The Bank of New York Mellon Co. (NYSE:BK) Shares Sold by Texas Permanent School Fund Corp

Texas Permanent School Fund Corp lowered its position in shares of The Bank of New York Mellon Co. (NYSE:BK) by 28.9% in the 2nd quarter, HoldingsChannel reports. The institutional investor owned 123,918 shares of the bank’s stock after selling 50,298 shares during the period. Texas Permanent School Fund Corp’s holdings in Bank of New York Mellon were worth $7,421,000 at the end of the most recent reporting period.

Several other large investors have also bought and sold shares of the company. Choreo LLC boosted its stake in Bank of New York Mellon by 327.5% during the second quarter. Choreo LLC now owns 52,272 shares of the bank’s stock valued at $3,142,000 after buying an additional 40,045 shares in the last quarter. Wedbush Securities Inc. boosted its stake in Bank of New York Mellon by 9.8% during the second quarter. Wedbush Securities Inc. now owns 19,984 shares of the bank’s stock valued at $1,197,000 after buying an additional 1,782 shares in the last quarter. Prudential PLC boosted its stake in Bank of New York Mellon by 17.2% during the second quarter. Prudential PLC now owns 329,469 shares of the bank’s stock valued at $19,732,000 after buying an additional 48,449 shares in the last quarter. First Foundation Advisors boosted its stake in Bank of New York Mellon by 7.7% during the second quarter. First Foundation Advisors now owns 7,024 shares of the bank’s stock valued at $421,000 after buying an additional 500 shares in the last quarter. Finally, LSV Asset Management boosted its stake in Bank of New York Mellon by 3.9% during the second quarter. LSV Asset Management now owns 7,569,133 shares of the bank’s stock valued at $453,315,000 after buying an additional 286,820 shares in the last quarter. Institutional investors own 85.31% of the company’s stock.

Insider Activity at Bank of New York Mellon

In other Bank of New York Mellon news, VP Hanneke Smits sold 15,000 shares of the stock in a transaction on Thursday, July 18th. The shares were sold at an average price of $64.11, for a total transaction of $961,650.00. Following the transaction, the vice president now directly owns 173,930 shares of the company’s stock, valued at $11,150,652.30. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.14% of the stock is owned by company insiders.

Bank of New York Mellon Price Performance

BK opened at $67.51 on Wednesday. The company has a current ratio of 0.70, a quick ratio of 0.70 and a debt-to-equity ratio of 0.85. The Bank of New York Mellon Co. has a 1 year low of $39.66 and a 1 year high of $68.60. The stock has a fifty day moving average price of $64.49 and a 200 day moving average price of $59.89. The stock has a market cap of $49.82 billion, a price-to-earnings ratio of 15.63, a PEG ratio of 1.14 and a beta of 1.08.

Bank of New York Mellon (NYSE:BK) last announced its quarterly earnings results on Friday, July 12th. The bank reported $1.51 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.43 by $0.08. The business had revenue of $4.60 billion during the quarter, compared to analyst estimates of $4.53 billion. Bank of New York Mellon had a return on equity of 11.87% and a net margin of 9.40%. The firm’s revenue was up 2.1% on a year-over-year basis. During the same period in the previous year, the company earned $1.38 EPS. Analysts forecast that The Bank of New York Mellon Co. will post 5.63 EPS for the current fiscal year.

Bank of New York Mellon Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, August 2nd. Stockholders of record on Monday, July 22nd were paid a dividend of $0.47 per share. This is a positive change from Bank of New York Mellon’s previous quarterly dividend of $0.42. The ex-dividend date was Monday, July 22nd. This represents a $1.88 annualized dividend and a dividend yield of 2.78%. Bank of New York Mellon’s dividend payout ratio is 43.52%.

Analysts Set New Price Targets

A number of equities analysts recently weighed in on BK shares. Morgan Stanley increased their price target on Bank of New York Mellon from $65.00 to $72.00 and gave the company an “equal weight” rating in a research report on Tuesday, July 30th. Deutsche Bank Aktiengesellschaft increased their price target on Bank of New York Mellon from $63.00 to $66.00 and gave the company a “hold” rating in a research report on Thursday, August 15th. Barclays increased their price target on Bank of New York Mellon from $68.00 to $75.00 and gave the company an “overweight” rating in a research report on Monday, July 15th. Citigroup lowered Bank of New York Mellon from a “buy” rating to a “neutral” rating and set a $65.00 price target for the company. in a research report on Monday, July 15th. Finally, Keefe, Bruyette & Woods reissued an “outperform” rating and set a $75.00 price target (up from $70.00) on shares of Bank of New York Mellon in a research report on Monday, July 15th. Six investment analysts have rated the stock with a hold rating and six have given a buy rating to the company. Based on data from MarketBeat.com, Bank of New York Mellon presently has a consensus rating of “Moderate Buy” and a consensus price target of $66.14.

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.