Eagle Asset Management Inc. Purchases 3,651 Shares of The Bank of New York Mellon Co. (NYSE:BK)

Eagle Asset Management Inc. boosted its position in The Bank of New York Mellon Co. (NYSE:BK) by 2.7% during the third quarter, HoldingsChannel reports. The fund owned 138,153 shares of the bank’s stock after buying an additional 3,651 shares during the quarter. Eagle Asset Management Inc.’s holdings in Bank of New York Mellon were worth $10,646,000 as of its most recent filing with the SEC.

Several other institutional investors have also added to or reduced their stakes in the business. Marshall Wace LLP grew its holdings in Bank of New York Mellon by 99.4% during the 2nd quarter. Marshall Wace LLP now owns 2,631,213 shares of the bank’s stock valued at $157,583,000 after buying an additional 1,311,969 shares in the last quarter. Panagora Asset Management Inc. grew its position in Bank of New York Mellon by 6,040.9% in the second quarter. Panagora Asset Management Inc. now owns 1,037,806 shares of the bank’s stock worth $62,154,000 after acquiring an additional 1,020,906 shares in the last quarter. Swedbank AB bought a new position in Bank of New York Mellon in the first quarter valued at $35,514,000. BNP PARIBAS ASSET MANAGEMENT Holding S.A. raised its position in Bank of New York Mellon by 89.5% during the second quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 1,216,146 shares of the bank’s stock valued at $72,835,000 after purchasing an additional 574,319 shares in the last quarter. Finally, Public Sector Pension Investment Board lifted its stake in Bank of New York Mellon by 440.1% during the second quarter. Public Sector Pension Investment Board now owns 645,811 shares of the bank’s stock worth $38,678,000 after purchasing an additional 526,249 shares during the last quarter. 85.31% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, EVP J Kevin Mccarthy sold 25,000 shares of Bank of New York Mellon stock in a transaction dated Tuesday, October 15th. The stock was sold at an average price of $76.31, for a total value of $1,907,750.00. Following the completion of the transaction, the executive vice president now owns 75,404 shares of the company’s stock, valued at $5,754,079.24. The trade was a 24.90 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Hanneke Smits sold 16,475 shares of the company’s stock in a transaction that occurred on Tuesday, October 15th. The stock was sold at an average price of $76.47, for a total transaction of $1,259,843.25. Following the completion of the transaction, the vice president now owns 157,455 shares in the company, valued at approximately $12,040,583.85. This represents a 9.47 % decrease in their position. The disclosure for this sale can be found here. 0.14% of the stock is owned by corporate insiders.

Bank of New York Mellon Stock Performance

NYSE:BK opened at $80.14 on Friday. The company has a quick ratio of 0.70, a current ratio of 0.70 and a debt-to-equity ratio of 0.89. The Bank of New York Mellon Co. has a twelve month low of $46.81 and a twelve month high of $80.29. The stock has a market cap of $58.27 billion, a P/E ratio of 17.42, a price-to-earnings-growth ratio of 0.90 and a beta of 1.07. The firm’s fifty day simple moving average is $75.03 and its 200 day simple moving average is $66.71.

Bank of New York Mellon (NYSE:BK) last released its quarterly earnings results on Friday, October 11th. The bank reported $1.52 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.41 by $0.11. Bank of New York Mellon had a net margin of 9.44% and a return on equity of 12.06%. The company had revenue of $4.65 billion during the quarter, compared to the consensus estimate of $4.52 billion. As a group, research analysts predict that The Bank of New York Mellon Co. will post 5.82 EPS for the current year.

Bank of New York Mellon Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, November 1st. Investors of record on Monday, October 21st were paid a $0.47 dividend. The ex-dividend date was Monday, October 21st. This represents a $1.88 annualized dividend and a yield of 2.35%. Bank of New York Mellon’s payout ratio is 40.87%.

Analysts Set New Price Targets

Several equities analysts have recently commented on the company. Morgan Stanley increased their price objective on Bank of New York Mellon from $72.00 to $78.00 and gave the company an “equal weight” rating in a research report on Monday, September 30th. The Goldman Sachs Group lifted their price target on shares of Bank of New York Mellon from $74.00 to $80.00 and gave the stock a “buy” rating in a research note on Thursday, September 26th. Evercore ISI boosted their price objective on shares of Bank of New York Mellon from $66.00 to $77.00 and gave the stock an “in-line” rating in a report on Monday, October 14th. Deutsche Bank Aktiengesellschaft increased their target price on shares of Bank of New York Mellon from $82.00 to $85.00 and gave the company a “buy” rating in a report on Monday, November 11th. Finally, JPMorgan Chase & Co. upped their price target on shares of Bank of New York Mellon from $69.00 to $77.00 and gave the company an “overweight” rating in a research report on Monday, October 7th. Five equities research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $77.23.

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.