The Bank of New York Mellon Co. (NYSE:BK) Stake Lessened by Massachusetts Financial Services Co. MA

Massachusetts Financial Services Co. MA trimmed its stake in shares of The Bank of New York Mellon Co. (NYSE:BK) by 58.3% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 738,237 shares of the bank’s stock after selling 1,033,894 shares during the quarter. Massachusetts Financial Services Co. MA owned approximately 0.10% of Bank of New York Mellon worth $44,213,000 at the end of the most recent quarter.

Several other hedge funds also recently added to or reduced their stakes in BK. United Services Automobile Association grew its stake in Bank of New York Mellon by 6.9% in the fourth quarter. United Services Automobile Association now owns 25,447 shares of the bank’s stock worth $1,325,000 after purchasing an additional 1,640 shares in the last quarter. Entropy Technologies LP acquired a new stake in shares of Bank of New York Mellon during the 1st quarter valued at approximately $1,027,000. QRG Capital Management Inc. lifted its stake in Bank of New York Mellon by 6.9% during the first quarter. QRG Capital Management Inc. now owns 127,576 shares of the bank’s stock worth $7,351,000 after purchasing an additional 8,204 shares during the last quarter. Wakefield Asset Management LLLP acquired a new position in Bank of New York Mellon in the first quarter worth $3,740,000. Finally, Bessemer Group Inc. increased its stake in Bank of New York Mellon by 128.8% during the first quarter. Bessemer Group Inc. now owns 30,755 shares of the bank’s stock valued at $1,771,000 after purchasing an additional 17,312 shares during the last quarter. 85.31% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of research analysts have recently issued reports on the stock. Deutsche Bank Aktiengesellschaft raised their price target on shares of Bank of New York Mellon from $63.00 to $66.00 and gave the stock a “hold” rating in a research report on Thursday, August 15th. Evercore ISI upped their target price on Bank of New York Mellon from $61.00 to $66.00 and gave the company an “in-line” rating in a report on Monday, July 15th. Citigroup boosted 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 report on Thursday. Morgan Stanley increased their target price on Bank of New York Mellon from $65.00 to $72.00 and gave the stock an “equal weight” rating in a research report on Tuesday, July 30th. Finally, Keefe, Bruyette & Woods reiterated an “outperform” rating and issued a $75.00 price objective (up from $70.00) on shares of Bank of New York Mellon in a research report on Monday, July 15th. Six research analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Bank of New York Mellon has a consensus rating of “Moderate Buy” and a consensus price target of $66.59.

Insider Activity

In other Bank of New York Mellon news, VP Hanneke Smits sold 15,000 shares of Bank of New York Mellon 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 transaction, the vice president now owns 173,930 shares in the company, valued at $11,150,652.30. The transaction was disclosed in a document filed with the SEC, which is available at this link. Insiders own 0.14% of the company’s stock.

Bank of New York Mellon Trading Up 0.9 %

Bank of New York Mellon stock opened at $71.71 on Friday. The Bank of New York Mellon Co. has a 12-month low of $39.66 and a 12-month high of $71.92. The stock has a market capitalization of $53.63 billion, a PE ratio of 16.60, a price-to-earnings-growth ratio of 1.17 and a beta of 1.08. The firm has a 50 day simple moving average of $65.83 and a 200-day simple moving average of $60.53. The company has a debt-to-equity ratio of 0.85, a current ratio of 0.70 and a quick ratio of 0.70.

Bank of New York Mellon (NYSE:BK) last issued its quarterly earnings results on Friday, July 12th. The bank reported $1.51 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.43 by $0.08. The company had revenue of $4.60 billion for the quarter, compared to analysts’ expectations 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 for the quarter was up 2.1% on a year-over-year basis. During the same period last year, the firm earned $1.38 EPS. As a group, equities research analysts expect that The Bank of New York Mellon Co. will post 5.63 EPS for the current fiscal year.

Bank of New York Mellon Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, August 2nd. Shareholders of record on Monday, July 22nd were given a $0.47 dividend. The ex-dividend date was Monday, July 22nd. This is a boost 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 payout ratio is 43.52%.

Bank of New York Mellon 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.