Victory Capital Management Inc. Trims Position in The Bank of New York Mellon Co. (NYSE:BK)

Victory Capital Management Inc. lessened its stake in shares of The Bank of New York Mellon Co. (NYSE:BK - Free Report) by 3.7% in the fourth quarter, according to the company in its most recent filing with the SEC. The fund owned 8,435,345 shares of the bank's stock after selling 322,098 shares during the quarter. Bank of New York Mellon comprises about 0.5% of Victory Capital Management Inc.'s portfolio, making the stock its 29th largest holding. Victory Capital Management Inc. owned approximately 1.10% of Bank of New York Mellon worth $439,060,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also modified their holdings of the company. Quent Capital LLC increased its position in Bank of New York Mellon by 3.8% during the 4th quarter. Quent Capital LLC now owns 5,033 shares of the bank's stock worth $262,000 after buying an additional 182 shares during the period. Hartford Financial Management Inc. increased its position in Bank of New York Mellon by 41.4% during the fourth quarter. Hartford Financial Management Inc. now owns 625 shares of the bank's stock worth $33,000 after acquiring an additional 183 shares during the period. Certuity LLC raised its stake in Bank of New York Mellon by 2.3% in the 4th quarter. Certuity LLC now owns 8,972 shares of the bank's stock worth $467,000 after purchasing an additional 205 shares in the last quarter. Choreo LLC boosted its holdings in Bank of New York Mellon by 1.8% in the 4th quarter. Choreo LLC now owns 11,903 shares of the bank's stock valued at $620,000 after purchasing an additional 208 shares during the period. Finally, Commonwealth Retirement Investments LLC grew its position in shares of Bank of New York Mellon by 0.8% during the 4th quarter. Commonwealth Retirement Investments LLC now owns 27,757 shares of the bank's stock worth $1,445,000 after purchasing an additional 221 shares in the last quarter. Institutional investors own 85.31% of the company's stock.

Analysts Set New Price Targets

BK has been the topic of several analyst reports. Jefferies Financial Group increased their target price on Bank of New York Mellon from $67.00 to $68.00 and gave the stock a "buy" rating in a report on Thursday, April 18th. UBS Group boosted their target price on shares of Bank of New York Mellon from $54.00 to $62.00 and gave the company a "buy" rating in a research report on Tuesday, January 9th. Royal Bank of Canada reiterated a "sector perform" rating and set a $58.00 price target on shares of Bank of New York Mellon in a research report on Wednesday, March 27th. Bank of America boosted their price objective on shares of Bank of New York Mellon from $64.00 to $66.00 and gave the company a "buy" rating in a research report on Wednesday, April 17th. Finally, Morgan Stanley raised their target price on Bank of New York Mellon from $62.00 to $63.00 and gave the company an "equal weight" rating in a report on Thursday, April 18th. Five research analysts have rated the stock with a hold rating and five have given a buy rating to the company's stock. According to data from MarketBeat.com, Bank of New York Mellon presently has an average rating of "Moderate Buy" and an average target price of $60.17.

Bank of New York Mellon Trading Down 0.1 %

Shares of BK traded down $0.03 during mid-day trading on Wednesday, reaching $56.46. 4,053,956 shares of the company were exchanged, compared to its average volume of 3,931,817. The business has a 50 day simple moving average of $56.11 and a two-hundred day simple moving average of $52.16. The Bank of New York Mellon Co. has a 52 week low of $39.65 and a 52 week high of $58.28. The stock has a market capitalization of $42.51 billion, a PE ratio of 13.77, a PEG ratio of 1.23 and a beta of 1.12. The company has a debt-to-equity ratio of 0.90, a quick ratio of 0.72 and a current ratio of 0.71.

Bank of New York Mellon (NYSE:BK - Get Free Report) last announced its earnings results on Tuesday, April 16th. The bank reported $1.29 earnings per share for the quarter, topping analysts' consensus estimates of $1.19 by $0.10. The business had revenue of $4.53 billion during the quarter, compared to the consensus estimate of $4.39 billion. Bank of New York Mellon had a net margin of 9.48% and a return on equity of 11.80%. Bank of New York Mellon's quarterly revenue was up 3.8% on a year-over-year basis. During the same quarter last year, the firm earned $1.13 earnings per share. On average, analysts predict that The Bank of New York Mellon Co. will post 5.43 earnings per share for the current fiscal year.

Bank of New York Mellon Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, May 9th. Shareholders of record on Friday, April 26th will be paid a $0.42 dividend. This represents a $1.68 annualized dividend and a yield of 2.98%. The ex-dividend date is Thursday, April 25th. Bank of New York Mellon's dividend payout ratio (DPR) is currently 40.98%.

Insider Activity

In other Bank of New York Mellon news, EVP J Kevin Mccarthy sold 40,000 shares of the stock in a transaction that occurred on Friday, April 19th. The stock was sold at an average price of $56.15, for a total value of $2,246,000.00. Following the transaction, the executive vice president now owns 100,404 shares in the company, valued at $5,637,684.60. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In other Bank of New York Mellon news, EVP J Kevin Mccarthy sold 40,000 shares of the company's stock in a transaction on Friday, April 19th. The shares were sold at an average price of $56.15, for a total transaction of $2,246,000.00. Following the transaction, the executive vice president now owns 100,404 shares in the company, valued at $5,637,684.60. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, VP Catherine Keating sold 4,498 shares of Bank of New York Mellon stock in a transaction dated Thursday, February 8th. The shares were sold at an average price of $54.81, for a total transaction of $246,535.38. Following the transaction, the vice president now owns 123,490 shares of the company's stock, valued at $6,768,486.90. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 98,568 shares of company stock worth $5,459,897. 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.