Meeder Asset Management Inc. Raises Stock Holdings in The Bank of New York Mellon Co. (NYSE:BK)

Meeder Asset Management Inc. boosted its position in shares of The Bank of New York Mellon Co. (NYSE:BK) by 27.0% during the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 285,307 shares of the bank’s stock after purchasing an additional 60,579 shares during the quarter. Bank of New York Mellon comprises about 1.4% of Meeder Asset Management Inc.’s portfolio, making the stock its 16th biggest position. Meeder Asset Management Inc.’s holdings in Bank of New York Mellon were worth $20,502,000 at the end of the most recent reporting period.

Other institutional investors also recently bought and sold shares of the company. McClarren Financial Advisors Inc. boosted its position in Bank of New York Mellon by 586.4% during the 3rd quarter. McClarren Financial Advisors Inc. now owns 405 shares of the bank’s stock valued at $29,000 after acquiring an additional 346 shares in the last quarter. Olistico Wealth LLC bought a new stake in Bank of New York Mellon during the 2nd quarter valued at $30,000. Clearstead Trust LLC bought a new stake in Bank of New York Mellon during the 2nd quarter valued at $32,000. Fortitude Family Office LLC boosted its position in Bank of New York Mellon by 130.6% during the 3rd quarter. Fortitude Family Office LLC now owns 611 shares of the bank’s stock valued at $44,000 after acquiring an additional 346 shares in the last quarter. Finally, Ashton Thomas Securities LLC bought a new stake in Bank of New York Mellon during the 3rd quarter valued at $46,000. 85.31% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

BK has been the subject of a number of recent analyst reports. Royal Bank of Canada reissued a “sector perform” rating and issued a $79.00 price objective on shares of Bank of New York Mellon in a research report on Monday, October 14th. Deutsche Bank Aktiengesellschaft raised their price objective on Bank of New York Mellon from $82.00 to $85.00 and gave the stock a “buy” rating in a research report on Monday, November 11th. Barclays raised their price objective on Bank of New York Mellon from $75.00 to $86.00 and gave the stock an “overweight” rating in a research report on Monday, October 14th. Citigroup raised their price objective on Bank of New York Mellon from $65.00 to $70.00 and gave the stock a “neutral” rating in a research report on Thursday, September 19th. Finally, JPMorgan Chase & Co. raised their target price on Bank of New York Mellon from $69.00 to $77.00 and gave the stock an “overweight” rating in a research note on Monday, October 7th. Five equities research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. According to MarketBeat.com, Bank of New York Mellon has an average rating of “Moderate Buy” and a consensus price target of $77.23.

Bank of New York Mellon Price Performance

BK stock opened at $78.65 on Tuesday. The company has a debt-to-equity ratio of 0.89, a current ratio of 0.70 and a quick ratio of 0.70. The business has a 50 day simple moving average of $74.21 and a 200-day simple moving average of $66.17. The firm has a market capitalization of $57.18 billion, a PE ratio of 17.10, a price-to-earnings-growth ratio of 0.89 and a beta of 1.07. The Bank of New York Mellon Co. has a 1 year low of $46.71 and a 1 year high of $80.29.

Bank of New York Mellon (NYSE:BK) last posted its quarterly earnings results on Friday, October 11th. The bank reported $1.52 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.41 by $0.11. The business had revenue of $4.65 billion during the quarter, compared to analyst estimates of $4.52 billion. Bank of New York Mellon had a return on equity of 12.06% and a net margin of 9.44%. Equities research analysts anticipate that The Bank of New York Mellon Co. will post 5.82 earnings per share for the current fiscal year.

Bank of New York Mellon Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, November 1st. Investors of record on Monday, October 21st were given a $0.47 dividend. The ex-dividend date was Monday, October 21st. This represents a $1.88 annualized dividend and a yield of 2.39%. Bank of New York Mellon’s payout ratio is 40.87%.

Insider Buying and Selling

In other Bank of New York Mellon news, VP Hanneke Smits sold 16,475 shares of the company’s stock in a transaction on Tuesday, October 15th. The stock was sold at an average price of $76.47, for a total transaction of $1,259,843.25. Following the transaction, the vice president now directly owns 157,455 shares in the company, valued at $12,040,583.85. This represents a 9.47 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP J Kevin Mccarthy sold 25,000 shares of the company’s stock in a transaction on Tuesday, October 15th. The stock was sold at an average price of $76.31, for a total value of $1,907,750.00. Following the transaction, the executive vice president now owns 75,404 shares in the company, valued at $5,754,079.24. This trade represents a 24.90 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.14% of the stock is currently owned by company insiders.

About Bank of New York Mellon

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.