Norden Group LLC Invests $870,000 in The Bank of New York Mellon Co. (NYSE:BK)

Norden Group LLC purchased a new position in shares of The Bank of New York Mellon Co. (NYSE:BKFree Report) in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The firm purchased 15,093 shares of the bank’s stock, valued at approximately $870,000.

Several other large investors also recently modified their holdings of the stock. Advisors Asset Management Inc. grew its stake in Bank of New York Mellon by 10.4% in the 3rd quarter. Advisors Asset Management Inc. now owns 22,382 shares of the bank’s stock valued at $955,000 after buying an additional 2,109 shares in the last quarter. Ameriprise Financial Inc. grew its stake in Bank of New York Mellon by 2.7% in the 3rd quarter. Ameriprise Financial Inc. now owns 1,496,555 shares of the bank’s stock valued at $63,829,000 after buying an additional 38,712 shares in the last quarter. Royal London Asset Management Ltd. grew its stake in Bank of New York Mellon by 9.4% in the 3rd quarter. Royal London Asset Management Ltd. now owns 297,981 shares of the bank’s stock valued at $12,716,000 after buying an additional 25,483 shares in the last quarter. The Manufacturers Life Insurance Company grew its stake in Bank of New York Mellon by 19.4% in the 3rd quarter. The Manufacturers Life Insurance Company now owns 588,417 shares of the bank’s stock valued at $25,096,000 after buying an additional 95,518 shares in the last quarter. Finally, Toroso Investments LLC grew its stake in Bank of New York Mellon by 23.6% in the 3rd quarter. Toroso Investments LLC now owns 18,911 shares of the bank’s stock valued at $807,000 after buying an additional 3,606 shares in the last quarter. Hedge funds and other institutional investors own 85.31% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on BK shares. Royal Bank of Canada reiterated a “sector perform” rating and issued a $58.00 price objective on shares of Bank of New York Mellon in a research note on Wednesday, March 27th. Evercore ISI reissued an “in-line” rating and issued a $61.00 price target on shares of Bank of New York Mellon in a report on Wednesday. Jefferies Financial Group raised their price target 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. Morgan Stanley raised their price target on shares of Bank of New York Mellon from $62.00 to $63.00 and gave the company an “equal weight” rating in a report on Thursday, April 18th. Finally, Bank of America raised their price target on shares of Bank of New York Mellon from $64.00 to $66.00 and gave the company a “buy” rating in a report on Wednesday, April 17th. Five equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. According to MarketBeat.com, Bank of New York Mellon has an average rating of “Moderate Buy” and an average target price of $61.15.

Read Our Latest Stock Analysis on BK

Bank of New York Mellon Stock Performance

NYSE BK opened at $59.88 on Friday. The Bank of New York Mellon Co. has a 52-week low of $39.66 and a 52-week high of $60.91. The company has a debt-to-equity ratio of 0.90, a quick ratio of 0.71 and a current ratio of 0.71. The company has a market capitalization of $44.78 billion, a P/E ratio of 14.60, a P/E/G ratio of 1.20 and a beta of 1.09. The company has a fifty day moving average of $58.74 and a 200-day moving average of $56.34.

Bank of New York Mellon (NYSE:BKGet Free Report) last posted its quarterly earnings data on Tuesday, April 16th. The bank reported $1.29 earnings per share (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 during the quarter, compared to the consensus estimate of $4.39 billion. During the same period in the previous year, the firm posted $1.13 EPS. The firm’s revenue was up 3.8% compared to the same quarter last year. As a group, equities research analysts predict that The Bank of New York Mellon Co. will post 5.47 EPS for the current fiscal year.

Bank of New York Mellon Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, May 9th. Shareholders of record on Friday, April 26th were given a dividend of $0.42 per share. The ex-dividend date was Thursday, April 25th. This represents a $1.68 annualized dividend and a yield of 2.81%. Bank of New York Mellon’s payout ratio is 40.98%.

Insider Buying and Selling at Bank of New York Mellon

In other Bank of New York Mellon news, VP Senthilkumar Santhanakrishnan sold 15,643 shares of the company’s stock in a transaction dated Wednesday, May 8th. The shares were sold at an average price of $57.65, for a total transaction of $901,818.95. Following the completion of the sale, the vice president now directly owns 144,721 shares in the company, valued at $8,343,165.65. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. In other Bank of New York Mellon news, VP Senthilkumar Santhanakrishnan sold 15,643 shares of the company’s stock in a transaction dated Wednesday, May 8th. The shares were sold at an average price of $57.65, for a total transaction of $901,818.95. Following the completion of the sale, the vice president now directly owns 144,721 shares in the company, valued at $8,343,165.65. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, VP Catherine Keating sold 54,070 shares of the company’s stock in a transaction dated Thursday, April 18th. The shares were sold at an average price of $54.88, for a total transaction of $2,967,361.60. Following the sale, the vice president now owns 78,350 shares of the company’s stock, valued at $4,299,848. The disclosure for this sale can be found here. Insiders sold a total of 115,928 shares of company stock worth $6,475,216 over the last three months. Company insiders own 0.14% of the company’s stock.

Bank of New York Mellon Company Profile

(Free Report)

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.

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Institutional Ownership by Quarter for Bank of New York Mellon (NYSE:BK)

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