Patriot Financial Group Insurance Agency LLC Raises Stake in The Bank of New York Mellon Co. (NYSE:BK)

Patriot Financial Group Insurance Agency LLC grew its stake in shares of The Bank of New York Mellon Co. (NYSE:BKFree Report) by 10.1% in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 10,551 shares of the bank’s stock after purchasing an additional 971 shares during the quarter. Patriot Financial Group Insurance Agency LLC’s holdings in Bank of New York Mellon were worth $549,000 at the end of the most recent quarter.

A number of other institutional investors have also recently made changes to their positions in BK. Acadian Asset Management LLC boosted its stake in shares of Bank of New York Mellon by 160.0% during the first quarter. Acadian Asset Management LLC now owns 5,358 shares of the bank’s stock valued at $263,000 after purchasing an additional 3,297 shares during the period. Prudential PLC purchased a new stake in shares of Bank of New York Mellon during the first quarter valued at approximately $1,096,000. Cetera Investment Advisers boosted its stake in shares of Bank of New York Mellon by 3.3% during the first quarter. Cetera Investment Advisers now owns 35,635 shares of the bank’s stock valued at $1,769,000 after purchasing an additional 1,154 shares during the period. Candriam Luxembourg S.C.A. raised its holdings in shares of Bank of New York Mellon by 54.3% during the first quarter. Candriam Luxembourg S.C.A. now owns 232,115 shares of the bank’s stock valued at $11,519,000 after acquiring an additional 81,728 shares in the last quarter. Finally, Zions Bancorporation N.A. raised its holdings in shares of Bank of New York Mellon by 165.3% during the first quarter. Zions Bancorporation N.A. now owns 1,459 shares of the bank’s stock valued at $72,000 after acquiring an additional 909 shares in the last quarter. Hedge funds and other institutional investors own 85.31% of the company’s stock.

Wall Street Analysts Forecast Growth

BK has been the subject of a number of recent analyst reports. Citigroup upped their target price on Bank of New York Mellon from $60.00 to $65.00 and gave the company a “buy” rating in a report on Wednesday, February 14th. JPMorgan Chase & Co. upgraded Bank of New York Mellon from a “neutral” rating to an “overweight” rating and set a $54.50 target price for the company in a report on Monday, December 18th. UBS Group upped their target price on Bank of New York Mellon from $54.00 to $62.00 and gave the company a “buy” rating in a report on Tuesday, January 9th. Morgan Stanley upgraded Bank of New York Mellon from an “underweight” rating to an “equal weight” rating and upped their target price for the company from $52.00 to $62.00 in a report on Tuesday, January 30th. Finally, Royal Bank of Canada restated a “sector perform” rating and set a $58.00 target price on shares of Bank of New York Mellon in a report on Wednesday. Six investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $55.65.

Check Out Our Latest Stock Report on Bank of New York Mellon

Bank of New York Mellon Price Performance

BK opened at $57.62 on Friday. The stock has a fifty day simple moving average of $55.53 and a two-hundred day simple moving average of $49.94. The company has a current ratio of 0.72, a quick ratio of 0.72 and a debt-to-equity ratio of 0.87. The company has a market cap of $43.38 billion, a price-to-earnings ratio of 14.51, a price-to-earnings-growth ratio of 1.22 and a beta of 1.11. The Bank of New York Mellon Co. has a 12-month low of $39.65 and a 12-month high of $57.88.

Bank of New York Mellon (NYSE:BKGet Free Report) last issued its quarterly earnings results on Friday, January 12th. The bank reported $1.28 earnings per share for the quarter, beating the consensus estimate of $1.12 by $0.16. Bank of New York Mellon had a return on equity of 11.63% and a net margin of 10.01%. The firm had revenue of $4.31 billion during the quarter, compared to the consensus estimate of $4.30 billion. During the same period last year, the company earned $1.30 earnings per share. The company’s revenue was up 10.0% on a year-over-year basis. Research analysts predict that The Bank of New York Mellon Co. will post 5.26 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, February 2nd. Stockholders of record on Monday, January 22nd were issued a dividend of $0.42 per share. The ex-dividend date was Friday, January 19th. This represents a $1.68 annualized dividend and a dividend yield of 2.92%. Bank of New York Mellon’s payout ratio is presently 42.32%.

Insider Activity

In other news, VP Hanneke Smits sold 15,425 shares of the firm’s stock in a transaction on Tuesday, January 16th. The stock was sold at an average price of $55.16, for a total transaction of $850,843.00. Following the completion of the transaction, the vice president now directly owns 119,656 shares in the company, valued at $6,600,224.96. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, VP Hanneke Smits sold 15,425 shares of the stock in a transaction on Tuesday, January 16th. The stock was sold at an average price of $55.16, for a total transaction of $850,843.00. Following the sale, the vice president now directly owns 119,656 shares of the company’s stock, valued at $6,600,224.96. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, VP Catherine Keating sold 4,498 shares of the stock in a transaction on Thursday, February 8th. The shares were sold at an average price of $54.81, for a total value of $246,535.38. Following the sale, the vice president now directly owns 123,490 shares in the company, valued at $6,768,486.90. The disclosure for this sale can be found here. Corporate insiders own 0.14% of the company’s stock.

Bank of New York Mellon Company Profile

(Free Report)

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.

Further Reading

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

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