Pictet Asset Management SA decreased its holdings in shares of The Bank of New York Mellon Co. (NYSE:BK – Free Report) by 1.1% during the first quarter, according to its most recent filing with the SEC. The firm owned 402,548 shares of the bank’s stock after selling 4,605 shares during the period. Pictet Asset Management SA owned 0.05% of Bank of New York Mellon worth $18,292,000 at the end of the most recent reporting period.
Several other hedge funds have also recently modified their holdings of BK. Norges Bank purchased a new stake in shares of Bank of New York Mellon in the 4th quarter worth approximately $503,489,000. Moneta Group Investment Advisors LLC lifted its position in shares of Bank of New York Mellon by 74,433.7% in the 4th quarter. Moneta Group Investment Advisors LLC now owns 6,114,741 shares of the bank’s stock worth $278,343,000 after purchasing an additional 6,106,537 shares during the period. Amundi lifted its position in shares of Bank of New York Mellon by 69.7% in the 4th quarter. Amundi now owns 7,203,067 shares of the bank’s stock worth $347,044,000 after purchasing an additional 2,957,380 shares during the period. Parnassus Investments LLC raised its stake in shares of Bank of New York Mellon by 120.3% during the 1st quarter. Parnassus Investments LLC now owns 5,385,368 shares of the bank’s stock worth $244,711,000 after acquiring an additional 2,941,223 shares in the last quarter. Finally, Renaissance Technologies LLC bought a new position in shares of Bank of New York Mellon during the 4th quarter worth approximately $105,838,000. Hedge funds and other institutional investors own 81.19% of the company’s stock.
Bank of New York Mellon Trading Down 0.2 %
Shares of Bank of New York Mellon stock opened at $44.02 on Monday. The company has a current ratio of 0.72, a quick ratio of 0.72 and a debt-to-equity ratio of 0.94. The Bank of New York Mellon Co. has a 12-month low of $36.22 and a 12-month high of $52.26. The firm has a market capitalization of $34.28 billion, a price-to-earnings ratio of 12.83, a PEG ratio of 1.13 and a beta of 1.09. The firm’s 50 day simple moving average is $44.67 and its two-hundred day simple moving average is $45.03.
Bank of New York Mellon Increases Dividend
The business also recently declared a quarterly dividend, which was paid on Thursday, August 10th. Shareholders of record on Friday, July 28th were given a dividend of $0.42 per share. This is an increase from Bank of New York Mellon’s previous quarterly dividend of $0.37. This represents a $1.68 annualized dividend and a yield of 3.82%. The ex-dividend date of this dividend was Thursday, July 27th. Bank of New York Mellon’s dividend payout ratio (DPR) is currently 48.98%.
Insider Buying and Selling at Bank of New York Mellon
In other news, insider Kurtis R. Kurimsky sold 14,045 shares of the company’s stock in a transaction dated Friday, August 4th. The stock was sold at an average price of $45.64, for a total value of $641,013.80. Following the sale, the insider now owns 23,816 shares in the company, valued at $1,086,962.24. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other Bank of New York Mellon news, EVP J Kevin Mccarthy sold 35,000 shares of the company’s stock in a transaction that occurred on Wednesday, July 19th. The stock was sold at an average price of $46.33, for a total value of $1,621,550.00. Following the sale, the executive vice president now owns 98,102 shares in the company, valued at approximately $4,545,065.66. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, insider Kurtis R. Kurimsky sold 14,045 shares of the company’s stock in a transaction that occurred on Friday, August 4th. The stock was sold at an average price of $45.64, for a total value of $641,013.80. Following the completion of the sale, the insider now owns 23,816 shares in the company, valued at approximately $1,086,962.24. The disclosure for this sale can be found here. Company insiders own 0.10% of the company’s stock.
Analyst Upgrades and Downgrades
Several research firms recently commented on BK. Citigroup reduced their price objective on shares of Bank of New York Mellon from $58.00 to $55.00 in a research note on Wednesday, July 19th. Evercore ISI reduced their price objective on shares of Bank of New York Mellon from $49.00 to $46.00 in a research note on Friday, May 12th. Deutsche Bank Aktiengesellschaft boosted their price objective on shares of Bank of New York Mellon from $43.00 to $44.00 in a research note on Wednesday, July 19th. Finally, StockNews.com began coverage on shares of Bank of New York Mellon in a research note on Thursday. They set a “hold” rating for the company. One research analyst has rated the stock with a sell rating, five have given a hold rating and five have given a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average price target of $52.90.
Get Our Latest Stock Analysis on Bank of New York Mellon
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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