Retirement Systems of Alabama Has $11.68 Million Stock Holdings in The Bank of New York Mellon Co. (NYSE:BK)

Retirement Systems of Alabama lowered its stake in The Bank of New York Mellon Co. (NYSE:BK) by 1.5% during the third quarter, according to its most recent Form 13F filing with the SEC. The firm owned 162,525 shares of the bank’s stock after selling 2,434 shares during the period. Retirement Systems of Alabama’s holdings in Bank of New York Mellon were worth $11,679,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also bought and sold shares of the stock. Franklin Resources Inc. raised its position in shares of Bank of New York Mellon by 8.3% in the 3rd quarter. Franklin Resources Inc. now owns 2,252,729 shares of the bank’s stock valued at $172,348,000 after buying an additional 173,347 shares in the last quarter. Synovus Financial Corp boosted its position in shares of Bank of New York Mellon by 5.6% during the 3rd quarter. Synovus Financial Corp now owns 13,241 shares of the bank’s stock worth $952,000 after acquiring an additional 700 shares in the last quarter. Tidal Investments LLC increased its stake in Bank of New York Mellon by 7.1% in the third quarter. Tidal Investments LLC now owns 33,764 shares of the bank’s stock valued at $2,426,000 after acquiring an additional 2,240 shares during the last quarter. Wilmington Savings Fund Society FSB raised its position in Bank of New York Mellon by 340.8% during the third quarter. Wilmington Savings Fund Society FSB now owns 27,991 shares of the bank’s stock valued at $2,011,000 after purchasing an additional 21,641 shares in the last quarter. Finally, World Investment Advisors LLC bought a new stake in Bank of New York Mellon during the third quarter worth $2,617,000. Institutional investors and hedge funds own 85.31% of the company’s stock.

Insiders Place Their Bets

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

Bank of New York Mellon Price Performance

Shares of NYSE:BK opened at $79.08 on Tuesday. The company has a debt-to-equity ratio of 0.89, a quick ratio of 0.70 and a current ratio of 0.70. The Bank of New York Mellon Co. has a 52 week low of $50.87 and a 52 week high of $82.72. The firm has a market cap of $57.50 billion, a PE ratio of 17.19, a price-to-earnings-growth ratio of 0.91 and a beta of 1.07. The firm’s fifty day moving average is $77.95 and its 200-day moving average is $69.26.

Bank of New York Mellon (NYSE:BK) last announced its earnings results on Friday, October 11th. The bank reported $1.52 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.41 by $0.11. Bank of New York Mellon had a return on equity of 12.06% and a net margin of 9.44%. The business had revenue of $4.65 billion during the quarter, compared to analyst estimates of $4.52 billion. Sell-side analysts predict that The Bank of New York Mellon Co. will post 5.84 earnings per share for the current year.

Bank of New York Mellon Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, November 1st. Shareholders of record on Monday, October 21st were given a dividend of $0.47 per share. This represents a $1.88 dividend on an annualized basis and a yield of 2.38%. The ex-dividend date was Monday, October 21st. Bank of New York Mellon’s dividend payout ratio is presently 40.87%.

Analyst Upgrades and Downgrades

BK has been the topic of several recent analyst reports. Royal Bank of Canada reiterated a “sector perform” rating and issued a $79.00 price target on shares of Bank of New York Mellon in a research note on Monday, October 14th. Morgan Stanley raised Bank of New York Mellon from an “equal weight” rating to an “overweight” rating and boosted their target price for the stock from $82.00 to $94.00 in a research note on Monday, December 9th. Citigroup lifted their price target on shares of Bank of New York Mellon from $75.00 to $82.00 and gave the company a “neutral” rating in a report on Monday, November 25th. The Goldman Sachs Group upped their price objective on shares of Bank of New York Mellon from $74.00 to $80.00 and gave the stock a “buy” rating in a research report on Thursday, September 26th. Finally, Keefe, Bruyette & Woods raised their target price on shares of Bank of New York Mellon from $87.00 to $96.00 and gave the company an “outperform” rating in a research report on Tuesday, December 3rd. Four equities research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $81.00.

Bank of New York Mellon 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.