Citizens Financial Group Inc. RI Grows Stake in The Bank of New York Mellon Co. (NYSE:BK)

Citizens Financial Group Inc. RI raised its holdings in The Bank of New York Mellon Co. (NYSE:BK) by 4.3% during the second quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 42,752 shares of the bank’s stock after buying an additional 1,772 shares during the quarter. Citizens Financial Group Inc. RI’s holdings in Bank of New York Mellon were worth $2,560,000 at the end of the most recent quarter.

Several other hedge funds have also recently made changes to their positions in BK. Vanguard Group Inc. boosted its holdings in Bank of New York Mellon by 6.1% in the fourth quarter. Vanguard Group Inc. now owns 74,501,451 shares of the bank’s stock valued at $3,877,801,000 after acquiring an additional 4,293,751 shares in the last quarter. KBC Group NV boosted its stake in shares of Bank of New York Mellon by 217.0% during the 4th quarter. KBC Group NV now owns 1,528,492 shares of the bank’s stock valued at $79,558,000 after purchasing an additional 1,046,298 shares in the last quarter. Panagora Asset Management Inc. increased its position in shares of Bank of New York Mellon by 6,040.9% during the second quarter. Panagora Asset Management Inc. now owns 1,037,806 shares of the bank’s stock valued at $62,154,000 after buying an additional 1,020,906 shares during the period. M&G Plc bought a new position in Bank of New York Mellon in the first quarter worth about $55,543,000. Finally, Putnam Investments LLC lifted its holdings in Bank of New York Mellon by 224.9% in the fourth quarter. Putnam Investments LLC now owns 1,001,056 shares of the bank’s stock worth $52,105,000 after buying an additional 692,910 shares during the period. 85.31% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other news, VP Hanneke Smits sold 15,000 shares of the business’s stock in a transaction that occurred on Thursday, July 18th. The shares were sold at an average price of $64.11, for a total transaction of $961,650.00. Following the completion of the transaction, the vice president now directly owns 173,930 shares of the company’s stock, valued at $11,150,652.30. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 0.14% of the company’s stock.

Bank of New York Mellon Price Performance

Shares of BK opened at $70.53 on Tuesday. The Bank of New York Mellon Co. has a twelve month low of $39.66 and a twelve month high of $70.61. The company has a market capitalization of $52.05 billion, a P/E ratio of 16.33, a price-to-earnings-growth ratio of 1.17 and a beta of 1.08. The firm has a 50 day moving average of $65.21 and a 200 day moving average of $60.27. The company has a quick ratio of 0.70, a current ratio of 0.70 and a debt-to-equity ratio of 0.85.

Bank of New York Mellon (NYSE:BK) last posted its earnings results on Friday, July 12th. The bank reported $1.51 EPS for the quarter, topping analysts’ consensus estimates of $1.43 by $0.08. The business had revenue of $4.60 billion during the quarter, compared to analyst estimates of $4.53 billion. Bank of New York Mellon had a return on equity of 11.87% and a net margin of 9.40%. The company’s quarterly revenue was up 2.1% compared to the same quarter last year. During the same quarter last year, the company earned $1.38 EPS. As a group, equities research analysts anticipate that The Bank of New York Mellon Co. will post 5.63 earnings per share for the current fiscal year.

Bank of New York Mellon Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, August 2nd. Shareholders of record on Monday, July 22nd were paid a dividend of $0.47 per share. The ex-dividend date of this dividend was Monday, July 22nd. This represents a $1.88 annualized dividend and a yield of 2.67%. This is a boost from Bank of New York Mellon’s previous quarterly dividend of $0.42. Bank of New York Mellon’s dividend payout ratio is currently 43.52%.

Analysts Set New Price Targets

Several research analysts have recently issued reports on the company. Morgan Stanley increased their target price on Bank of New York Mellon from $65.00 to $72.00 and gave the stock an “equal weight” rating in a research report on Tuesday, July 30th. Barclays increased their price objective on Bank of New York Mellon from $68.00 to $75.00 and gave the stock an “overweight” rating in a report on Monday, July 15th. Citigroup cut shares of Bank of New York Mellon from a “buy” rating to a “neutral” rating and set a $65.00 target price on the stock. in a report on Monday, July 15th. Evercore ISI increased their price target on shares of Bank of New York Mellon from $61.00 to $66.00 and gave the stock an “in-line” rating in a research note on Monday, July 15th. Finally, Keefe, Bruyette & Woods reissued an “outperform” rating and set a $75.00 price objective (up previously from $70.00) on shares of Bank of New York Mellon in a research note on Monday, July 15th. Six analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $66.14.

Bank of New York Mellon Company 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.