South Dakota Investment Council Has $22.95 Million Stock Position in The Bank of New York Mellon Co. (NYSE:BK)

South Dakota Investment Council lessened its stake in The Bank of New York Mellon Co. (NYSE:BK) by 8.0% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 440,956 shares of the bank’s stock after selling 38,100 shares during the quarter. South Dakota Investment Council’s holdings in Bank of New York Mellon were worth $22,952,000 as of its most recent SEC filing.

Other hedge funds have also recently added to or reduced their stakes in the company. Northern Trust Corp raised its stake in Bank of New York Mellon by 8.2% during the 3rd quarter. Northern Trust Corp now owns 9,453,880 shares of the bank’s stock worth $403,208,000 after buying an additional 715,421 shares during the period. Victory Capital Management Inc. grew its position in shares of Bank of New York Mellon by 1.5% in the 3rd quarter. Victory Capital Management Inc. now owns 8,757,443 shares of the bank’s stock valued at $373,505,000 after purchasing an additional 129,929 shares during the period. Legal & General Group Plc increased its stake in Bank of New York Mellon by 0.9% during the 3rd quarter. Legal & General Group Plc now owns 6,609,866 shares of the bank’s stock worth $281,912,000 after purchasing an additional 57,402 shares in the last quarter. Bank of New York Mellon Corp raised its holdings in Bank of New York Mellon by 3.7% during the 3rd quarter. Bank of New York Mellon Corp now owns 6,387,455 shares of the bank’s stock worth $272,425,000 after buying an additional 226,834 shares during the period. Finally, Invesco Ltd. raised its holdings in shares of Bank of New York Mellon by 10.0% during the third quarter. Invesco Ltd. now owns 5,772,146 shares of the bank’s stock worth $246,182,000 after acquiring an additional 524,912 shares during the period. Institutional investors and hedge funds own 85.31% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on BK shares. Royal Bank of Canada reiterated a “sector perform” rating and issued a $58.00 price objective on shares of Bank of New York Mellon in a report on Wednesday, March 27th. UBS Group boosted their price target on Bank of New York Mellon from $54.00 to $62.00 and gave the stock a “buy” rating in a research report on Tuesday, January 9th. 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 research note on Thursday, April 18th. Citigroup raised their target price on shares of Bank of New York Mellon from $60.00 to $65.00 and gave the company a “buy” rating in a research note on Wednesday, February 14th. Finally, Jefferies Financial Group upped their price objective on Bank of New York Mellon from $67.00 to $68.00 and gave the company a “buy” rating in a research note on Thursday, April 18th. Five equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $60.17.

Bank of New York Mellon Price Performance

Shares of Bank of New York Mellon stock traded up $0.29 on Tuesday, reaching $57.45. 2,860,990 shares of the stock were exchanged, compared to its average volume of 3,996,152. The company has a debt-to-equity ratio of 0.90, a quick ratio of 0.72 and a current ratio of 0.71. The firm has a market cap of $43.25 billion, a PE ratio of 14.01, a P/E/G ratio of 1.21 and a beta of 1.12. The firm’s 50 day moving average is $55.86 and its 200-day moving average is $51.58. The Bank of New York Mellon Co. has a one year low of $39.65 and a one year high of $58.28.

Bank of New York Mellon (NYSE:BK) last announced its quarterly earnings results 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 net margin of 9.48% and a return on equity of 11.80%. The company had revenue of $4.53 billion for the quarter, compared to analyst estimates of $4.39 billion. During the same period in the previous year, the firm posted $1.13 EPS. The firm’s revenue was up 3.8% on a year-over-year basis. As a group, analysts anticipate that The Bank of New York Mellon Co. will post 5.42 EPS for the current fiscal year.

Bank of New York Mellon Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, May 9th. Stockholders of record on Friday, April 26th will be paid a $0.42 dividend. This represents a $1.68 annualized dividend and a dividend yield of 2.92%. The ex-dividend date is Thursday, April 25th. Bank of New York Mellon’s dividend payout ratio is currently 40.98%.

Insider Activity at Bank of New York Mellon

In other Bank of New York Mellon news, EVP J Kevin Mccarthy sold 40,000 shares of Bank of New York Mellon stock in a transaction dated Friday, April 19th. The stock was sold at an average price of $56.15, for a total transaction of $2,246,000.00. Following the transaction, the executive vice president now directly owns 100,404 shares of the company’s stock, valued at approximately $5,637,684.60. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other Bank of New York Mellon news, EVP J Kevin Mccarthy sold 40,000 shares of the firm’s stock in a transaction that occurred on Friday, April 19th. The shares were sold at an average price of $56.15, for a total transaction of $2,246,000.00. Following the completion of the transaction, the executive vice president now owns 100,404 shares in the company, valued at approximately $5,637,684.60. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, VP Catherine Keating sold 54,070 shares of the business’s stock in a transaction that occurred on Thursday, April 18th. The stock was sold at an average price of $54.88, for a total transaction of $2,967,361.60. Following the completion of the transaction, the vice president now owns 78,350 shares in the company, valued at approximately $4,299,848. The disclosure for this sale can be found here. Insiders sold a total of 98,568 shares of company stock worth $5,459,897 in the last quarter. 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.