Kentucky Retirement Systems Sells 3,867 Shares of The Bank of New York Mellon Co. (NYSE:BK)

Kentucky Retirement Systems reduced its stake in The Bank of New York Mellon Co. (NYSE:BK) by 6.3% during the 1st quarter, HoldingsChannel reports. The fund owned 57,667 shares of the bank’s stock after selling 3,867 shares during the quarter. Kentucky Retirement Systems’ holdings in Bank of New York Mellon were worth $3,323,000 as of its most recent SEC filing.

Several other institutional investors have also added to or reduced their stakes in the stock. Norges Bank acquired a new stake in Bank of New York Mellon in the 4th quarter valued at $813,701,000. Vanguard Group Inc. increased its stake in Bank of New York Mellon by 6.1% in the 4th quarter. Vanguard Group Inc. now owns 74,501,451 shares of the bank’s stock valued at $3,877,801,000 after buying an additional 4,293,751 shares during the last quarter. KBC Group NV increased its stake in Bank of New York Mellon by 217.0% in the 4th quarter. KBC Group NV now owns 1,528,492 shares of the bank’s stock valued at $79,558,000 after buying an additional 1,046,298 shares during the last quarter. M&G Plc acquired a new stake in Bank of New York Mellon in the 1st quarter valued at $55,543,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank increased its stake in Bank of New York Mellon by 153.5% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 1,554,532 shares of the bank’s stock valued at $80,913,000 after buying an additional 941,193 shares during the last quarter. 85.31% of the stock is owned by institutional investors.

Insider Buying and Selling at Bank of New York Mellon

In other news, insider Kurtis R. Kurimsky sold 6,215 shares of the stock in a transaction on Tuesday, May 7th. The shares were sold at an average price of $57.93, for a total transaction of $360,034.95. Following the completion of the sale, the insider now directly owns 24,346 shares in the company, valued at $1,410,363.78. The transaction was disclosed in a filing with the SEC, which is available at this link. In related news, VP Senthilkumar Santhanakrishnan sold 15,643 shares of the stock in a transaction on Wednesday, May 8th. The shares were sold at an average price of $57.65, for a total transaction of $901,818.95. Following the transaction, the vice president now directly owns 144,721 shares of the company’s stock, valued at $8,343,165.65. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider Kurtis R. Kurimsky sold 6,215 shares of the stock in a transaction on Tuesday, May 7th. The stock was sold at an average price of $57.93, for a total transaction of $360,034.95. Following the transaction, the insider now directly owns 24,346 shares in the company, valued at $1,410,363.78. The disclosure for this sale can be found here. In the last ninety days, insiders sold 36,858 shares of company stock worth $2,223,504. 0.14% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on BK shares. Citigroup lowered shares of 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 note on Monday, July 15th. Bank of America lifted their target price on shares of Bank of New York Mellon from $64.00 to $66.00 and gave the stock a “buy” rating in a report on Wednesday, April 17th. Jefferies Financial Group boosted their price objective on shares of Bank of New York Mellon from $67.00 to $68.00 and gave the company a “buy” rating in a report on Thursday, April 18th. Keefe, Bruyette & Woods reissued 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 report on Monday, July 15th. Finally, Deutsche Bank Aktiengesellschaft boosted their price objective on shares of Bank of New York Mellon from $61.00 to $63.00 and gave the company a “hold” rating in a report on Monday, July 15th. Six analysts have rated the stock with a hold rating and six have issued a buy rating to the company. According to MarketBeat.com, Bank of New York Mellon has a consensus rating of “Moderate Buy” and an average target price of $65.23.

Bank of New York Mellon Price Performance

BK stock traded up $0.54 during trading on Friday, reaching $65.35. 3,898,661 shares of the company were exchanged, compared to its average volume of 4,424,193. The company has a 50-day moving average of $60.39 and a two-hundred day moving average of $57.52. The company has a market capitalization of $48.87 billion, a price-to-earnings ratio of 15.13, a P/E/G ratio of 1.16 and a beta of 1.09. The Bank of New York Mellon Co. has a twelve month low of $39.66 and a twelve month high of $65.90. The company has a debt-to-equity ratio of 0.85, a current ratio of 0.70 and a quick ratio of 0.71.

Bank of New York Mellon (NYSE:BK) last released its quarterly earnings data on Friday, July 12th. The bank reported $1.51 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.43 by $0.08. Bank of New York Mellon had a net margin of 9.40% and a return on equity of 11.87%. The business had revenue of $4.60 billion during the quarter, compared to analysts’ expectations of $4.53 billion. During the same period in the prior year, the company earned $1.38 EPS. The firm’s quarterly revenue was up 2.1% compared to the same quarter last year. As a group, equities analysts predict that The Bank of New York Mellon Co. will post 5.58 earnings per share for the current fiscal year.

Bank of New York Mellon Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, August 2nd. Shareholders of record on Monday, July 22nd will be given a $0.47 dividend. This is a boost from Bank of New York Mellon’s previous quarterly dividend of $0.42. This represents a $1.88 annualized dividend and a yield of 2.88%. The ex-dividend date of this dividend is Monday, July 22nd. Bank of New York Mellon’s dividend payout ratio is 43.52%.

Bank of New York Mellon Company 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.