Daiwa Securities Group Inc. Purchases 6,960 Shares of The Bank of New York Mellon Co. (NYSE:BK)

Daiwa Securities Group Inc. raised its position in The Bank of New York Mellon Co. (NYSE:BK) by 10.1% in the fourth quarter, HoldingsChannel reports. The fund owned 75,900 shares of the bank’s stock after purchasing an additional 6,960 shares during the quarter. Daiwa Securities Group Inc.’s holdings in Bank of New York Mellon were worth $3,950,000 as of its most recent SEC filing.

Other institutional investors also recently modified their holdings of the company. Scissortail Wealth Management LLC acquired a new stake in Bank of New York Mellon in the 4th quarter valued at $560,000. Tyche Wealth Partners LLC acquired a new position in shares of Bank of New York Mellon during the fourth quarter valued at about $428,000. Zurcher Kantonalbank Zurich Cantonalbank grew its holdings in shares of Bank of New York Mellon by 153.5% during the fourth 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. West Paces Advisors Inc. increased its position in shares of Bank of New York Mellon by 177.8% during the fourth quarter. West Paces Advisors Inc. now owns 1,964 shares of the bank’s stock worth $102,000 after acquiring an additional 1,257 shares in the last quarter. Finally, Desjardins Global Asset Management Inc. raised its holdings in shares of Bank of New York Mellon by 1.1% in the 4th quarter. Desjardins Global Asset Management Inc. now owns 28,494 shares of the bank’s stock worth $1,483,000 after acquiring an additional 305 shares during the last quarter. 85.31% of the stock is owned by institutional investors and hedge funds.

Bank of New York Mellon Stock Performance

NYSE BK opened at $56.29 on Friday. The company has a debt-to-equity ratio of 0.90, a quick ratio of 0.72 and a current ratio of 0.71. The company has a market capitalization of $42.38 billion, a PE ratio of 13.73, a price-to-earnings-growth ratio of 1.19 and a beta of 1.12. The Bank of New York Mellon Co. has a 52-week low of $39.65 and a 52-week high of $58.28. The company has a 50-day simple moving average of $55.76 and a 200 day simple moving average of $51.30.

Bank of New York Mellon (NYSE:BK) last posted its quarterly earnings results on Tuesday, April 16th. The bank reported $1.29 EPS for the quarter, topping analysts’ consensus estimates of $1.19 by $0.10. Bank of New York Mellon had a net margin of 9.48% and a return on equity of 11.80%. The company had revenue of $4.53 billion for the quarter, compared to analysts’ expectations of $4.39 billion. During the same quarter in the previous year, the firm posted $1.13 EPS. Bank of New York Mellon’s revenue was up 3.8% on a year-over-year basis. On average, research analysts predict that The Bank of New York Mellon Co. will post 5.42 EPS for the current year.

Bank of New York Mellon Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, May 9th. Stockholders of record on Friday, April 26th will be given a dividend of $0.42 per share. The ex-dividend date of this dividend is Thursday, April 25th. This represents a $1.68 dividend on an annualized basis and a dividend yield of 2.98%. Bank of New York Mellon’s dividend payout ratio is presently 40.98%.

Insider Transactions at Bank of New York Mellon

In other Bank of New York Mellon news, VP Catherine Keating sold 4,498 shares of the company’s stock in a transaction dated Thursday, February 8th. The shares were sold at an average price of $54.81, for a total transaction of $246,535.38. Following the sale, the vice president now directly owns 123,490 shares of the company’s stock, valued at $6,768,486.90. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. 0.14% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on BK. Morgan Stanley raised Bank of New York Mellon from an “underweight” rating to an “equal weight” rating and boosted their price objective for the stock from $52.00 to $62.00 in a report on Tuesday, January 30th. UBS Group upped their price target on Bank of New York Mellon from $54.00 to $62.00 and gave the stock a “buy” rating in a report on Tuesday, January 9th. Royal Bank of Canada restated a “sector perform” rating and set a $58.00 price objective on shares of Bank of New York Mellon in a research note on Wednesday, March 27th. Jefferies Financial Group lifted their price objective on shares of Bank of New York Mellon from $67.00 to $68.00 and gave the stock a “buy” rating in a report on Thursday. Finally, Citigroup increased their target price on shares of Bank of New York Mellon from $60.00 to $65.00 and gave the company a “buy” rating in a report on Wednesday, February 14th. Five analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $60.06.

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.