Public Sector Pension Investment Board Sells 376,000 Shares of The Bank of New York Mellon Co. (NYSE:BK)

Public Sector Pension Investment Board lessened its holdings in shares of The Bank of New York Mellon Co. (NYSE:BK) by 58.2% in the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 269,811 shares of the bank’s stock after selling 376,000 shares during the quarter. Public Sector Pension Investment Board’s holdings in Bank of New York Mellon were worth $19,389,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. McClarren Financial Advisors Inc. lifted its holdings in shares of Bank of New York Mellon by 586.4% in the third quarter. McClarren Financial Advisors Inc. now owns 405 shares of the bank’s stock worth $29,000 after buying an additional 346 shares in the last quarter. Olistico Wealth LLC purchased a new stake in Bank of New York Mellon in the second quarter valued at approximately $30,000. Clearstead Trust LLC purchased a new stake in Bank of New York Mellon in the second quarter valued at approximately $32,000. Fortitude Family Office LLC raised its stake in Bank of New York Mellon by 130.6% in the third quarter. Fortitude Family Office LLC now owns 611 shares of the bank’s stock valued at $44,000 after purchasing an additional 346 shares in the last quarter. Finally, Ashton Thomas Securities LLC purchased a new stake in Bank of New York Mellon in the third quarter valued at approximately $46,000. Institutional investors own 85.31% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages recently weighed in on BK. Wells Fargo & Company raised their target price on shares of Bank of New York Mellon from $79.00 to $81.00 and gave the company an “equal weight” rating in a research note on Friday, November 15th. Deutsche Bank Aktiengesellschaft increased their price target on shares of Bank of New York Mellon from $82.00 to $85.00 and gave the company a “buy” rating in a research report on Monday, November 11th. Barclays increased their price target on shares of Bank of New York Mellon from $75.00 to $86.00 and gave the company an “overweight” rating in a research report on Monday, October 14th. StockNews.com upgraded shares of Bank of New York Mellon from a “hold” rating to a “buy” rating in a research report on Tuesday, November 19th. Finally, Citigroup increased their price target on shares of Bank of New York Mellon from $75.00 to $82.00 and gave the company a “neutral” rating in a research report on Monday. Five research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. According to MarketBeat.com, Bank of New York Mellon currently has a consensus rating of “Moderate Buy” and a consensus price target of $78.15.

Bank of New York Mellon Stock Performance

Shares of Bank of New York Mellon stock opened at $81.74 on Friday. The company has a current ratio of 0.70, a quick ratio of 0.70 and a debt-to-equity ratio of 0.89. The firm has a market capitalization of $59.43 billion, a P/E ratio of 17.77, a P/E/G ratio of 0.93 and a beta of 1.07. The business has a fifty day simple moving average of $75.87 and a two-hundred day simple moving average of $67.30. The Bank of New York Mellon Co. has a 12 month low of $46.81 and a 12 month high of $82.08.

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, topping the consensus estimate of $1.41 by $0.11. The firm 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%. On average, equities analysts forecast 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 business also recently declared a quarterly dividend, which was paid on Friday, November 1st. Stockholders of record on Monday, October 21st were given a $0.47 dividend. This represents a $1.88 annualized dividend and a dividend yield of 2.30%. The ex-dividend date was Monday, October 21st. Bank of New York Mellon’s dividend payout ratio is presently 40.87%.

Insider Transactions at Bank of New York Mellon

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

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.