Pacer Advisors Inc. Purchases 63,427 Shares of The Bank of New York Mellon Co. (NYSE:BK)

Pacer Advisors Inc. boosted its holdings in The Bank of New York Mellon Co. (NYSE:BK) by 119.1% in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 116,690 shares of the bank’s stock after purchasing an additional 63,427 shares during the quarter. Pacer Advisors Inc.’s holdings in Bank of New York Mellon were worth $8,385,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in BK. Primecap Management Co. CA lifted its position in Bank of New York Mellon by 1.2% during the third quarter. Primecap Management Co. CA now owns 719,900 shares of the bank’s stock worth $51,732,000 after purchasing an additional 8,400 shares during the period. Intech Investment Management LLC increased its position in Bank of New York Mellon by 7.9% in the 3rd quarter. Intech Investment Management LLC now owns 172,866 shares of the bank’s stock valued at $12,422,000 after acquiring an additional 12,656 shares during the period. King Luther Capital Management Corp increased its holdings in Bank of New York Mellon by 1.2% in the third quarter. King Luther Capital Management Corp now owns 40,286 shares of the bank’s stock valued at $2,895,000 after purchasing an additional 459 shares during the period. Moors & Cabot Inc. lifted its position in shares of Bank of New York Mellon by 4.8% in the 3rd quarter. Moors & Cabot Inc. now owns 35,851 shares of the bank’s stock worth $2,576,000 after purchasing an additional 1,657 shares during the period. Finally, Retireful LLC acquired a new position in Bank of New York Mellon in the third quarter valued at $724,000. 85.31% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Bank of New York Mellon

In other Bank of New York Mellon news, VP Hanneke Smits sold 16,475 shares of the business’s stock in a transaction on Tuesday, October 15th. The shares were sold at an average price of $76.47, for a total transaction of $1,259,843.25. Following the sale, the vice president now owns 157,455 shares of the company’s stock, valued at $12,040,583.85. The trade was a 9.47 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, EVP J Kevin Mccarthy sold 25,000 shares of the firm’s stock in a transaction on Tuesday, October 15th. The stock was sold at an average price of $76.31, for a total value of $1,907,750.00. Following the completion of the transaction, the executive vice president now directly owns 75,404 shares of the company’s stock, valued at $5,754,079.24. The trade was a 24.90 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.14% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

BK has been the subject of a number of recent analyst reports. Evercore ISI increased their price target on Bank of New York Mellon from $66.00 to $77.00 and gave the stock an “in-line” rating in a report on Monday, October 14th. Barclays increased their price target on Bank of New York Mellon from $75.00 to $86.00 and gave the stock an “overweight” rating in a report on Monday, October 14th. Morgan Stanley lifted their price objective on shares of Bank of New York Mellon from $72.00 to $78.00 and gave the company an “equal weight” rating in a research note on Monday, September 30th. Deutsche Bank Aktiengesellschaft increased their target price on shares of Bank of New York Mellon from $82.00 to $85.00 and gave the stock a “buy” rating in a research note on Monday, November 11th. Finally, StockNews.com raised shares of Bank of New York Mellon from a “hold” rating to a “buy” rating in a research note on Tuesday, November 19th. Five equities research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $77.23.

Bank of New York Mellon Price Performance

BK stock opened at $80.14 on Friday. The company has a market capitalization of $58.27 billion, a P/E ratio of 17.42, a price-to-earnings-growth ratio of 0.90 and a beta of 1.07. The Bank of New York Mellon Co. has a 52-week low of $46.81 and a 52-week high of $80.29. The business has a 50-day simple moving average of $75.03 and a two-hundred day simple moving average of $66.71. The company has a debt-to-equity ratio of 0.89, a quick ratio of 0.70 and a current ratio of 0.70.

Bank of New York Mellon (NYSE:BK) last released its quarterly earnings results on Friday, October 11th. The bank reported $1.52 earnings per share for the quarter, beating analysts’ consensus estimates of $1.41 by $0.11. Bank of New York Mellon had a net margin of 9.44% and a return on equity of 12.06%. The company had revenue of $4.65 billion for the quarter, compared to analyst estimates of $4.52 billion. Research analysts expect that The Bank of New York Mellon Co. will post 5.82 EPS for the current fiscal year.

Bank of New York Mellon Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, November 1st. Shareholders of record on Monday, October 21st were paid a $0.47 dividend. This represents a $1.88 dividend on an annualized basis and a yield of 2.35%. The ex-dividend date was Monday, October 21st. Bank of New York Mellon’s payout ratio is 40.87%.

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.