The Bank of New York Mellon Co. (NYSE:BK) Shares Bought by Zurcher Kantonalbank Zurich Cantonalbank

Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in shares of The Bank of New York Mellon Co. (NYSE:BK) by 153.5% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 1,554,532 shares of the bank’s stock after purchasing an additional 941,193 shares during the quarter. Zurcher Kantonalbank Zurich Cantonalbank owned approximately 0.20% of Bank of New York Mellon worth $80,913,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. Geode Capital Management LLC boosted its position in Bank of New York Mellon by 1.5% during the 1st quarter. Geode Capital Management LLC now owns 15,302,537 shares of the bank’s stock valued at $693,747,000 after purchasing an additional 227,602 shares during the period. Norges Bank acquired a new position in Bank of New York Mellon during the 4th quarter valued at approximately $503,489,000. Northern Trust Corp boosted its position in Bank of New York Mellon by 8.2% during the 3rd quarter. Northern Trust Corp now owns 9,453,880 shares of the bank’s stock valued at $403,208,000 after purchasing an additional 715,421 shares during the period. Victory Capital Management Inc. boosted its position in Bank of New York Mellon by 1.5% during the 3rd quarter. Victory Capital Management Inc. now owns 8,757,443 shares of the bank’s stock valued at $373,505,000 after purchasing an additional 129,929 shares during the period. Finally, Morgan Stanley boosted its position in Bank of New York Mellon by 13.2% during the 4th quarter. Morgan Stanley now owns 7,863,929 shares of the bank’s stock valued at $357,966,000 after purchasing an additional 916,664 shares during the period. Institutional investors and hedge funds own 85.31% of the company’s stock.

Bank of New York Mellon Trading Down 2.0 %

Shares of Bank of New York Mellon stock traded down $1.11 on Tuesday, reaching $53.99. 8,190,523 shares of the company were exchanged, compared to its average volume of 4,018,011. The Bank of New York Mellon Co. has a fifty-two week low of $39.65 and a fifty-two week high of $58.28. The company has a current ratio of 0.72, a quick ratio of 0.72 and a debt-to-equity ratio of 0.87. The firm has a market capitalization of $40.64 billion, a price-to-earnings ratio of 13.88, a price-to-earnings-growth ratio of 1.18 and a beta of 1.12. The stock has a fifty day moving average price of $55.77 and a 200-day moving average price of $51.00.

Bank of New York Mellon (NYSE:BK) last issued its quarterly earnings results on Tuesday, April 16th. The bank reported $1.29 earnings per share for the quarter, beating analysts’ consensus estimates of $1.19 by $0.10. Bank of New York Mellon had a return on equity of 11.63% and a net margin of 10.01%. The business had revenue of $4.53 billion for the quarter, compared to the consensus estimate of $4.39 billion. During the same quarter in the previous year, the company posted $1.13 earnings per share. Bank of New York Mellon’s revenue for the quarter was up 3.8% compared to the same quarter last year. On average, analysts expect that The Bank of New York Mellon Co. will post 5.33 EPS for the current year.

Bank of New York Mellon Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, May 9th. Stockholders of record on Friday, April 26th will be issued a dividend of $0.42 per share. This represents a $1.68 dividend on an annualized basis and a dividend yield of 3.11%. Bank of New York Mellon’s dividend payout ratio is 42.32%.

Insider Activity

In other news, VP Catherine Keating sold 4,498 shares of Bank of New York Mellon stock in a transaction on Thursday, February 8th. The stock was sold at an average price of $54.81, for a total transaction of $246,535.38. Following the transaction, the vice president now owns 123,490 shares in the company, valued at $6,768,486.90. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 0.14% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on the company. Morgan Stanley upgraded Bank of New York Mellon from an “underweight” rating to an “equal weight” rating and boosted their price objective for the company from $52.00 to $62.00 in a research report on Tuesday, January 30th. Royal Bank of Canada reiterated a “sector perform” rating and set a $58.00 price target on shares of Bank of New York Mellon in a research report on Wednesday, March 27th. Citigroup boosted their price target on Bank of New York Mellon from $60.00 to $65.00 and gave the stock a “buy” rating in a research report on Wednesday, February 14th. Evercore ISI boosted their price target on Bank of New York Mellon from $57.00 to $61.00 and gave the stock an “in-line” rating in a research report on Thursday, April 4th. Finally, UBS Group boosted their price target on Bank of New York Mellon from $54.00 to $62.00 and gave the stock a “buy” rating in a research report on Tuesday, January 9th. Six equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat, Bank of New York Mellon has a consensus rating of “Hold” and a consensus price target of $56.72.

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.