Illinois Municipal Retirement Fund Has $22.65 Million Stock Holdings in The Bank of New York Mellon Co. (NYSE:BK)

Illinois Municipal Retirement Fund reduced its stake in The Bank of New York Mellon Co. (NYSE:BK) by 3.4% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 378,196 shares of the bank’s stock after selling 13,221 shares during the quarter. Illinois Municipal Retirement Fund owned about 0.05% of Bank of New York Mellon worth $22,650,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in the stock. Gilbert & Cook Inc. boosted its stake in shares of Bank of New York Mellon by 4.7% in the 4th quarter. Gilbert & Cook Inc. now owns 9,361 shares of the bank’s stock valued at $487,000 after purchasing an additional 419 shares during the last quarter. Merit Financial Group LLC acquired a new position in Bank of New York Mellon in the fourth quarter valued at $219,000. Private Advisor Group LLC boosted its position in Bank of New York Mellon by 2.5% during the fourth quarter. Private Advisor Group LLC now owns 35,744 shares of the bank’s stock valued at $1,860,000 after acquiring an additional 867 shares during the last quarter. Lincoln National Corp grew its holdings in Bank of New York Mellon by 1.9% during the 4th quarter. Lincoln National Corp now owns 14,980 shares of the bank’s stock worth $780,000 after acquiring an additional 276 shares during the period. Finally, Apollon Wealth Management LLC raised its position in shares of Bank of New York Mellon by 45.6% in the 4th quarter. Apollon Wealth Management LLC now owns 18,744 shares of the bank’s stock worth $976,000 after acquiring an additional 5,872 shares in the last quarter. 85.31% of the stock is currently owned by institutional investors.

Insider Activity

In other Bank of New York Mellon news, VP Hanneke Smits sold 15,000 shares of Bank of New York Mellon 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 transaction, the vice president now owns 173,930 shares of the company’s stock, valued at approximately $11,150,652.30. The transaction was disclosed in a legal filing with the SEC, which is available through this link. 0.14% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

BK has been the subject of several recent analyst reports. Evercore ISI raised their target price on 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. Deutsche Bank Aktiengesellschaft raised their price objective on shares of Bank of New York Mellon from $63.00 to $66.00 and gave the stock a “hold” rating in a research report on Thursday, August 15th. Keefe, Bruyette & Woods reiterated an “outperform” rating and set a $75.00 target price (up previously from $70.00) on shares of Bank of New York Mellon in a research report on Monday, July 15th. Morgan Stanley raised their price target on shares of Bank of New York Mellon from $65.00 to $72.00 and gave the stock an “equal weight” rating in a report on Tuesday, July 30th. Finally, Barclays lifted their price target on shares of Bank of New York Mellon from $68.00 to $75.00 and gave the company an “overweight” rating in a research note on Monday, July 15th. Six equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $66.14.

Bank of New York Mellon Stock Down 2.3 %

BK stock traded down $1.59 during mid-day trading on Friday, reaching $66.41. 4,114,892 shares of the company traded hands, compared to its average volume of 3,802,205. The company has a quick ratio of 0.70, a current ratio of 0.70 and a debt-to-equity ratio of 0.85. The firm’s 50 day moving average price is $64.20 and its 200 day moving average price is $59.66. The stock has a market cap of $49.66 billion, a price-to-earnings ratio of 15.37, a P/E/G ratio of 1.18 and a beta of 1.09. The Bank of New York Mellon Co. has a fifty-two week low of $39.66 and a fifty-two week high of $68.60.

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

Bank of New York Mellon Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, August 2nd. Stockholders of record on Monday, July 22nd were paid a $0.47 dividend. This is a positive change from Bank of New York Mellon’s previous quarterly dividend of $0.42. The ex-dividend date was Monday, July 22nd. This represents a $1.88 annualized dividend and a dividend yield of 2.83%. Bank of New York Mellon’s dividend payout ratio is presently 43.52%.

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.