The Bank of New York Mellon Co. (NYSE:BK) Shares Acquired by Citizens Financial Group Inc. RI

Citizens Financial Group Inc. RI lifted its holdings in shares of The Bank of New York Mellon Co. (NYSE:BK) by 15.5% in the 1st quarter, HoldingsChannel reports. The institutional investor owned 40,980 shares of the bank’s stock after buying an additional 5,505 shares during the period. Citizens Financial Group Inc. RI’s holdings in Bank of New York Mellon were worth $2,361,000 at the end of the most recent reporting period.

Several other large investors have also made changes to their positions in BK. Wetzel Investment Advisors Inc. increased its position in shares of Bank of New York Mellon by 82.1% during the first quarter. Wetzel Investment Advisors Inc. now owns 510 shares of the bank’s stock worth $28,000 after purchasing an additional 230 shares in the last quarter. Atlantic Edge Private Wealth Management LLC purchased a new stake in shares of Bank of New York Mellon during the fourth quarter worth approximately $28,000. Able Wealth Management LLC purchased a new stake in shares of Bank of New York Mellon during the fourth quarter worth approximately $32,000. Kathleen S. Wright Associates Inc. purchased a new stake in shares of Bank of New York Mellon during the first quarter worth approximately $32,000. Finally, Hartford Financial Management Inc. increased its position in shares of Bank of New York Mellon by 41.4% during the fourth quarter. Hartford Financial Management Inc. now owns 625 shares of the bank’s stock worth $33,000 after purchasing an additional 183 shares in the last quarter. 85.31% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several brokerages recently commented on BK. Evercore ISI boosted 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 report on Monday, July 15th. Barclays upped their target price on Bank of New York Mellon from $68.00 to $75.00 and gave the company an “overweight” rating in a report on Monday, July 15th. Bank of America upped their target price on 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. Morgan Stanley upped their target price on Bank of New York Mellon from $65.00 to $72.00 and gave the company an “equal weight” rating in a report on Tuesday. Finally, Keefe, Bruyette & Woods restated an “outperform” rating and issued a $75.00 target price (up from $70.00) on shares of Bank of New York Mellon in a report on Monday, July 15th. Six analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat.com, Bank of New York Mellon has a consensus rating of “Moderate Buy” and an average price target of $65.86.

Bank of New York Mellon Trading Down 2.4 %

Shares of NYSE BK traded down $1.52 during mid-day trading on Friday, reaching $63.12. 5,970,018 shares of the company’s stock were exchanged, compared to its average volume of 3,857,035. The firm has a market capitalization of $47.20 billion, a price-to-earnings ratio of 14.96, a PEG ratio of 1.16 and a beta of 1.09. The company has a debt-to-equity ratio of 0.85, a quick ratio of 0.71 and a current ratio of 0.70. The Bank of New York Mellon Co. has a 52-week low of $39.66 and a 52-week high of $65.90. The company’s 50-day moving average is $60.87 and its 200-day moving average is $57.81.

Bank of New York Mellon (NYSE:BK) last released its quarterly earnings results on Friday, July 12th. The bank reported $1.51 earnings per share for the quarter, topping analysts’ consensus estimates of $1.43 by $0.08. Bank of New York Mellon had a return on equity of 11.87% and a net margin of 9.40%. The business had revenue of $4.60 billion during the quarter, compared to analysts’ expectations of $4.53 billion. During the same period in the prior year, the business posted $1.38 EPS. The company’s revenue was up 2.1% compared to the same quarter last year. Analysts expect that The Bank of New York Mellon Co. will post 5.58 EPS for the current fiscal year.

Bank of New York Mellon Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, August 2nd. Investors of record on Monday, July 22nd will be paid a dividend of $0.47 per share. This is a positive change from Bank of New York Mellon’s previous quarterly dividend of $0.42. The ex-dividend date of this dividend is Monday, July 22nd. This represents a $1.88 annualized dividend and a yield of 2.98%. Bank of New York Mellon’s dividend payout ratio is presently 43.52%.

Insider Buying and Selling

In other Bank of New York Mellon news, VP Hanneke Smits sold 15,000 shares of the stock in a transaction dated Thursday, July 18th. The stock was 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 of the company’s stock, valued at approximately $11,150,652.30. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, VP Hanneke Smits sold 15,000 shares of the stock in a transaction dated Thursday, July 18th. The stock was 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 approximately $11,150,652.30. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Kurtis R. Kurimsky sold 6,215 shares of the firm’s stock in a transaction that occurred on Tuesday, May 7th. The stock was sold at an average price of $57.93, for a total value of $360,034.95. Following the transaction, the insider now owns 24,346 shares in the company, valued at approximately $1,410,363.78. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 36,858 shares of company stock valued at $2,223,504. Corporate insiders own 0.14% of the company’s stock.

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.