Bank of Montreal Can Raises Stock Position in The Bank of New York Mellon Co. (NYSE:BK)

Bank of Montreal Can boosted its position in The Bank of New York Mellon Co. (NYSE:BK) by 83.7% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,323,755 shares of the bank’s stock after purchasing an additional 603,191 shares during the quarter. Bank of Montreal Can’s holdings in Bank of New York Mellon were worth $94,913,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also recently made changes to their positions in BK. Ameriprise Financial Inc. boosted its stake in Bank of New York Mellon by 4.2% during the second quarter. Ameriprise Financial Inc. now owns 10,416,436 shares of the bank’s stock valued at $623,891,000 after buying an additional 421,161 shares during the period. Victory Capital Management Inc. boosted its position in shares of Bank of New York Mellon by 2.2% during the 2nd quarter. Victory Capital Management Inc. now owns 8,192,345 shares of the bank’s stock valued at $490,640,000 after acquiring an additional 179,503 shares during the last quarter. Legal & General Group Plc grew its holdings in shares of Bank of New York Mellon by 1.2% during the second quarter. Legal & General Group Plc now owns 8,058,064 shares of the bank’s stock worth $482,597,000 after purchasing an additional 97,286 shares in the last quarter. LSV Asset Management increased its holdings in shares of Bank of New York Mellon by 3.9% in the 2nd quarter. LSV Asset Management now owns 7,569,133 shares of the bank’s stock worth $453,315,000 after buying an additional 286,820 shares during the last quarter. Finally, Dimensional Fund Advisors LP increased its stake in Bank of New York Mellon by 6.7% in the second quarter. Dimensional Fund Advisors LP now owns 7,252,925 shares of the bank’s stock valued at $434,370,000 after acquiring an additional 454,151 shares during the last quarter. 85.31% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

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

Wall Street Analyst Weigh In

BK has been the subject of a number of research reports. Evercore ISI upped their price objective on Bank of New York Mellon from $66.00 to $77.00 and gave the stock an “in-line” rating in a report on Monday, October 14th. 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. Morgan Stanley boosted their price objective on shares of Bank of New York Mellon from $72.00 to $78.00 and gave the stock an “equal weight” rating in a report on Monday, September 30th. The Goldman Sachs Group increased their target price on shares of Bank of New York Mellon from $74.00 to $80.00 and gave the company a “buy” rating in a report on Thursday, September 26th. Finally, StockNews.com raised shares of Bank of New York Mellon from a “hold” rating to a “buy” rating in a research note on Tuesday, November 19th. Five research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $78.15.

Bank of New York Mellon Price Performance

Shares of BK stock opened at $81.27 on Wednesday. The company has a debt-to-equity ratio of 0.89, a quick ratio of 0.70 and a current ratio of 0.70. The firm has a market cap of $59.09 billion, a P/E ratio of 17.67, a P/E/G ratio of 0.92 and a beta of 1.07. The business’s 50 day moving average price is $75.46 and its 200-day moving average price is $67.10. The Bank of New York Mellon Co. has a fifty-two week low of $46.81 and a fifty-two week high of $81.62.

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

Bank of New York Mellon Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, November 1st. Stockholders of record on Monday, October 21st were paid a $0.47 dividend. This represents a $1.88 dividend on an annualized basis and a dividend yield of 2.31%. The ex-dividend date of this dividend was Monday, October 21st. Bank of New York Mellon’s payout ratio is presently 40.87%.

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.