Ledyard National Bank Makes New $285,000 Investment in The Bank of New York Mellon Co. (NYSE:BK)

Ledyard National Bank acquired a new position in shares of The Bank of New York Mellon Co. (NYSE:BK) during the fourth quarter, Holdings Channel reports. The fund acquired 5,471 shares of the bank’s stock, valued at approximately $285,000.

A number of other hedge funds have also recently bought and sold shares of BK. Northern Trust Corp raised its stake in shares of Bank of New York Mellon by 8.2% during the 3rd quarter. Northern Trust Corp now owns 9,453,880 shares of the bank’s stock worth $403,208,000 after purchasing an additional 715,421 shares during the period. Victory Capital Management Inc. raised its stake in shares of Bank of New York Mellon by 1.5% during the 3rd quarter. Victory Capital Management Inc. now owns 8,757,443 shares of the bank’s stock worth $373,505,000 after purchasing an additional 129,929 shares during the period. Legal & General Group Plc raised its stake in shares of Bank of New York Mellon by 0.9% during the 3rd quarter. Legal & General Group Plc now owns 6,609,866 shares of the bank’s stock worth $281,912,000 after purchasing an additional 57,402 shares during the period. Bank of New York Mellon Corp raised its stake in shares of Bank of New York Mellon by 3.7% during the 3rd quarter. Bank of New York Mellon Corp now owns 6,387,455 shares of the bank’s stock worth $272,425,000 after purchasing an additional 226,834 shares during the period. Finally, Invesco Ltd. raised its stake in Bank of New York Mellon by 10.0% in the 3rd quarter. Invesco Ltd. now owns 5,772,146 shares of the bank’s stock valued at $246,182,000 after acquiring an additional 524,912 shares during the period. 85.31% of the stock is owned by hedge funds and other institutional investors.

Bank of New York Mellon Price Performance

Shares of BK traded down $0.41 during midday trading on Tuesday, hitting $56.92. 450,780 shares of the company traded hands, compared to its average volume of 3,895,179. The stock has a 50-day moving average of $56.05 and a 200-day moving average of $52.02. The Bank of New York Mellon Co. has a one year low of $39.65 and a one year high of $58.28. The firm has a market cap of $42.85 billion, a P/E ratio of 13.99, a PEG ratio of 1.23 and a beta of 1.12. The company has a debt-to-equity ratio of 0.90, a current ratio of 0.71 and a quick ratio of 0.72.

Bank of New York Mellon (NYSE:BK) last issued its quarterly earnings data on Tuesday, April 16th. The bank reported $1.29 EPS for the quarter, topping the consensus estimate of $1.19 by $0.10. Bank of New York Mellon had a return on equity of 11.80% and a net margin of 9.48%. The company had revenue of $4.53 billion during the quarter, compared to analyst estimates of $4.39 billion. During the same quarter in the previous year, the firm earned $1.13 earnings per share. Bank of New York Mellon’s revenue was up 3.8% on a year-over-year basis. As a group, sell-side analysts predict that The Bank of New York Mellon Co. will post 5.43 EPS for the current fiscal year.

Bank of New York Mellon Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, May 9th. Stockholders of record on Friday, April 26th will be issued a dividend of $0.42 per share. This represents a $1.68 annualized dividend and a dividend yield of 2.95%. The ex-dividend date is Thursday, April 25th. Bank of New York Mellon’s payout ratio is 40.98%.

Insider Transactions at Bank of New York Mellon

In other Bank of New York Mellon news, EVP J Kevin Mccarthy sold 40,000 shares of the company’s stock in a transaction that occurred on Friday, April 19th. The stock was sold at an average price of $56.15, for a total value of $2,246,000.00. Following the completion of the sale, the executive vice president now owns 100,404 shares of the company’s stock, valued at $5,637,684.60. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. In other Bank of New York Mellon news, VP Catherine Keating sold 4,498 shares of the company’s stock in a transaction that occurred on Thursday, February 8th. The stock was sold at an average price of $54.81, for a total value of $246,535.38. Following the completion of the sale, the vice president now owns 123,490 shares of the company’s stock, valued at $6,768,486.90. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, EVP J Kevin Mccarthy sold 40,000 shares of the company’s stock in a transaction that occurred on Friday, April 19th. The stock was sold at an average price of $56.15, for a total value of $2,246,000.00. Following the completion of the sale, the executive vice president now directly owns 100,404 shares of the company’s stock, valued at approximately $5,637,684.60. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 98,568 shares of company stock valued at $5,459,897. 0.14% of the stock is owned by corporate insiders.

Analyst Ratings Changes

A number of equities research analysts recently issued reports on BK shares. Morgan Stanley boosted their price objective on Bank of New York Mellon from $62.00 to $63.00 and gave the company an “equal weight” rating in a research note on Thursday, April 18th. Royal Bank of Canada restated a “sector perform” rating and issued a $58.00 price objective on shares of Bank of New York Mellon in a research note on Wednesday, March 27th. Evercore ISI boosted their price objective on Bank of New York Mellon from $57.00 to $61.00 and gave the company an “in-line” rating in a research note on Thursday, April 4th. Bank of America boosted their price objective on Bank of New York Mellon from $64.00 to $66.00 and gave the company a “buy” rating in a research note on Wednesday, April 17th. Finally, Jefferies Financial Group boosted their price objective on Bank of New York Mellon from $67.00 to $68.00 and gave the company a “buy” rating in a research note on Thursday, April 18th. Five research analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $60.17.

Bank of New York Mellon 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.