Meeder Asset Management Inc. Buys 60,579 Shares of The Bank of New York Mellon Co. (NYSE:BK)

Meeder Asset Management Inc. boosted its stake in shares of The Bank of New York Mellon Co. (NYSE:BK) by 27.0% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 285,307 shares of the bank’s stock after purchasing an additional 60,579 shares during the quarter. Bank of New York Mellon comprises approximately 1.4% of Meeder Asset Management Inc.’s investment portfolio, making the stock its 16th biggest position. Meeder Asset Management Inc.’s holdings in Bank of New York Mellon were worth $20,502,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Blair William & Co. IL raised its stake in Bank of New York Mellon by 1.6% in the first quarter. Blair William & Co. IL now owns 21,393 shares of the bank’s stock valued at $1,233,000 after purchasing an additional 338 shares in the last quarter. Acadian Asset Management LLC raised its stake in Bank of New York Mellon by 160,472.7% in the first quarter. Acadian Asset Management LLC now owns 52,989 shares of the bank’s stock valued at $3,051,000 after purchasing an additional 52,956 shares in the last quarter. Covestor Ltd raised its stake in Bank of New York Mellon by 31.5% in the first quarter. Covestor Ltd now owns 1,398 shares of the bank’s stock valued at $80,000 after purchasing an additional 335 shares in the last quarter. UniSuper Management Pty Ltd raised its stake in Bank of New York Mellon by 271.8% in the first quarter. UniSuper Management Pty Ltd now owns 26,597 shares of the bank’s stock valued at $1,533,000 after purchasing an additional 19,443 shares in the last quarter. Finally, Bessemer Group Inc. raised its stake in Bank of New York Mellon by 128.8% in the first quarter. Bessemer Group Inc. now owns 30,755 shares of the bank’s stock valued at $1,771,000 after purchasing an additional 17,312 shares in the last quarter. 85.31% of the stock is owned by institutional investors.

Insider Activity at Bank of New York Mellon

In other Bank of New York Mellon news, EVP J Kevin Mccarthy sold 25,000 shares of the business’s stock in a transaction on 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 sale, the executive vice president now directly owns 75,404 shares of the company’s stock, valued at approximately $5,754,079.24. The trade was a 24.90 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, VP Hanneke Smits sold 16,475 shares of the business’s stock in a transaction on Tuesday, October 15th. The stock was sold at an average price of $76.47, for a total value of $1,259,843.25. Following the completion of the transaction, the vice president now owns 157,455 shares of the company’s stock, valued at $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 currently owned by corporate insiders.

Bank of New York Mellon Price Performance

Shares of Bank of New York Mellon stock opened at $78.65 on Tuesday. The company has a debt-to-equity ratio of 0.89, a current ratio of 0.70 and a quick ratio of 0.70. The business’s 50 day simple moving average is $74.21 and its two-hundred day simple moving average is $66.17. The stock has a market capitalization of $57.18 billion, a P/E ratio of 17.10, a price-to-earnings-growth ratio of 0.89 and a beta of 1.07. The Bank of New York Mellon Co. has a one year low of $46.71 and a one year high of $80.29.

Bank of New York Mellon (NYSE:BK) last issued its quarterly earnings data on Friday, October 11th. The bank reported $1.52 earnings per share for the quarter, topping analysts’ consensus estimates of $1.41 by $0.11. The firm had revenue of $4.65 billion for the quarter, compared to analyst estimates of $4.52 billion. Bank of New York Mellon had a return on equity of 12.06% and a net margin of 9.44%. Analysts forecast 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 given a dividend of $0.47 per share. The ex-dividend date was Monday, October 21st. This represents a $1.88 annualized dividend and a dividend yield of 2.39%. Bank of New York Mellon’s dividend payout ratio is presently 40.87%.

Analysts Set New Price Targets

Several brokerages have commented on BK. Barclays boosted their target price on Bank of New York Mellon from $75.00 to $86.00 and gave the stock an “overweight” rating in a research note on Monday, October 14th. The Goldman Sachs Group boosted their target price on 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. UBS Group boosted their target price on Bank of New York Mellon from $73.00 to $82.00 and gave the stock a “buy” rating in a research note on Tuesday, October 8th. Morgan Stanley boosted their target price on Bank of New York Mellon from $72.00 to $78.00 and gave the stock an “equal weight” rating in a research note on Monday, September 30th. Finally, Royal Bank of Canada reissued a “sector perform” rating and set a $79.00 target price on shares of Bank of New York Mellon in a research note on Monday, October 14th. Five research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Bank of New York Mellon 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.