Illinois Municipal Retirement Fund Has $26.84 Million Holdings in The Bank of New York Mellon Corporation $BK

Illinois Municipal Retirement Fund cut its position in shares of The Bank of New York Mellon Corporation (NYSE:BK) by 22.5% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 294,546 shares of the bank’s stock after selling 85,646 shares during the quarter. Illinois Municipal Retirement Fund’s holdings in Bank of New York Mellon were worth $26,836,000 at the end of the most recent quarter.

Other institutional investors have also made changes to their positions in the company. Nuveen LLC acquired a new position in Bank of New York Mellon in the 1st quarter worth approximately $773,627,000. AustralianSuper Pty Ltd purchased a new stake in shares of Bank of New York Mellon in the first quarter valued at $92,502,000. Goldman Sachs Group Inc. boosted its position in shares of Bank of New York Mellon by 26.3% in the first quarter. Goldman Sachs Group Inc. now owns 5,053,744 shares of the bank’s stock worth $423,858,000 after buying an additional 1,052,145 shares during the period. Wellington Management Group LLP grew its holdings in shares of Bank of New York Mellon by 257.6% during the first quarter. Wellington Management Group LLP now owns 1,236,255 shares of the bank’s stock valued at $103,685,000 after buying an additional 890,593 shares in the last quarter. Finally, AQR Capital Management LLC raised its position in Bank of New York Mellon by 37.7% during the first quarter. AQR Capital Management LLC now owns 3,244,204 shares of the bank’s stock valued at $266,349,000 after buying an additional 887,361 shares during the period. 85.31% of the stock is owned by hedge funds and other institutional investors.

Bank of New York Mellon Stock Up 1.1%

BK stock opened at $109.66 on Monday. The firm has a market cap of $76.47 billion, a PE ratio of 15.82, a PEG ratio of 0.98 and a beta of 1.13. The Bank of New York Mellon Corporation has a 1 year low of $70.46 and a 1 year high of $110.87. The company has a fifty day simple moving average of $107.06 and a 200 day simple moving average of $98.13. The company has a current ratio of 0.70, a quick ratio of 0.72 and a debt-to-equity ratio of 0.83.

Bank of New York Mellon (NYSE:BK) last posted its earnings results on Tuesday, March 26th. The bank reported $1.30 earnings per share for the quarter. The company had revenue of $4.38 billion for the quarter. Bank of New York Mellon had a return on equity of 14.03% and a net margin of 12.86%. Sell-side analysts anticipate that The Bank of New York Mellon Corporation will post 6.96 EPS for the current fiscal year.

Bank of New York Mellon Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, November 7th. Shareholders of record on Monday, October 27th were given a dividend of $0.53 per share. The ex-dividend date of this dividend was Monday, October 27th. This represents a $2.12 dividend on an annualized basis and a yield of 1.9%. Bank of New York Mellon’s dividend payout ratio is presently 30.59%.

Analysts Set New Price Targets

A number of equities research analysts have commented on the company. The Goldman Sachs Group raised their price objective on Bank of New York Mellon from $106.00 to $120.00 and gave the stock a “buy” rating in a research report on Monday, October 6th. BMO Capital Markets began coverage on shares of Bank of New York Mellon in a research report on Friday, October 3rd. They set an “outperform” rating and a $125.00 price objective on the stock. Keefe, Bruyette & Woods increased their target price on shares of Bank of New York Mellon from $120.00 to $124.00 and gave the stock an “outperform” rating in a research report on Friday, October 17th. TD Cowen boosted their price target on shares of Bank of New York Mellon from $130.00 to $133.00 and gave the company a “buy” rating in a report on Monday, October 20th. Finally, Evercore ISI increased their price objective on Bank of New York Mellon from $91.00 to $110.00 and gave the stock an “in-line” rating in a report on Tuesday, September 30th. Ten investment analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $111.29.

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.