Bank of New York Mellon Corporation $BNY Shares Bought by Sumitomo Life Insurance Co.

Sumitomo Life Insurance Co. boosted its stake in shares of Bank of New York Mellon Corporation (NYSE:BNY) by 95.2% during the 4th quarter, HoldingsChannel reports. The institutional investor owned 29,734 shares of the bank’s stock after purchasing an additional 14,498 shares during the quarter. Sumitomo Life Insurance Co.’s holdings in Bank of New York Mellon were worth $3,452,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Thurston Springer Miller Herd & Titak Inc. acquired a new position in Bank of New York Mellon during the fourth quarter worth about $27,000. MCF Advisors LLC lifted its holdings in shares of Bank of New York Mellon by 74.8% in the fourth quarter. MCF Advisors LLC now owns 236 shares of the bank’s stock valued at $27,000 after purchasing an additional 101 shares in the last quarter. Marquette Asset Management LLC lifted its holdings in shares of Bank of New York Mellon by 174.7% in the fourth quarter. Marquette Asset Management LLC now owns 261 shares of the bank’s stock valued at $30,000 after purchasing an additional 166 shares in the last quarter. Kohmann Bosshard Financial Services LLC purchased a new stake in shares of Bank of New York Mellon in the fourth quarter valued at about $46,000. Finally, Godfrey Financial Associates Inc. purchased a new stake in shares of Bank of New York Mellon in the fourth quarter valued at about $48,000. 85.31% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

BNY has been the topic of several recent research reports. Keefe, Bruyette & Woods upped their price target 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. Citigroup initiated coverage on shares of Bank of New York Mellon in a report on Monday, February 23rd. They issued a “neutral” rating on the stock. Morgan Stanley upped their price target 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. Barclays upped their price objective on shares of Bank of New York Mellon from $143.00 to $149.00 and gave the company an “overweight” rating in a research note on Friday, April 17th. Finally, Weiss Ratings raised shares of Bank of New York Mellon from a “buy (a-)” rating to a “buy (a)” rating in a research note on Monday, May 4th. One research analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and five have issued a Hold rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $138.08.

Insider Activity

In related news, insider Kurtis R. Kurimsky sold 5,290 shares of the firm’s stock in a transaction on Friday, April 17th. The shares were sold at an average price of $136.02, for a total transaction of $719,545.80. Following the completion of the sale, the insider directly owned 17,259 shares of the company’s stock, valued at approximately $2,347,569.18. This trade represents a 23.46% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP J Kevin Mccarthy sold 30,000 shares of the firm’s stock in a transaction on Friday, April 17th. The shares were sold at an average price of $136.50, for a total transaction of $4,095,000.00. Following the sale, the executive vice president directly owned 50,238 shares of the company’s stock, valued at approximately $6,857,487. The trade was a 37.39% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 48,091 shares of company stock valued at $6,568,423 in the last 90 days. Company insiders own 0.17% of the company’s stock.

Bank of New York Mellon Price Performance

Bank of New York Mellon stock opened at $143.74 on Friday. Bank of New York Mellon Corporation has a 52-week low of $87.41 and a 52-week high of $145.02. The firm has a fifty day moving average of $135.19 and a 200-day moving average of $123.80. The firm has a market capitalization of $98.66 billion, a P/E ratio of 17.81, a PEG ratio of 1.04 and a beta of 1.07. The company has a quick ratio of 0.75, a current ratio of 0.75 and a debt-to-equity ratio of 0.82.

Bank of New York Mellon (NYSE:BNY) last released its quarterly earnings data on Thursday, April 16th. The bank reported $2.25 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.94 by $0.31. Bank of New York Mellon had a net margin of 14.60% and a return on equity of 15.29%. The company had revenue of $5.41 billion during the quarter, compared to analyst estimates of $5.14 billion. During the same quarter in the prior year, the business earned $1.58 earnings per share. The business’s quarterly revenue was up 12.9% compared to the same quarter last year. As a group, analysts predict that Bank of New York Mellon Corporation will post 8.78 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, May 8th. Investors of record on Monday, April 27th were issued a dividend of $0.53 per share. This represents a $2.12 dividend on an annualized basis and a yield of 1.5%. The ex-dividend date of this dividend was Monday, April 27th. Bank of New York Mellon’s dividend payout ratio (DPR) is presently 26.27%.

Bank of New York Mellon Profile

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.