Zurcher Kantonalbank Zurich Cantonalbank Has $80.91 Million Stake in The Bank of New York Mellon Co. (NYSE:BK)

Zurcher Kantonalbank Zurich Cantonalbank raised its position in The Bank of New York Mellon Co. (NYSE:BK) by 153.5% during the 4th quarter, HoldingsChannel.com reports. The firm owned 1,554,532 shares of the bank’s stock after purchasing an additional 941,193 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in Bank of New York Mellon were worth $80,913,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently modified their holdings of the company. West Paces Advisors Inc. raised its stake in shares of Bank of New York Mellon by 177.8% in the 4th quarter. West Paces Advisors Inc. now owns 1,964 shares of the bank’s stock valued at $102,000 after purchasing an additional 1,257 shares during the period. Desjardins Global Asset Management Inc. grew its holdings in shares of Bank of New York Mellon by 1.1% in the 4th quarter. Desjardins Global Asset Management Inc. now owns 28,494 shares of the bank’s stock valued at $1,483,000 after acquiring an additional 305 shares in the last quarter. Dakota Wealth Management grew its holdings in shares of Bank of New York Mellon by 35.6% in the 4th quarter. Dakota Wealth Management now owns 126,868 shares of the bank’s stock valued at $6,603,000 after acquiring an additional 33,305 shares in the last quarter. Waldron Private Wealth LLC grew its holdings in shares of Bank of New York Mellon by 20.4% in the 4th quarter. Waldron Private Wealth LLC now owns 6,982 shares of the bank’s stock valued at $363,000 after acquiring an additional 1,184 shares in the last quarter. Finally, Beverly Hills Private Wealth LLC bought a new position in shares of Bank of New York Mellon in the 4th quarter valued at about $261,000. Institutional investors and hedge funds own 85.31% of the company’s stock.

Bank of New York Mellon Price Performance

Shares of NYSE BK traded down $1.11 during midday trading on Tuesday, reaching $53.99. 8,190,523 shares of the company were exchanged, compared to its average volume of 4,018,011. The stock’s 50-day moving average price is $55.77 and its 200-day moving average price is $51.00. The stock has a market cap of $40.64 billion, a P/E ratio of 13.88, a PEG ratio of 1.18 and a beta of 1.12. The Bank of New York Mellon Co. has a one year low of $39.65 and a one year high of $58.28. The company has a quick ratio of 0.72, a current ratio of 0.72 and a debt-to-equity ratio of 0.87.

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

Bank of New York Mellon Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, May 9th. Shareholders of record on Friday, April 26th will be given a dividend of $0.42 per share. This represents a $1.68 dividend on an annualized basis and a yield of 3.11%. Bank of New York Mellon’s dividend payout ratio (DPR) is currently 42.32%.

Insider Activity

In other news, VP Catherine Keating sold 4,498 shares of the company’s stock in a transaction dated Thursday, February 8th. The shares were sold at an average price of $54.81, for a total transaction of $246,535.38. Following the transaction, the vice president now owns 123,490 shares in the company, valued at $6,768,486.90. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 0.14% of the company’s stock.

Analysts Set New Price Targets

Several brokerages have recently weighed in on BK. UBS Group raised their price objective on Bank of New York Mellon from $54.00 to $62.00 and gave the company a “buy” rating in a report on Tuesday, January 9th. JPMorgan Chase & Co. upgraded Bank of New York Mellon from a “neutral” rating to an “overweight” rating and set a $54.50 price target for the company in a report on Monday, December 18th. Royal Bank of Canada restated a “sector perform” rating and set a $58.00 price objective on shares of Bank of New York Mellon in a report on Wednesday, March 27th. Evercore ISI boosted their price objective on Bank of New York Mellon from $57.00 to $61.00 and gave the stock an “in-line” rating in a report on Thursday, April 4th. Finally, Morgan Stanley upgraded Bank of New York Mellon from an “underweight” rating to an “equal weight” rating and boosted their price objective for the stock from $52.00 to $62.00 in a report on Tuesday, January 30th. Six equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Bank of New York Mellon has a consensus rating of “Hold” and an average price target of $56.72.

About Bank of New York Mellon

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.