Canada Pension Plan Investment Board Reduces Holdings in The Bank of New York Mellon Co. (NYSE:BK)

Canada Pension Plan Investment Board reduced its position in shares of The Bank of New York Mellon Co. (NYSE:BK) by 42.1% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 808,737 shares of the bank’s stock after selling 588,852 shares during the period. Canada Pension Plan Investment Board owned about 0.11% of Bank of New York Mellon worth $48,435,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also made changes to their positions in the company. Olistico Wealth LLC acquired a new position in Bank of New York Mellon in the 2nd quarter worth $30,000. Clearstead Trust LLC acquired a new position in shares of Bank of New York Mellon in the second quarter worth about $32,000. Kathleen S. Wright Associates Inc. purchased a new position in Bank of New York Mellon in the first quarter valued at about $32,000. Able Wealth Management LLC acquired a new stake in Bank of New York Mellon during the 4th quarter valued at approximately $32,000. Finally, Family Firm Inc. purchased a new stake in Bank of New York Mellon during the 2nd quarter worth approximately $40,000. 85.31% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

BK has been the subject of several research analyst reports. Keefe, Bruyette & Woods reiterated an “outperform” rating and set a $75.00 target price (up from $70.00) on shares of Bank of New York Mellon in a research note on Monday, July 15th. Deutsche Bank Aktiengesellschaft increased their price objective on shares of Bank of New York Mellon from $63.00 to $66.00 and gave the company a “hold” rating in a research note on Thursday, August 15th. Barclays upped their target price on shares of Bank of New York Mellon from $68.00 to $75.00 and gave the company an “overweight” rating in a research note on Monday, July 15th. Evercore ISI lifted their price target on Bank of New York Mellon from $61.00 to $66.00 and gave the stock an “in-line” rating in a research note on Monday, July 15th. Finally, Citigroup upped their price objective on Bank of New York Mellon from $65.00 to $70.00 and gave the company a “neutral” rating in a research note on Thursday. Six research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $66.59.

Bank of New York Mellon Stock Up 0.1 %

NYSE:BK opened at $71.82 on Friday. The firm has a market capitalization of $53.71 billion, a PE ratio of 16.63, a price-to-earnings-growth ratio of 1.17 and a beta of 1.08. The Bank of New York Mellon Co. has a 52 week low of $39.66 and a 52 week high of $71.96. The company has a current ratio of 0.70, a quick ratio of 0.70 and a debt-to-equity ratio of 0.85. The stock has a 50 day moving average of $65.98 and a 200-day moving average of $60.68.

Bank of New York Mellon (NYSE:BK) last issued its quarterly earnings data on Friday, July 12th. The bank reported $1.51 EPS for the quarter, topping analysts’ consensus estimates of $1.43 by $0.08. The firm had revenue of $4.60 billion during the quarter, compared to the consensus estimate of $4.53 billion. Bank of New York Mellon had a return on equity of 11.87% and a net margin of 9.40%. The firm’s revenue was up 2.1% on a year-over-year basis. During the same period in the prior year, the business earned $1.38 EPS. Analysts predict that The Bank of New York Mellon Co. will post 5.63 EPS for the current year.

Bank of New York Mellon Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, August 2nd. Investors of record on Monday, July 22nd were given a $0.47 dividend. The ex-dividend date was Monday, July 22nd. This is an increase from Bank of New York Mellon’s previous quarterly dividend of $0.42. This represents a $1.88 annualized dividend and a yield of 2.62%. Bank of New York Mellon’s dividend payout ratio (DPR) is currently 43.52%.

Insider Buying and Selling at Bank of New York Mellon

In other Bank of New York Mellon news, VP Hanneke Smits sold 15,000 shares of the firm’s stock in a transaction that occurred on Thursday, July 18th. The shares were sold at an average price of $64.11, for a total value of $961,650.00. Following the sale, the vice president now owns 173,930 shares in the company, valued at $11,150,652.30. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 0.14% of the stock is currently owned by company insiders.

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.