State of Michigan Retirement System Has $7.96 Million Stock Holdings in Bank of New York Mellon Corp (NYSE:BK)

State of Michigan Retirement System lifted its position in shares of Bank of New York Mellon Corp (NYSE:BK) by 7.0% in the second quarter, according to its most recent disclosure with the SEC. The institutional investor owned 205,809 shares of the bank’s stock after buying an additional 13,461 shares during the quarter. State of Michigan Retirement System’s holdings in Bank of New York Mellon were worth $7,955,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently bought and sold shares of BK. Duality Advisers LP acquired a new stake in shares of Bank of New York Mellon in the second quarter valued at approximately $1,647,000. Davis Capital Management increased its stake in Bank of New York Mellon by 10.1% during the 2nd quarter. Davis Capital Management now owns 18,861 shares of the bank’s stock worth $729,000 after acquiring an additional 1,735 shares during the period. M&T Bank Corp raised its holdings in Bank of New York Mellon by 39.6% in the 2nd quarter. M&T Bank Corp now owns 129,773 shares of the bank’s stock valued at $5,015,000 after acquiring an additional 36,794 shares in the last quarter. Regent Investment Management LLC bought a new stake in shares of Bank of New York Mellon during the 2nd quarter valued at $387,000. Finally, Sciencast Management LP bought a new stake in shares of Bank of New York Mellon during the 2nd quarter valued at $994,000. 81.65% of the stock is owned by institutional investors.

In other Bank of New York Mellon news, EVP J Kevin Mccarthy sold 10,000 shares of the company’s stock in a transaction on Friday, May 8th. The shares were sold at an average price of $35.12, for a total transaction of $351,200.00. Following the sale, the executive vice president now owns 119,870 shares of the company’s stock, valued at $4,209,834.40. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Mitchell E. Harris sold 35,000 shares of the stock in a transaction dated Wednesday, July 22nd. The stock was sold at an average price of $35.75, for a total value of $1,251,250.00. Following the sale, the executive vice president now owns 145,425 shares of the company’s stock, valued at $5,198,943.75. The disclosure for this sale can be found here. 0.12% of the stock is owned by insiders.

BK opened at $35.85 on Friday. The company has a debt-to-equity ratio of 0.74, a current ratio of 0.68 and a quick ratio of 0.72. Bank of New York Mellon Corp has a fifty-two week low of $26.40 and a fifty-two week high of $51.60. The company’s 50 day moving average price is $37.53 and its two-hundred day moving average price is $38.56. The firm has a market capitalization of $31.74 billion, a price-to-earnings ratio of 7.71, a PEG ratio of 1.15 and a beta of 1.10.

Bank of New York Mellon (NYSE:BK) last issued its quarterly earnings data on Wednesday, July 15th. The bank reported $1.01 earnings per share for the quarter, topping the consensus estimate of $0.91 by $0.10. The company had revenue of $4.01 billion for the quarter, compared to analysts’ expectations of $3.91 billion. Bank of New York Mellon had a net margin of 22.31% and a return on equity of 10.34%. Bank of New York Mellon’s revenue for the quarter was up 2.2% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.01 earnings per share. As a group, equities research analysts predict that Bank of New York Mellon Corp will post 3.91 EPS for the current year.

The business also recently disclosed a quarterly dividend, which will be paid on Friday, August 7th. Stockholders of record on Monday, July 27th will be given a dividend of $0.31 per share. The ex-dividend date of this dividend is Friday, July 24th. This represents a $1.24 dividend on an annualized basis and a dividend yield of 3.46%. Bank of New York Mellon’s dividend payout ratio (DPR) is 30.85%.

A number of research firms recently commented on BK. Wells Fargo & Co boosted their price target on Bank of New York Mellon from $40.00 to $47.00 and gave the company an “equal weight” rating in a research note on Friday, June 5th. Seaport Global Securities assumed coverage on shares of Bank of New York Mellon in a research report on Wednesday, July 8th. They issued a “buy” rating and a $51.00 target price for the company. ValuEngine raised shares of Bank of New York Mellon from a “strong sell” rating to a “sell” rating in a report on Monday, July 20th. Evercore ISI raised shares of Bank of New York Mellon from an “underperform” rating to an “in-line” rating in a research note on Sunday, April 19th. Finally, Citigroup cut their target price on Bank of New York Mellon from $47.00 to $45.00 and set a “buy” rating for the company in a research note on Friday, July 17th. Three analysts have rated the stock with a sell rating, eight have issued a hold rating and nine have issued a buy rating to the stock. Bank of New York Mellon currently has a consensus rating of “Hold” and a consensus price target of $44.97.

Bank of New York Mellon Company Profile

The Bank of New York Mellon Corporation provides a range of financial products and services to institutions, corporations, and high net worth individuals in the United States and internationally. The company operates through two segments, Investment Management and Investment Services. It offers investment management, custody, foreign exchange, fund broker-dealer, collateral and liquidity, clearing, corporate trust, global payment, trade finance, and cash management services, as well as securities finance and depositary receipts.

See Also: What are benefits of a growth and income fund?

Institutional Ownership by Quarter for Bank of New York Mellon (NYSE:BK)

Receive News & Ratings for Bank of New York Mellon Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Bank of New York Mellon and related companies with MarketBeat.com's FREE daily email newsletter.