46,500 Shares in The Bank of New York Mellon Co. (NYSE:BK) Bought by Louisiana State Employees Retirement System

Louisiana State Employees Retirement System bought a new position in The Bank of New York Mellon Co. (NYSE:BK) in the fourth quarter, according to the company in its most recent 13F filing with the SEC. The firm bought 46,500 shares of the bank’s stock, valued at approximately $2,420,000.

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

Analysts Set New Price Targets

A number of equities analysts have weighed in on BK shares. Evercore ISI lifted their price objective on Bank of New York Mellon from $57.00 to $61.00 and gave the company an “in-line” rating in a research note on Thursday, April 4th. UBS Group lifted their price objective on Bank of New York Mellon from $54.00 to $62.00 and gave the company a “buy” rating in a research note on Tuesday, January 9th. Citigroup lifted their price objective on Bank of New York Mellon from $60.00 to $65.00 and gave the company a “buy” rating in a research note on Wednesday, February 14th. Royal Bank of Canada reiterated a “sector perform” rating and set a $58.00 price objective on shares of Bank of New York Mellon in a research note on Wednesday, March 27th. Finally, Morgan Stanley upgraded Bank of New York Mellon from an “underweight” rating to an “equal weight” rating and raised their target price for the company from $52.00 to $62.00 in a research report on Tuesday, January 30th. Six equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $56.72.

Insider Buying and Selling

In other news, VP Catherine Keating sold 4,498 shares of the business’s stock in a transaction that occurred on Thursday, February 8th. The stock was sold at an average price of $54.81, for a total transaction of $246,535.38. Following the transaction, the vice president now directly owns 123,490 shares in the company, valued at approximately $6,768,486.90. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. 0.14% of the stock is currently owned by insiders.

Bank of New York Mellon Trading Down 2.0 %

BK stock opened at $53.99 on Wednesday. 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 Bank of New York Mellon Co. has a 12-month low of $39.65 and a 12-month high of $58.28. The stock has a market cap of $40.64 billion, a price-to-earnings ratio of 13.60, a PEG ratio of 1.18 and a beta of 1.12. The business’s 50-day moving average is $55.75 and its 200 day moving average is $51.08.

Bank of New York Mellon (NYSE:BK) last posted its quarterly earnings data on Tuesday, April 16th. The bank reported $1.29 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.19 by $0.10. Bank of New York Mellon had a return on equity of 11.63% and a net margin of 10.01%. The company had revenue of $4.53 billion for the quarter, compared to analysts’ expectations of $4.39 billion. During the same period in the previous year, the firm posted $1.13 EPS. Bank of New York Mellon’s revenue was up 3.8% compared to the same quarter last year. On average, sell-side analysts anticipate that The Bank of New York Mellon Co. will post 5.33 EPS for the current fiscal year.

Bank of New York Mellon Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, May 9th. Investors of record on Friday, April 26th will be issued a $0.42 dividend. This represents a $1.68 annualized dividend and a yield of 3.11%. Bank of New York Mellon’s payout ratio is 42.32%.

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.