Arizona State Retirement System Grows Stock Position in The Bank of New York Mellon Corporation (NYSE:BK)

Arizona State Retirement System lifted its stake in shares of The Bank of New York Mellon Corporation (NYSE:BK - Free Report) by 2.1% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 216,132 shares of the bank's stock after purchasing an additional 4,444 shares during the quarter. Arizona State Retirement System's holdings in Bank of New York Mellon were worth $18,127,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also made changes to their positions in the company. Alpine Bank Wealth Management acquired a new position in shares of Bank of New York Mellon during the 1st quarter worth $25,000. Opal Wealth Advisors LLC acquired a new position in shares of Bank of New York Mellon during the 1st quarter worth $25,000. Parvin Asset Management LLC acquired a new position in shares of Bank of New York Mellon during the 4th quarter worth $25,000. Bellwether Advisors LLC acquired a new position in shares of Bank of New York Mellon during the 4th quarter worth $28,000. Finally, Cornerstone Planning Group LLC grew its stake in shares of Bank of New York Mellon by 100.0% during the 1st quarter. Cornerstone Planning Group LLC now owns 392 shares of the bank's stock worth $30,000 after purchasing an additional 196 shares during the period. 85.31% of the stock is owned by institutional investors and hedge funds.

Bank of New York Mellon Trading Up 0.0%

Shares of BK stock traded up $0.04 during mid-day trading on Friday, hitting $93.70. 4,276,886 shares of the company's stock were exchanged, compared to its average volume of 4,117,795. The stock has a market cap of $67.04 billion, a price-to-earnings ratio of 15.26, a PEG ratio of 1.00 and a beta of 1.07. The company has a quick ratio of 0.69, a current ratio of 0.69 and a debt-to-equity ratio of 0.81. The Bank of New York Mellon Corporation has a fifty-two week low of $60.93 and a fifty-two week high of $93.93. The stock has a 50-day simple moving average of $89.60 and a two-hundred day simple moving average of $84.61.

Bank of New York Mellon (NYSE:BK - Get Free Report) last posted 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 company 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 12.96% and a net margin of 11.78%. The firm's revenue was up 5.9% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.29 EPS. 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 business also recently declared a quarterly dividend, which was paid on Friday, May 2nd. Shareholders of record on Monday, April 21st were paid a dividend of $0.47 per share. This represents a $1.88 dividend on an annualized basis and a yield of 2.01%. The ex-dividend date was Monday, April 21st. Bank of New York Mellon's dividend payout ratio is currently 30.62%.

Insider Buying and Selling at Bank of New York Mellon

In other Bank of New York Mellon news, VP Catherine Keating sold 65,473 shares of Bank of New York Mellon stock in a transaction that occurred on Monday, April 14th. The shares were sold at an average price of $77.31, for a total transaction of $5,061,717.63. Following the transaction, the vice president directly owned 87,542 shares of the company's stock, valued at $6,767,872.02. The trade was a 42.79% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, insider Kurtis R. Kurimsky sold 5,641 shares of the firm's 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 transaction, the insider directly owned 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. Insiders have sold a total of 101,114 shares of company stock worth $7,869,795 in the last quarter. 0.14% of the stock is owned by insiders.

Wall Street Analyst Weigh In

A number of brokerages recently commented on BK. Morgan Stanley increased their price objective on shares of Bank of New York Mellon from $94.00 to $95.00 and gave the company an "overweight" rating in a research note on Tuesday, June 3rd. Truist Financial lowered shares of Bank of New York Mellon from a "buy" rating to a "hold" rating and increased their price target for the company from $87.00 to $97.00 in a research report on Wednesday, May 28th. Royal Bank Of Canada reissued a "sector perform" rating and set a $90.00 price objective on shares of Bank of New York Mellon in a research note on Monday, March 17th. Evercore ISI upped their target price on Bank of New York Mellon from $88.00 to $90.00 and gave the company an "in-line" rating in a research note on Wednesday, July 2nd. Finally, Citigroup raised their price target 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. Seven equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $92.08.

About Bank of New York Mellon

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.