American Century Companies Inc. Sells 621,569 Shares of The Bank of New York Mellon Co. (NYSE:BK)

American Century Companies Inc. lessened its holdings in The Bank of New York Mellon Co. (NYSE:BK) by 6.8% during the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 8,529,132 shares of the bank’s stock after selling 621,569 shares during the period. American Century Companies Inc. owned about 1.14% of Bank of New York Mellon worth $510,810,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in BK. Norges Bank purchased a new stake in Bank of New York Mellon in the 4th quarter worth approximately $813,701,000. Vanguard Group Inc. increased its holdings in Bank of New York Mellon by 6.1% in the 4th quarter. Vanguard Group Inc. now owns 74,501,451 shares of the bank’s stock worth $3,877,801,000 after acquiring an additional 4,293,751 shares in the last quarter. KBC Group NV increased its holdings in Bank of New York Mellon by 217.0% in the 4th quarter. KBC Group NV now owns 1,528,492 shares of the bank’s stock worth $79,558,000 after acquiring an additional 1,046,298 shares in the last quarter. Panagora Asset Management Inc. increased its holdings in Bank of New York Mellon by 6,040.9% in the 2nd quarter. Panagora Asset Management Inc. now owns 1,037,806 shares of the bank’s stock worth $62,154,000 after acquiring an additional 1,020,906 shares in the last quarter. Finally, M&G Plc purchased a new stake in Bank of New York Mellon in the 1st quarter worth approximately $55,543,000. Institutional investors own 85.31% of the company’s stock.

Bank of New York Mellon Trading Up 0.9 %

Shares of BK opened at $68.10 on Thursday. The company’s fifty day moving average is $64.64 and its 200 day moving average is $59.95. The Bank of New York Mellon Co. has a fifty-two week low of $39.66 and a fifty-two week high of $68.60. The stock has a market capitalization of $50.26 billion, a PE ratio of 15.76, a P/E/G ratio of 1.14 and a beta of 1.08. The company has a debt-to-equity ratio of 0.85, a quick ratio of 0.70 and a current ratio of 0.70.

Bank of New York Mellon (NYSE:BK) last announced its quarterly earnings results on Friday, July 12th. The bank reported $1.51 earnings per share for the quarter, topping the consensus estimate of $1.43 by $0.08. Bank of New York Mellon had a net margin of 9.40% and a return on equity of 11.87%. The company had revenue of $4.60 billion for the quarter, compared to analysts’ expectations of $4.53 billion. During the same quarter in the previous year, the business posted $1.38 earnings per share. Bank of New York Mellon’s quarterly revenue was up 2.1% on a year-over-year basis. Sell-side analysts expect that The Bank of New York Mellon Co. will post 5.63 earnings per share for the current fiscal year.

Bank of New York Mellon Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, August 2nd. Investors of record on Monday, July 22nd were given a $0.47 dividend. This represents a $1.88 annualized dividend and a yield of 2.76%. The ex-dividend date was Monday, July 22nd. This is a boost from Bank of New York Mellon’s previous quarterly dividend of $0.42. Bank of New York Mellon’s payout ratio is currently 43.52%.

Wall Street Analyst Weigh In

Several research firms recently issued reports on BK. Morgan Stanley increased their target price on shares of Bank of New York Mellon from $65.00 to $72.00 and gave the stock an “equal weight” rating in a report on Tuesday, July 30th. Deutsche Bank Aktiengesellschaft increased their target price on shares of Bank of New York Mellon from $63.00 to $66.00 and gave the stock a “hold” rating in a report on Thursday, August 15th. Barclays increased their price objective on shares of 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. Evercore ISI increased their price objective on shares of Bank of New York Mellon from $61.00 to $66.00 and gave the company an “in-line” rating in a report on Monday, July 15th. Finally, Keefe, Bruyette & Woods reaffirmed an “outperform” rating and set a $75.00 price objective (up from $70.00) on shares of Bank of New York Mellon in a report on Monday, July 15th. Six investment analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $66.14.

Insiders Place Their Bets

In other Bank of New York Mellon news, VP Hanneke Smits sold 15,000 shares of Bank of New York Mellon stock in a transaction on Thursday, July 18th. The shares were sold at an average price of $64.11, for a total transaction of $961,650.00. Following the completion of the transaction, the vice president now directly owns 173,930 shares of the company’s stock, valued at $11,150,652.30. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. 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.