National Pension Service Increases Holdings in Bank of New York Mellon Corporation $BNY

Key Points

• National Pension Service increased its stake in Bank of New York Mellon by 10.9% in the fourth quarter, buying 222,868 additional shares and bringing its total holding to 2.28 million shares valued at about $264.2 million.
• Wall Street analysts remain broadly positive on BNY, with a consensus rating of Moderate Buy and an average price target of $138.08, even as some firms recently raised targets to as high as $150.
• The company posted solid recent results, beating earnings and revenue estimates in its latest quarter, while also paying a quarterly dividend of $0.53 per share for a 1.5% yield.

National Pension Service raised its stake in shares of Bank of New York Mellon Corporation (NYSE:BNY - Free Report) by 10.9% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 2,276,146 shares of the bank's stock after buying an additional 222,868 shares during the period. National Pension Service owned about 0.33% of Bank of New York Mellon worth $264,238,000 as of its most recent SEC filing.

Other hedge funds have also added to or reduced their stakes in the company. Thurston Springer Miller Herd & Titak Inc. purchased a new stake in shares of Bank of New York Mellon during the 4th quarter valued at about $27,000. Marquette Asset Management LLC grew its position in Bank of New York Mellon by 174.7% during the fourth quarter. Marquette Asset Management LLC now owns 261 shares of the bank's stock valued at $30,000 after buying an additional 166 shares during the period. Valley Wealth Managers Inc. bought a new stake in Bank of New York Mellon during the third quarter valued at approximately $33,000. Westside Investment Management Inc. increased its holdings in Bank of New York Mellon by 44.1% during the third quarter. Westside Investment Management Inc. now owns 415 shares of the bank's stock valued at $45,000 after buying an additional 127 shares during the last quarter. Finally, Kohmann Bosshard Financial Services LLC purchased a new stake in Bank of New York Mellon during the fourth quarter valued at approximately $46,000. 85.31% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several research analysts have recently weighed in on BNY shares. JPMorgan Chase & Co. lifted their price target on shares of Bank of New York Mellon from $130.50 to $140.00 and gave the stock an "overweight" rating in a research note on Monday, May 11th. Barclays upped their price objective on Bank of New York Mellon from $143.00 to $149.00 and gave the stock an "overweight" rating in a research note on Friday, April 17th. Keefe, Bruyette & Woods lifted their target price on Bank of New York Mellon from $143.00 to $150.00 and gave the company an "outperform" rating in a research report on Friday, April 17th. Evercore set a $136.00 price target on Bank of New York Mellon in a report on Friday, April 17th. Finally, Wall Street Zen upgraded Bank of New York Mellon to a "hold" rating in a research report on Saturday, May 23rd. One investment analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and five have assigned a Hold rating to the company. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $138.08.

Bank of New York Mellon Stock Performance

Shares of NYSE BNY opened at $140.60 on Friday. The firm has a fifty day moving average price of $129.58 and a 200-day moving average price of $121.35. The company has a debt-to-equity ratio of 0.82, a current ratio of 0.75 and a quick ratio of 0.75. The stock has a market cap of $96.51 billion, a PE ratio of 17.42, a price-to-earnings-growth ratio of 1.02 and a beta of 1.08. Bank of New York Mellon Corporation has a 1 year low of $87.41 and a 1 year high of $141.65.

Bank of New York Mellon (NYSE:BNY - Get Free Report) last released its earnings results on Thursday, April 16th. The bank reported $2.25 earnings per share for the quarter, beating analysts' consensus estimates of $1.94 by $0.31. The company had revenue of $5.41 billion for the quarter, compared to analysts' expectations of $5.14 billion. Bank of New York Mellon had a net margin of 14.60% and a return on equity of 15.29%. Bank of New York Mellon's revenue for the quarter was up 12.9% on a year-over-year basis. During the same quarter in the previous year, the company earned $1.58 EPS. Equities analysts anticipate that Bank of New York Mellon Corporation will post 8.78 earnings per share for the current fiscal year.

Bank of New York Mellon Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, May 8th. Stockholders of record on Monday, April 27th were given a $0.53 dividend. This represents a $2.12 annualized dividend and a dividend yield of 1.5%. The ex-dividend date was Monday, April 27th. Bank of New York Mellon's payout ratio is presently 26.27%.

Insiders Place Their Bets

In other news, VP Shannon Marie Hobbs sold 297 shares of the company's stock in a transaction dated Friday, April 17th. The stock was sold at an average price of $137.05, for a total value of $40,703.85. Following the completion of the transaction, the vice president owned 15,206 shares of the company's stock, valued at $2,083,982.30. This represents a 1.92% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider Kurtis R. Kurimsky sold 5,290 shares of the stock in a transaction dated Friday, April 17th. The stock was sold at an average price of $136.02, for a total value of $719,545.80. Following the sale, the insider owned 17,259 shares of the company's stock, valued at $2,347,569.18. This represents a 23.46% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 48,091 shares of company stock valued at $6,568,423 over the last three months. Insiders own 0.17% of the company's stock.

Bank of New York Mellon Company Profile

BNY, formerly known as BNY Mellon, is a global financial services company headquartered in New York City. Formed in 2007 through the merger of the Bank of New York and Mellon Financial Corporation, BNY traces its roots back to 1784, making it one of the oldest banking institutions in the United States. It was also the first company listed on the New York Stock Exchange.

BNY operates at the center of the world's capital markets, partnering with clients to help them operate more efficiently and accelerate growth.

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