Royal Bank of Canada Buys 502,502 Shares of The Bank of New York Mellon Co. (NYSE:BK)

Royal Bank of Canada grew its position in The Bank of New York Mellon Co. (NYSE:BK - Free Report) by 13.2% in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 4,315,954 shares of the bank's stock after buying an additional 502,502 shares during the period. Royal Bank of Canada owned approximately 0.59% of Bank of New York Mellon worth $331,595,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. Norges Bank bought a new position in Bank of New York Mellon in the 4th quarter valued at about $1,150,462,000. FMR LLC grew its position in shares of Bank of New York Mellon by 19.3% during the 4th quarter. FMR LLC now owns 23,071,584 shares of the bank's stock worth $1,772,590,000 after purchasing an additional 3,732,862 shares in the last quarter. Northern Trust Corp boosted its position in shares of Bank of New York Mellon by 19.1% during the 4th quarter. Northern Trust Corp now owns 9,533,615 shares of the bank's stock worth $732,468,000 after acquiring an additional 1,526,686 shares in the last quarter. Raymond James Financial Inc. acquired a new stake in shares of Bank of New York Mellon during the 4th quarter worth approximately $90,955,000. Finally, Arrowstreet Capital Limited Partnership raised its stake in shares of Bank of New York Mellon by 17.0% during the fourth quarter. Arrowstreet Capital Limited Partnership now owns 7,751,219 shares of the bank's stock valued at $595,526,000 after acquiring an additional 1,125,493 shares during the last quarter. Institutional investors and hedge funds own 85.31% of the company's stock.

Insider Buying and Selling at Bank of New York Mellon

In related news, VP Catherine Keating sold 65,473 shares of Bank of New York Mellon stock in a transaction dated Monday, April 14th. The stock was sold at an average price of $77.31, for a total transaction of $5,061,717.63. Following the transaction, the vice president now directly owns 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Kurtis R. Kurimsky sold 5,641 shares of Bank of New York Mellon stock in a transaction dated Monday, April 14th. The stock was sold at an average price of $77.50, for a total value of $437,177.50. Following the transaction, the insider now directly owns 21,679 shares in the company, valued at approximately $1,680,122.50. The trade was a 20.65% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 101,114 shares of company stock valued at $7,869,795 over the last 90 days. 0.14% of the stock is owned by corporate insiders.

Bank of New York Mellon Stock Down 0.4%

NYSE:BK traded down $0.33 during trading hours on Tuesday, hitting $90.00. The stock had a trading volume of 3,286,846 shares, compared to its average volume of 4,037,838. The company has a current ratio of 0.69, a quick ratio of 0.70 and a debt-to-equity ratio of 0.83. The Bank of New York Mellon Co. has a 1-year low of $57.18 and a 1-year high of $90.63. The business has a 50 day simple moving average of $81.26 and a two-hundred day simple moving average of $81.52. The company has a market cap of $64.39 billion, a PE ratio of 15.49, a price-to-earnings-growth 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 data on Friday, April 11th. The bank reported $1.58 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.50 by $0.08. Bank of New York Mellon had a net margin of 11.35% and a return on equity of 12.68%. The company had revenue of $4.79 billion during the quarter, compared to the consensus estimate of $4.76 billion. During the same quarter last year, the company earned $1.29 earnings per share. Bank of New York Mellon's revenue for the quarter was up 5.9% on a year-over-year basis. Analysts predict that The Bank of New York Mellon Co. will post 6.96 EPS for the current year.

Bank of New York Mellon Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, May 2nd. Shareholders of record on Monday, April 21st were given a $0.47 dividend. This represents a $1.88 annualized dividend and a yield of 2.09%. The ex-dividend date of this dividend was Monday, April 21st. Bank of New York Mellon's dividend payout ratio (DPR) is 30.62%.

Analyst Ratings Changes

BK has been the subject of a number of analyst reports. UBS Group lifted their target price on shares of Bank of New York Mellon from $88.00 to $94.00 and gave the stock a "buy" rating in a research note on Tuesday, January 21st. Citigroup lifted their target price on shares of Bank of New York Mellon from $82.00 to $85.00 and gave the stock a "neutral" rating in a research note on Monday, March 24th. Royal Bank of Canada reissued a "sector perform" rating and set a $90.00 target price on shares of Bank of New York Mellon in a research note on Monday, March 17th. Truist Financial lowered their target price on shares of Bank of New York Mellon from $90.00 to $87.00 and set a "buy" rating for the company in a research note on Monday, April 14th. Finally, StockNews.com cut shares of Bank of New York Mellon from a "buy" rating to a "hold" rating in a report on Wednesday, February 19th. Six investment analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $91.31.

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.