Summit Global Investments Invests $4.10 Million in The Bank of New York Mellon Co. (NYSE:BK)

Summit Global Investments acquired a new position in shares of The Bank of New York Mellon Co. (NYSE:BK - Free Report) in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm acquired 48,854 shares of the bank's stock, valued at approximately $4,097,000.

Other hedge funds also recently modified their holdings of the company. Parvin Asset Management LLC bought a new stake in shares of Bank of New York Mellon during the fourth quarter worth $25,000. Bellwether Advisors LLC bought a new stake in shares of Bank of New York Mellon in the fourth quarter worth about $28,000. REAP Financial Group LLC lifted its stake in Bank of New York Mellon by 123.2% in the fourth quarter. REAP Financial Group LLC now owns 395 shares of the bank's stock valued at $30,000 after buying an additional 218 shares in the last quarter. Transce3nd LLC bought a new position in Bank of New York Mellon in the fourth quarter valued at approximately $33,000. Finally, South Plains Financial Inc. bought a new position in Bank of New York Mellon in the fourth quarter valued at approximately $34,000. Institutional investors and hedge funds own 85.31% of the company's stock.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on the stock. Wall Street Zen lowered shares of Bank of New York Mellon from a "buy" rating to a "hold" rating in a research note on Wednesday, February 19th. Citigroup upped their price objective on Bank of New York Mellon from $82.00 to $85.00 and gave the stock a "neutral" rating in a research report on Monday, March 24th. Morgan Stanley reduced their price objective on Bank of New York Mellon from $99.00 to $98.00 and set an "overweight" rating for the company in a research report on Wednesday, April 2nd. Royal Bank of Canada reaffirmed a "sector perform" rating and set a $90.00 price objective on shares of Bank of New York Mellon in a research report on Monday, March 17th. Finally, Wells Fargo & Company upped their price objective on Bank of New York Mellon from $86.00 to $96.00 and gave the stock an "equal weight" rating in a research report on Monday, March 3rd. Seven analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. According to MarketBeat.com, Bank of New York Mellon currently has an average rating of "Moderate Buy" and an average price target of $92.08.

Bank of New York Mellon Stock Down 0.5%

NYSE BK traded down $0.42 during trading hours on Friday, hitting $88.65. 6,337,730 shares of the company traded hands, compared to its average volume of 4,073,595. The business's 50-day moving average is $82.36 and its 200-day moving average is $82.24. The Bank of New York Mellon Co. has a twelve month low of $57.18 and a twelve month high of $90.63. The company has a debt-to-equity ratio of 0.83, a quick ratio of 0.70 and a current ratio of 0.69. The stock has a market capitalization of $63.42 billion, a price-to-earnings ratio of 15.26, a P/E/G ratio of 0.97 and a beta of 1.05.

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 EPS for the quarter, beating the consensus estimate of $1.50 by $0.08. The firm had revenue of $4.79 billion during the quarter, compared to analysts' expectations of $4.76 billion. Bank of New York Mellon had a return on equity of 12.68% and a net margin of 11.35%. The business's quarterly revenue was up 5.9% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.29 earnings per share. Sell-side 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 Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, May 2nd. Shareholders of record on Monday, April 21st were paid a $0.47 dividend. The ex-dividend date of this dividend was Monday, April 21st. This represents a $1.88 annualized dividend and a yield of 2.12%. Bank of New York Mellon's dividend payout ratio is 30.62%.

Insider Buying and Selling at Bank of New York Mellon

In other news, insider Kurtis R. Kurimsky sold 5,641 shares of the stock in a transaction that occurred on Monday, April 14th. The stock was sold at an average price of $77.50, for a total transaction of $437,177.50. Following the transaction, the insider now owns 21,679 shares in the company, valued at approximately $1,680,122.50. This trade represents a 20.65% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, VP Catherine Keating sold 65,473 shares of the stock in a transaction that occurred on Monday, April 14th. The stock was 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 position. The disclosure for this sale can be found here. Insiders have sold 101,114 shares of company stock worth $7,869,795 over the last 90 days. Company insiders own 0.14% of the company's stock.

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.