Mirae Asset Global Investments Co. Ltd. Grows Stock Holdings in The Bank of New York Mellon Co. (NYSE:BK)

Mirae Asset Global Investments Co. Ltd. lifted its position in shares of The Bank of New York Mellon Co. (NYSE:BKGet Rating) by 32.7% in the 1st quarter, Holdings Channel.com reports. The firm owned 100,877 shares of the bank’s stock after purchasing an additional 24,831 shares during the period. Mirae Asset Global Investments Co. Ltd.’s holdings in Bank of New York Mellon were worth $5,006,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the stock. Walleye Capital LLC purchased a new stake in Bank of New York Mellon in the first quarter valued at $1,157,000. Verity Asset Management Inc. raised its holdings in shares of Bank of New York Mellon by 32.1% in the first quarter. Verity Asset Management Inc. now owns 7,205 shares of the bank’s stock valued at $358,000 after buying an additional 1,750 shares during the last quarter. Neuberger Berman Group LLC raised its holdings in shares of Bank of New York Mellon by 0.6% in the first quarter. Neuberger Berman Group LLC now owns 45,900 shares of the bank’s stock valued at $2,278,000 after buying an additional 288 shares during the last quarter. Toroso Investments LLC raised its holdings in shares of Bank of New York Mellon by 9.6% in the first quarter. Toroso Investments LLC now owns 9,206 shares of the bank’s stock valued at $457,000 after buying an additional 808 shares during the last quarter. Finally, Stack Financial Management Inc raised its holdings in shares of Bank of New York Mellon by 0.6% in the first quarter. Stack Financial Management Inc now owns 632,488 shares of the bank’s stock valued at $31,390,000 after buying an additional 4,054 shares during the last quarter. 83.00% of the stock is owned by hedge funds and other institutional investors.

Bank of New York Mellon Trading Down 3.2 %

Shares of BK opened at $40.93 on Friday. The company has a current ratio of 0.67, a quick ratio of 0.67 and a debt-to-equity ratio of 0.78. The firm’s 50-day moving average is $43.17 and its two-hundred day moving average is $44.82. The Bank of New York Mellon Co. has a twelve month low of $39.78 and a twelve month high of $64.63. The firm has a market capitalization of $33.08 billion, a P/E ratio of 10.39, a PEG ratio of 1.71 and a beta of 1.11.

Bank of New York Mellon (NYSE:BKGet Rating) last issued its earnings results on Friday, July 15th. The bank reported $1.03 earnings per share for the quarter, missing the consensus estimate of $1.12 by ($0.09). Bank of New York Mellon had a return on equity of 9.49% and a net margin of 20.61%. The company had revenue of $4.25 billion for the quarter, compared to analyst estimates of $4.17 billion. During the same quarter in the previous year, the company posted $1.13 earnings per share. The company’s quarterly revenue was up 7.4% compared to the same quarter last year. On average, research analysts predict that The Bank of New York Mellon Co. will post 4.22 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 5th. Stockholders of record on Monday, July 25th were given a $0.37 dividend. The ex-dividend date was Friday, July 22nd. This is a positive change from Bank of New York Mellon’s previous quarterly dividend of $0.34. This represents a $1.48 annualized dividend and a dividend yield of 3.62%. Bank of New York Mellon’s dividend payout ratio is currently 37.56%.

Analysts Set New Price Targets

A number of equities research analysts have recently commented on BK shares. Credit Suisse Group reduced their target price on shares of Bank of New York Mellon from $52.00 to $50.00 and set an “outperform” rating for the company in a report on Tuesday, July 19th. Citigroup reduced their target price on shares of Bank of New York Mellon from $50.00 to $46.00 in a report on Tuesday, July 12th. Royal Bank of Canada reduced their target price on shares of Bank of New York Mellon from $56.00 to $49.00 and set a “sector perform” rating for the company in a report on Friday, July 1st. Piper Sandler reduced their target price on shares of Bank of New York Mellon from $54.00 to $48.00 and set a “neutral” rating for the company in a report on Friday, June 24th. Finally, Deutsche Bank Aktiengesellschaft boosted their price target on shares of Bank of New York Mellon from $42.00 to $46.00 and gave the stock a “hold” rating in a research note on Friday, August 12th. Eleven equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. According to MarketBeat, Bank of New York Mellon has an average rating of “Hold” and an average price target of $50.73.

Insider Activity

In other news, CEO Thomas P. Gibbons sold 105,062 shares of the stock in a transaction that occurred on Monday, August 8th. The shares were sold at an average price of $43.24, for a total value of $4,542,880.88. Following the sale, the chief executive officer now directly owns 221,018 shares in the company, valued at $9,556,818.32. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 0.08% of the company’s stock.

About Bank of New York Mellon

(Get Rating)

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, prime brokerage, and data analytics.

See Also

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

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