Public Sector Pension Investment Board Purchases 526,249 Shares of The Bank of New York Mellon Co. (NYSE:BK)

Public Sector Pension Investment Board grew its position in The Bank of New York Mellon Co. (NYSE:BK) by 440.1% in the 2nd quarter, according to its most recent disclosure with the SEC. The fund owned 645,811 shares of the bank’s stock after buying an additional 526,249 shares during the period. Public Sector Pension Investment Board owned approximately 0.09% of Bank of New York Mellon worth $38,678,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Vanguard Group Inc. increased its holdings in shares of Bank of New York Mellon by 6.1% in the 4th quarter. Vanguard Group Inc. now owns 74,501,451 shares of the bank’s stock worth $3,877,801,000 after purchasing an additional 4,293,751 shares in the last quarter. KBC Group NV increased its holdings in Bank of New York Mellon by 217.0% in the 4th quarter. KBC Group NV now owns 1,528,492 shares of the bank’s stock worth $79,558,000 after buying an additional 1,046,298 shares in the last quarter. Panagora Asset Management Inc. raised its position in Bank of New York Mellon by 6,040.9% in the 2nd quarter. Panagora Asset Management Inc. now owns 1,037,806 shares of the bank’s stock worth $62,154,000 after buying an additional 1,020,906 shares during the last quarter. M&G Plc bought a new position in Bank of New York Mellon during the 1st quarter valued at about $55,543,000. Finally, Putnam Investments LLC raised its holdings in shares of Bank of New York Mellon by 224.9% during the fourth quarter. Putnam Investments LLC now owns 1,001,056 shares of the bank’s stock valued at $52,105,000 after purchasing an additional 692,910 shares during the last quarter. Institutional investors own 85.31% of the company’s stock.

Insider Buying and Selling

In other Bank of New York Mellon news, VP Hanneke Smits sold 15,000 shares of the firm’s stock in a transaction dated Thursday, July 18th. The shares were sold at an average price of $64.11, for a total value of $961,650.00. Following the completion of the sale, the vice president now owns 173,930 shares of the company’s stock, valued at $11,150,652.30. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 0.14% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on BK shares. Citigroup boosted their target price on shares of Bank of New York Mellon from $65.00 to $70.00 and gave the company a “neutral” rating in a research note on Thursday. Keefe, Bruyette & Woods reiterated an “outperform” rating and issued a $75.00 price objective (up previously from $70.00) on shares of Bank of New York Mellon in a research note on Monday, July 15th. Deutsche Bank Aktiengesellschaft boosted their target price on shares of Bank of New York Mellon from $63.00 to $66.00 and gave the company a “hold” rating in a research report on Thursday, August 15th. Barclays lifted their price target on shares of Bank of New York Mellon from $68.00 to $75.00 and gave the stock an “overweight” rating in a research note on Monday, July 15th. Finally, Evercore ISI upped their price objective 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. Six research analysts have rated the stock with a hold rating and six have issued a buy rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $66.59.

Bank of New York Mellon Stock Performance

NYSE BK opened at $71.82 on Monday. The company has a debt-to-equity ratio of 0.85, a current ratio of 0.70 and a quick ratio of 0.70. The Bank of New York Mellon Co. has a 1-year low of $39.66 and a 1-year high of $71.96. The business has a 50 day simple moving average of $65.98 and a two-hundred day simple moving average of $60.72. The stock has a market capitalization of $53.71 billion, a PE ratio of 16.63, a P/E/G ratio of 1.17 and a beta of 1.08.

Bank of New York Mellon (NYSE:BK) last announced its quarterly earnings results on Friday, July 12th. The bank reported $1.51 earnings per share for the quarter, topping the consensus estimate of $1.43 by $0.08. Bank of New York Mellon had a net margin of 9.40% and a return on equity of 11.87%. The company had revenue of $4.60 billion for the quarter, compared to analysts’ expectations of $4.53 billion. During the same quarter in the previous year, the business posted $1.38 earnings per share. Bank of New York Mellon’s quarterly revenue was up 2.1% on a year-over-year basis. On average, research analysts predict 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 business also recently declared a quarterly dividend, which was paid on Friday, August 2nd. Investors of record on Monday, July 22nd were issued a dividend of $0.47 per share. This represents a $1.88 annualized dividend and a yield of 2.62%. The ex-dividend date was Monday, July 22nd. This is a positive change from Bank of New York Mellon’s previous quarterly dividend of $0.42. Bank of New York Mellon’s dividend payout ratio is presently 43.52%.

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.