Illinois Municipal Retirement Fund Increases Position in The Bank of New York Mellon Corporation (NYSE:BK)

Illinois Municipal Retirement Fund lifted its position in shares of The Bank of New York Mellon Corporation (NYSE:BK - Free Report) by 27.7% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 380,192 shares of the bank's stock after acquiring an additional 82,481 shares during the quarter. Illinois Municipal Retirement Fund owned approximately 0.05% of Bank of New York Mellon worth $31,887,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Revolve Wealth Partners LLC bought a new stake in shares of Bank of New York Mellon during the fourth quarter worth about $220,000. Sigma Planning Corp boosted its position in Bank of New York Mellon by 7.2% during the 4th quarter. Sigma Planning Corp now owns 5,862 shares of the bank's stock worth $450,000 after buying an additional 392 shares during the period. Y Intercept Hong Kong Ltd bought a new stake in Bank of New York Mellon during the 4th quarter worth approximately $1,246,000. IFP Advisors Inc increased its position in Bank of New York Mellon by 42.4% in the 4th quarter. IFP Advisors Inc now owns 5,196 shares of the bank's stock valued at $399,000 after acquiring an additional 1,547 shares during the period. Finally, Lake Street Advisors Group LLC raised its stake in shares of Bank of New York Mellon by 7.3% during the fourth quarter. Lake Street Advisors Group LLC now owns 5,610 shares of the bank's stock valued at $431,000 after acquiring an additional 382 shares during the last quarter. Institutional investors own 85.31% of the company's stock.

Bank of New York Mellon Stock Up 1.4%

Bank of New York Mellon stock traded up $1.24 during midday trading on Friday, reaching $91.28. The stock had a trading volume of 6,279,061 shares, compared to its average volume of 4,107,104. The company has a fifty day moving average price of $86.58 and a two-hundred day moving average price of $83.51. The Bank of New York Mellon Corporation has a 12 month low of $59.00 and a 12 month high of $92.64. The company has a current ratio of 0.69, a quick ratio of 0.69 and a debt-to-equity ratio of 0.81. The company has a market capitalization of $65.31 billion, a P/E ratio of 14.87, a PEG ratio of 1.01 and a beta of 1.08.

Bank of New York Mellon (NYSE:BK - Get Free Report) last released its quarterly earnings data on Friday, April 11th. The bank reported $1.58 EPS for the quarter, beating the consensus estimate of $1.50 by $0.08. Bank of New York Mellon had a return on equity of 12.96% and a net margin of 11.78%. The firm had revenue of $4.79 billion during the quarter, compared to the consensus estimate of $4.76 billion. During the same quarter in the previous year, the company posted $1.29 earnings per share. The company's quarterly revenue was up 5.9% on a year-over-year basis. As a group, equities analysts expect that The Bank of New York Mellon Corporation will post 6.96 EPS for the current fiscal year.

Bank of New York Mellon Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, May 2nd. Shareholders of record on Monday, April 21st were issued a dividend of $0.47 per share. The ex-dividend date of this dividend was Monday, April 21st. This represents a $1.88 annualized dividend and a yield of 2.06%. Bank of New York Mellon's payout ratio is 30.62%.

Insider Buying and Selling at Bank of New York Mellon

In related news, EVP J Kevin Mccarthy sold 30,000 shares of the company's stock in a transaction on Tuesday, April 29th. The stock was sold at an average price of $79.03, for a total transaction of $2,370,900.00. Following the completion of the sale, the executive vice president now owns 55,115 shares in the company, valued at approximately $4,355,738.45. This represents a 35.25% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, VP Catherine Keating sold 65,473 shares of the firm's stock in a transaction on Monday, April 14th. The shares were sold at an average price of $77.31, for a total value of $5,061,717.63. Following the transaction, the vice president now owns 87,542 shares in the company, valued at approximately $6,767,872.02. This trade represents a 42.79% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 101,114 shares of company stock valued at $7,869,795. Corporate insiders own 0.14% of the company's stock.

Wall Street Analysts Forecast Growth

BK has been the subject of a number of recent research reports. Truist Financial downgraded Bank of New York Mellon from a "buy" rating to a "hold" rating and increased their price objective for the company from $87.00 to $97.00 in a report on Wednesday, May 28th. Royal Bank Of Canada reissued a "sector perform" rating and issued a $90.00 price target on shares of Bank of New York Mellon in a research note on Monday, March 17th. Morgan Stanley raised their price objective on Bank of New York Mellon from $94.00 to $95.00 and gave the stock an "overweight" rating in a research report on Tuesday, June 3rd. Evercore ISI upped their target price on 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. Finally, Wells Fargo & Company raised their price target on shares of Bank of New York Mellon from $86.00 to $96.00 and gave the stock an "equal weight" rating in a report on Monday, March 3rd. Seven analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $91.85.

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.