Auto Owners Insurance Co acquired a new stake in shares of The Bank of New York Mellon Co. (NYSE:BK – Get Rating) in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 322,300 shares of the bank’s stock, valued at approximately $14,671,000.
Other hedge funds and other institutional investors have also recently modified their holdings of the company. Vanguard Group Inc. boosted its position in shares of Bank of New York Mellon by 1.8% during the third quarter. Vanguard Group Inc. now owns 67,626,336 shares of the bank’s stock valued at $2,604,967,000 after buying an additional 1,183,130 shares during the last quarter. First Eagle Investment Management LLC boosted its position in shares of Bank of New York Mellon by 3.9% during the fourth quarter. First Eagle Investment Management LLC now owns 17,130,608 shares of the bank’s stock valued at $779,785,000 after buying an additional 647,934 shares during the last quarter. Geode Capital Management LLC boosted its position in shares of Bank of New York Mellon by 1.0% during the fourth quarter. Geode Capital Management LLC now owns 15,074,935 shares of the bank’s stock valued at $684,941,000 after buying an additional 144,887 shares during the last quarter. Victory Capital Management Inc. boosted its position in shares of Bank of New York Mellon by 1.3% during the fourth quarter. Victory Capital Management Inc. now owns 9,401,434 shares of the bank’s stock valued at $427,953,000 after buying an additional 122,471 shares during the last quarter. Finally, Amundi boosted its position in shares of Bank of New York Mellon by 69.7% during the fourth quarter. Amundi now owns 7,203,067 shares of the bank’s stock valued at $347,044,000 after buying an additional 2,957,380 shares during the last quarter. Institutional investors own 82.29% of the company’s stock.
Wall Street Analysts Forecast Growth
Several research analysts have weighed in on BK shares. Morgan Stanley boosted their price objective on Bank of New York Mellon from $46.00 to $47.00 and gave the stock an “underweight” rating in a research report on Wednesday, April 19th. Deutsche Bank Aktiengesellschaft cut their price objective on Bank of New York Mellon from $42.00 to $41.00 in a research report on Wednesday, April 19th. Evercore ISI cut their price objective on Bank of New York Mellon from $49.00 to $46.00 in a research report on Friday, May 12th. Barclays cut their price objective on Bank of New York Mellon from $64.00 to $62.00 in a research report on Wednesday, April 12th. Finally, Royal Bank of Canada boosted their price objective on Bank of New York Mellon from $44.00 to $49.00 and gave the stock a “sector perform” rating in a research report on Wednesday, April 19th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating and six have given a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $51.61.
Bank of New York Mellon Stock Performance
Bank of New York Mellon (NYSE:BK – Get Rating) last released its quarterly earnings data on Tuesday, April 18th. The bank reported $1.12 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.09 by $0.03. Bank of New York Mellon had a return on equity of 11.45% and a net margin of 11.98%. The company had revenue of $4.36 billion for the quarter, compared to analyst estimates of $4.40 billion. During the same period in the previous year, the company posted $0.86 EPS. The firm’s revenue for the quarter was up 11.1% compared to the same quarter last year. Research analysts predict that The Bank of New York Mellon Co. will post 4.74 EPS for the current year.
Bank of New York Mellon Dividend Announcement
The business also recently disclosed a quarterly dividend, which was paid on Thursday, May 11th. Investors of record on Friday, April 28th were paid a dividend of $0.37 per share. The ex-dividend date was Thursday, April 27th. This represents a $1.48 dividend on an annualized basis and a dividend yield of 3.35%. Bank of New York Mellon’s payout ratio is 46.84%.
About Bank of New York Mellon
The Bank of New York Mellon Corp. is a bank holding company, which engages in the provision of financial services. It operates through the following segments: Securities Services, Market and Wealth Services, Investment and Wealth Management, and Other segment. The Securities Services segment includes Asset Servicing business, which provides global custody, fund accounting, integrated middle-office solutions, transfer agency and data and analytics solutions.
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