9,453,880 shares of the bank’s stock worth $403,208,000 after buying an additional 715,421 shares during the period. Finally, Victory Capital Management Inc. lifted its stake in Bank of New York Mellon by 1.5% during the third quarter. Victory Capital Management Inc. now owns 8,757,443 shares of the bank’s stock valued at $373,505,000 after buying an additional 129,929 shares in the last quarter. 85.31% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on the stock. Jefferies Financial Group increased their price objective on shares of Bank of New York Mellon from $67.00 to $68.00 and gave the stock a “buy” rating in a research note on Thursday, April 18th. Morgan Stanley increased their price target on Bank of New York Mellon from $62.00 to $63.00 and gave the stock an “equal weight” rating in a research report on Thursday, April 18th. Royal Bank of Canada restated a “sector perform” rating and set a $58.00 price objective on shares of Bank of New York Mellon in a research report on Wednesday, March 27th. Citigroup increased their target price on Bank of New York Mellon from $60.00 to $65.00 and gave the stock a “buy” rating in a research report on Wednesday, February 14th. Finally, Bank of America boosted their price target on shares of Bank of New York Mellon from $64.00 to $66.00 and gave the company a “buy” rating in a report on Wednesday, April 17th. Five analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $60.17.

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.