State of New Jersey Common Pension Fund D Decreases Position in The Bank of New York Mellon Co. (NYSE:BK)

State of New Jersey Common Pension Fund D lessened its holdings in shares of The Bank of New York Mellon Co. (NYSE:BK) by 36.7% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 270,907 shares of the bank’s stock after selling 157,161 shares during the period. State of New Jersey Common Pension Fund D’s holdings in Bank of New York Mellon were worth $16,225,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. AGF Management Ltd. raised its stake in Bank of New York Mellon by 32.7% in the 2nd quarter. AGF Management Ltd. now owns 38,210 shares of the bank’s stock worth $2,288,000 after acquiring an additional 9,425 shares during the last quarter. Coldstream Capital Management Inc. raised its stake in Bank of New York Mellon by 2.8% in the 2nd quarter. Coldstream Capital Management Inc. now owns 11,795 shares of the bank’s stock worth $706,000 after acquiring an additional 325 shares during the last quarter. Eubel Brady & Suttman Asset Management Inc. raised its stake in Bank of New York Mellon by 8.8% in the 2nd quarter. Eubel Brady & Suttman Asset Management Inc. now owns 10,293 shares of the bank’s stock worth $616,000 after acquiring an additional 832 shares during the last quarter. Daiwa Securities Group Inc. raised its stake in Bank of New York Mellon by 8.3% in the 2nd quarter. Daiwa Securities Group Inc. now owns 88,302 shares of the bank’s stock worth $5,288,000 after acquiring an additional 6,755 shares during the last quarter. Finally, Andra AP fonden raised its stake in shares of Bank of New York Mellon by 58.6% during the 2nd quarter. Andra AP fonden now owns 155,300 shares of the bank’s stock valued at $9,301,000 after buying an additional 57,400 shares during the last quarter. Hedge funds and other institutional investors own 85.31% of the company’s stock.

Analyst Ratings Changes

Several research firms have commented on BK. Evercore ISI upped their price objective on Bank of New York Mellon from $61.00 to $66.00 and gave the stock an “in-line” rating in a research report on Monday, July 15th. Keefe, Bruyette & Woods restated an “outperform” rating and issued a $75.00 price objective (up previously from $70.00) on shares of Bank of New York Mellon 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 objective on the stock. in a research report on Monday, July 15th. Deutsche Bank Aktiengesellschaft upped their price objective on Bank of New York Mellon from $63.00 to $66.00 and gave the stock a “hold” rating in a research report on Thursday, August 15th. Finally, Barclays increased their target price 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. Six analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $66.14.

Insider Activity

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

Bank of New York Mellon Stock Performance

NYSE BK opened at $68.70 on Friday. The stock has a market cap of $50.70 billion, a PE ratio of 15.90, a P/E/G ratio of 1.17 and a beta of 1.08. 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 twelve month low of $39.66 and a twelve month high of $69.74. The stock has a fifty day simple moving average of $64.99 and a 200-day simple moving average of $60.11.

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

Bank of New York Mellon Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, August 2nd. Stockholders of record on Monday, July 22nd were paid a $0.47 dividend. This represents a $1.88 annualized dividend and a dividend yield of 2.74%. The ex-dividend date was Monday, July 22nd. This is a boost from Bank of New York Mellon’s previous quarterly dividend of $0.42. Bank of New York Mellon’s dividend payout ratio (DPR) is presently 43.52%.

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.