PNC Financial Services Group Inc. Has $13.08 Million Stock Holdings in The Bank of New York Mellon Co. (NYSE:BK)

PNC Financial Services Group Inc. boosted its stake in shares of The Bank of New York Mellon Co. (NYSE:BK) by 1.9% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 251,344 shares of the bank’s stock after purchasing an additional 4,619 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Bank of New York Mellon were worth $13,082,000 at the end of the most recent reporting period.

Other hedge funds also recently modified their holdings of the company. Atlantic Edge Private Wealth Management LLC acquired a new position in shares of Bank of New York Mellon in the fourth quarter valued at about $28,000. Hartford Financial Management Inc. boosted its stake in shares of Bank of New York Mellon by 41.4% in the fourth quarter. Hartford Financial Management Inc. now owns 625 shares of the bank’s stock valued at $33,000 after buying an additional 183 shares during the period. Blue Trust Inc. grew its position in Bank of New York Mellon by 159.2% during the fourth quarter. Blue Trust Inc. now owns 858 shares of the bank’s stock worth $45,000 after buying an additional 527 shares in the last quarter. Addison Advisors LLC raised its holdings in Bank of New York Mellon by 603.2% in the 3rd quarter. Addison Advisors LLC now owns 879 shares of the bank’s stock valued at $37,000 after acquiring an additional 754 shares in the last quarter. Finally, First Command Advisory Services Inc. acquired a new position in Bank of New York Mellon in the 3rd quarter valued at $38,000. Institutional investors and hedge funds own 85.31% of the company’s stock.

Bank of New York Mellon Stock Performance

NYSE BK opened at $58.97 on Thursday. The Bank of New York Mellon Co. has a fifty-two week low of $39.66 and a fifty-two week high of $59.70. The firm’s fifty day moving average price is $56.90 and its two-hundred day moving average price is $53.80. The company has a debt-to-equity ratio of 0.90, a quick ratio of 0.71 and a current ratio of 0.71. The stock has a market cap of $44.10 billion, a PE ratio of 14.38, a PEG ratio of 1.21 and a beta of 1.11.

Bank of New York Mellon (NYSE:BK) last released its quarterly earnings data on Tuesday, April 16th. The bank reported $1.29 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.19 by $0.10. Bank of New York Mellon had a return on equity of 11.80% and a net margin of 9.48%. The company had revenue of $4.53 billion during the quarter, compared to the consensus estimate of $4.39 billion. During the same quarter in the prior year, the firm posted $1.13 earnings per share. The firm’s revenue was up 3.8% compared to the same quarter last year. On average, equities analysts expect that The Bank of New York Mellon Co. will post 5.45 EPS for the current fiscal year.

Bank of New York Mellon Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, May 9th. Stockholders of record on Friday, April 26th were paid a $0.42 dividend. The ex-dividend date was Thursday, April 25th. This represents a $1.68 annualized dividend and a dividend yield of 2.85%. Bank of New York Mellon’s payout ratio is 40.98%.

Insider Transactions at Bank of New York Mellon

In other news, EVP J Kevin Mccarthy sold 40,000 shares of the company’s stock in a transaction on Friday, April 19th. The shares were sold at an average price of $56.15, for a total value of $2,246,000.00. Following the sale, the executive vice president now directly owns 100,404 shares of the company’s stock, valued at approximately $5,637,684.60. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. In other Bank of New York Mellon news, VP Senthilkumar Santhanakrishnan sold 15,643 shares of the stock in a transaction that occurred on Wednesday, May 8th. The stock was sold at an average price of $57.65, for a total value of $901,818.95. Following the transaction, the vice president now owns 144,721 shares in the company, valued at $8,343,165.65. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, EVP J Kevin Mccarthy sold 40,000 shares of the company’s stock in a transaction that occurred on Friday, April 19th. The stock was sold at an average price of $56.15, for a total value of $2,246,000.00. Following the transaction, the executive vice president now directly owns 100,404 shares in the company, valued at $5,637,684.60. The disclosure for this sale can be found here. Insiders sold 115,928 shares of company stock worth $6,475,216 over the last ninety days. 0.14% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on BK. Royal Bank of Canada restated a “sector perform” rating and issued a $58.00 price target on shares of Bank of New York Mellon in a research report on Wednesday, March 27th. Morgan Stanley raised their target price on shares of Bank of New York Mellon from $62.00 to $63.00 and gave the company an “equal weight” rating in a report on Thursday, April 18th. Citigroup upped their price target on shares of Bank of New York Mellon from $60.00 to $65.00 and gave the stock a “buy” rating in a report on Wednesday, February 14th. Bank of America increased their price target on shares of Bank of New York Mellon from $64.00 to $66.00 and gave the stock a “buy” rating in a research report on Wednesday, April 17th. Finally, Jefferies Financial Group boosted their price objective on shares of Bank of New York Mellon from $67.00 to $68.00 and gave the company a “buy” rating in a research report on Thursday, April 18th. Five investment analysts have rated the stock with a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $60.17.

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.