The Manufacturers Life Insurance Company Lowers Position in The Bank of New York Mellon Co. (NYSE:BK)

The Manufacturers Life Insurance Company reduced its position in shares of The Bank of New York Mellon Co. (NYSE:BK) by 5.8% in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 443,927 shares of the bank’s stock after selling 27,308 shares during the period. The Manufacturers Life Insurance Company’s holdings in Bank of New York Mellon were worth $34,107,000 as of its most recent SEC filing.

A number of other hedge funds have also recently added to or reduced their stakes in the company. Bellwether Advisors LLC acquired a new stake in shares of Bank of New York Mellon in the 4th quarter valued at approximately $28,000. Transce3nd LLC purchased a new position in Bank of New York Mellon in the fourth quarter worth $33,000. Graney & King LLC acquired a new stake in Bank of New York Mellon in the fourth quarter valued at $35,000. Centricity Wealth Management LLC purchased a new stake in shares of Bank of New York Mellon during the 4th quarter worth $39,000. Finally, TCTC Holdings LLC grew its stake in shares of Bank of New York Mellon by 257.5% during the 4th quarter. TCTC Holdings LLC now owns 597 shares of the bank’s stock worth $46,000 after purchasing an additional 430 shares during the period. Institutional investors and hedge funds own 85.31% of the company’s stock.

Bank of New York Mellon Stock Performance

Shares of BK opened at $80.88 on Friday. The Bank of New York Mellon Co. has a 1 year low of $56.31 and a 1 year high of $90.34. The company’s 50 day simple moving average is $81.07 and its 200 day simple moving average is $80.62. The company has a market capitalization of $58.07 billion, a price-to-earnings ratio of 13.92, a PEG ratio of 0.97 and a beta of 1.03. The company has a debt-to-equity ratio of 0.83, a quick ratio of 0.70 and a current ratio of 0.69.

Bank of New York Mellon (NYSE:BK) last issued its quarterly earnings results on Friday, April 11th. The bank reported $1.58 earnings per share for the quarter, topping analysts’ consensus estimates of $1.50 by $0.08. The company had revenue of $4.79 billion for the quarter, compared to analyst estimates of $4.76 billion. Bank of New York Mellon had a return on equity of 12.68% and a net margin of 11.35%. The business’s revenue for the quarter was up 5.9% compared to the same quarter last year. During the same quarter in the prior year, the company posted $1.29 EPS. On average, sell-side analysts predict that The Bank of New York Mellon Co. will post 6.96 EPS for the current year.

Bank of New York Mellon Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, May 2nd. Shareholders of record on Monday, April 21st will be issued a $0.47 dividend. This represents a $1.88 annualized dividend and a yield of 2.32%. The ex-dividend date of this dividend is Monday, April 21st. Bank of New York Mellon’s dividend payout ratio (DPR) is 30.62%.

Insider Transactions at Bank of New York Mellon

In related news, EVP J Kevin Mccarthy sold 30,000 shares of the stock in a transaction on Tuesday, April 29th. The stock was sold at an average price of $79.03, for a total value of $2,370,900.00. Following the transaction, the executive vice president now directly owns 55,115 shares of the company’s stock, valued at approximately $4,355,738.45. This trade represents a 35.25 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Kurtis R. Kurimsky sold 5,641 shares of the business’s stock in a transaction dated Monday, April 14th. The shares were sold at an average price of $77.50, for a total value of $437,177.50. Following the sale, the insider now directly owns 21,679 shares of the company’s stock, valued at approximately $1,680,122.50. This trade represents a 20.65 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 101,114 shares of company stock worth $7,869,795 in the last three months. Company insiders own 0.14% of the company’s stock.

Analyst Ratings Changes

A number of research firms recently commented on BK. StockNews.com downgraded shares of Bank of New York Mellon from a “buy” rating to a “hold” rating in a report on Wednesday, February 19th. Deutsche Bank Aktiengesellschaft boosted their price target on Bank of New York Mellon from $94.00 to $98.00 and gave the stock a “buy” rating in a research note on Thursday, January 16th. Evercore ISI lifted their price objective on Bank of New York Mellon from $83.00 to $87.00 and gave the stock an “in-line” rating in a report on Tuesday, April 1st. Royal Bank of Canada reissued a “sector perform” rating and issued a $90.00 target price on shares of Bank of New York Mellon in a report on Monday, March 17th. Finally, UBS Group lifted their price target on Bank of New York Mellon from $88.00 to $94.00 and gave the stock a “buy” rating in a research note on Tuesday, January 21st. Six research analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $91.31.

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.