Adage Capital Partners GP L.L.C. Cuts Stake in The Bank of New York Mellon Co. (NYSE:BK)

Adage Capital Partners GP L.L.C. lessened its holdings in The Bank of New York Mellon Co. (NYSE:BK - Free Report) by 2.3% during the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 679,316 shares of the bank's stock after selling 16,300 shares during the period. Adage Capital Partners GP L.L.C. owned approximately 0.09% of Bank of New York Mellon worth $52,192,000 at the end of the most recent reporting period.

Other institutional investors also recently modified their holdings of the company. FMR LLC increased its stake in shares of Bank of New York Mellon by 19.3% in the fourth quarter. FMR LLC now owns 23,071,584 shares of the bank's stock worth $1,772,590,000 after purchasing an additional 3,732,862 shares in the last quarter. Norges Bank purchased a new position in Bank of New York Mellon in the 4th quarter valued at approximately $1,150,462,000. Arrowstreet Capital Limited Partnership raised its holdings in Bank of New York Mellon by 17.0% during the 4th quarter. Arrowstreet Capital Limited Partnership now owns 7,751,219 shares of the bank's stock valued at $595,526,000 after acquiring an additional 1,125,493 shares during the period. Invesco Ltd. grew its position in shares of Bank of New York Mellon by 2.4% in the fourth quarter. Invesco Ltd. now owns 7,596,210 shares of the bank's stock valued at $583,617,000 after purchasing an additional 175,704 shares in the last quarter. Finally, Amundi boosted its stake in Bank of New York Mellon by 5.1% in the 4th quarter. Amundi now owns 7,363,015 shares of the bank's stock worth $573,947,000 after purchasing an additional 359,942 shares during the period. 85.31% of the stock is owned by institutional investors.

Insider Activity at Bank of New York Mellon

In other Bank of New York Mellon news, VP Catherine Keating sold 65,473 shares of the company's stock in a transaction that occurred on Monday, April 14th. The stock was sold at an average price of $77.31, for a total transaction of $5,061,717.63. Following the sale, the vice president now directly owns 87,542 shares in the company, valued at $6,767,872.02. This represents a 42.79 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, insider Kurtis R. Kurimsky sold 5,641 shares of the stock in a transaction on Monday, April 14th. The shares were sold at an average price of $77.50, for a total transaction of $437,177.50. Following the completion of the sale, the insider now directly owns 21,679 shares in the company, valued at approximately $1,680,122.50. This represents a 20.65 % decrease in their position. The disclosure for this sale can be found here. 0.14% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

BK has been the subject of several analyst reports. Evercore ISI raised their price target on shares of Bank of New York Mellon from $83.00 to $87.00 and gave the company an "in-line" rating in a report on Tuesday, April 1st. Barclays raised their price target on Bank of New York Mellon from $102.00 to $104.00 and gave the company an "overweight" rating in a report on Thursday, January 16th. Deutsche Bank Aktiengesellschaft increased their price objective on Bank of New York Mellon from $94.00 to $98.00 and gave the company a "buy" rating in a research note on Thursday, January 16th. UBS Group upped their price target on shares of Bank of New York Mellon from $88.00 to $94.00 and gave the company a "buy" rating in a report on Tuesday, January 21st. Finally, StockNews.com cut shares of Bank of New York Mellon from a "buy" rating to a "hold" rating in a research report on Wednesday, February 19th. Six analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. According to MarketBeat.com, Bank of New York Mellon has a consensus rating of "Moderate Buy" and an average target price of $91.31.

Bank of New York Mellon Stock Down 0.8 %

Shares of Bank of New York Mellon stock traded down $0.67 on Wednesday, reaching $79.37. The company's stock had a trading volume of 931,692 shares, compared to its average volume of 3,958,937. The Bank of New York Mellon Co. has a 52 week low of $56.08 and a 52 week high of $90.34. The firm's fifty day simple moving average is $81.35 and its two-hundred day simple moving average is $80.59. The company has a quick ratio of 0.70, a current ratio of 0.69 and a debt-to-equity ratio of 0.83. The company has a market capitalization of $56.99 billion, a price-to-earnings ratio of 13.66, a P/E/G ratio of 0.97 and a beta of 1.03.

Bank of New York Mellon (NYSE:BK - Get Free Report) last issued its quarterly earnings results on Friday, April 11th. The bank reported $1.58 earnings per share for the quarter, topping the consensus estimate of $1.50 by $0.08. Bank of New York Mellon had a net margin of 11.35% and a return on equity of 12.68%. The business had revenue of $4.79 billion for the quarter, compared to analysts' expectations of $4.76 billion. During the same quarter last year, the company posted $1.29 EPS. The company's revenue was up 5.9% compared to the same quarter last year. Equities analysts anticipate that The Bank of New York Mellon Co. will post 6.96 earnings per share for the current year.

Bank of New York Mellon Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, May 2nd. Shareholders of record on Monday, April 21st will be paid a $0.47 dividend. The ex-dividend date of this dividend is Monday, April 21st. This represents a $1.88 annualized dividend and a yield of 2.37%. Bank of New York Mellon's payout ratio is 30.62%.

Bank of New York Mellon 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.