Legal & General Group Plc Raises Position in Bank of New York Mellon Corporation $BNY

Legal & General Group Plc boosted its stake in Bank of New York Mellon Corporation (NYSE:BNY) by 0.5% in the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 5,755,058 shares of the bank’s stock after buying an additional 27,843 shares during the quarter. Legal & General Group Plc’s holdings in Bank of New York Mellon were worth $668,105,000 as of its most recent SEC filing.

Several other institutional investors also recently modified their holdings of BNY. Northwestern Mutual Wealth Management Co. lifted its position in Bank of New York Mellon by 18,044.4% during the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 19,670,202 shares of the bank’s stock valued at $2,283,514,000 after acquiring an additional 19,561,793 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its holdings in Bank of New York Mellon by 639.5% in the third quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 7,076,729 shares of the bank’s stock worth $771,080,000 after purchasing an additional 6,119,749 shares during the period. Ameriprise Financial Inc. grew its holdings in Bank of New York Mellon by 18.0% in the third quarter. Ameriprise Financial Inc. now owns 13,345,266 shares of the bank’s stock worth $1,454,116,000 after purchasing an additional 2,034,781 shares during the period. AQR Capital Management LLC grew its holdings in Bank of New York Mellon by 29.1% in the third quarter. AQR Capital Management LLC now owns 4,023,663 shares of the bank’s stock worth $438,418,000 after purchasing an additional 906,218 shares during the period. Finally, PFA Pension Forsikringsaktieselskab purchased a new position in shares of Bank of New York Mellon during the fourth quarter valued at approximately $95,002,000. 85.31% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on BNY shares. Morgan Stanley lifted their target price on shares of Bank of New York Mellon from $135.00 to $139.00 and gave the company an “equal weight” rating in a report on Friday, April 17th. Weiss Ratings upgraded shares of Bank of New York Mellon from a “buy (a-)” rating to a “buy (a)” rating in a report on Monday, May 4th. Keefe, Bruyette & Woods lifted their target price on shares of Bank of New York Mellon from $143.00 to $150.00 and gave the company an “outperform” rating in a report on Friday, April 17th. Wall Street Zen upgraded shares of Bank of New York Mellon to a “hold” rating in a report on Saturday. Finally, Evercore set a $136.00 target price on shares of Bank of New York Mellon in a report on Friday, April 17th. One investment analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and five have assigned a Hold rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $138.08.

Bank of New York Mellon Stock Performance

Shares of BNY opened at $139.15 on Tuesday. The company has a quick ratio of 0.75, a current ratio of 0.75 and a debt-to-equity ratio of 0.82. The business has a 50-day simple moving average of $128.10 and a two-hundred day simple moving average of $120.68. The stock has a market cap of $95.77 billion, a price-to-earnings ratio of 17.24, a PEG ratio of 1.02 and a beta of 1.08. Bank of New York Mellon Corporation has a 52 week low of $87.41 and a 52 week high of $139.15.

Bank of New York Mellon (NYSE:BNY) last issued its quarterly earnings results on Thursday, April 16th. The bank reported $2.25 EPS for the quarter, topping analysts’ consensus estimates of $1.94 by $0.31. The business had revenue of $5.41 billion during the quarter, compared to analysts’ expectations of $5.14 billion. Bank of New York Mellon had a return on equity of 15.29% and a net margin of 14.60%.The business’s quarterly revenue was up 12.9% on a year-over-year basis. During the same quarter in the prior year, the business posted $1.58 earnings per share. On average, analysts expect that Bank of New York Mellon Corporation will post 8.78 EPS for the current year.

Bank of New York Mellon Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, May 8th. Shareholders of record on Monday, April 27th were given a $0.53 dividend. The ex-dividend date was Monday, April 27th. This represents a $2.12 dividend on an annualized basis and a yield of 1.5%. Bank of New York Mellon’s dividend payout ratio is presently 26.27%.

Insider Buying and Selling

In other Bank of New York Mellon news, EVP J Kevin Mccarthy sold 30,000 shares of the company’s stock in a transaction dated Friday, April 17th. The stock was sold at an average price of $136.50, for a total value of $4,095,000.00. Following the completion of the sale, the executive vice president owned 50,238 shares in the company, valued at $6,857,487. This represents a 37.39% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, VP Shannon Marie Hobbs sold 297 shares of the company’s stock in a transaction on Friday, April 17th. The stock was sold at an average price of $137.05, for a total transaction of $40,703.85. Following the completion of the transaction, the vice president directly owned 15,206 shares of the company’s stock, valued at $2,083,982.30. This represents a 1.92% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders have sold 48,091 shares of company stock worth $6,568,423. Corporate insiders own 0.17% of the company’s stock.

About Bank of New York Mellon

BNY, formerly known as BNY Mellon, is a global financial services company headquartered in New York City. Formed in 2007 through the merger of the Bank of New York and Mellon Financial Corporation, BNY traces its roots back to 1784, making it one of the oldest banking institutions in the United States. It was also the first company listed on the New York Stock Exchange.

BNY operates at the center of the world’s capital markets, partnering with clients to help them operate more efficiently and accelerate growth.