California Public Employees Retirement System Purchases 75,057 Shares of The Bank of New York Mellon Corporation $BK

California Public Employees Retirement System lifted its position in shares of The Bank of New York Mellon Corporation (NYSE:BK) by 5.6% in the 2nd quarter, HoldingsChannel reports. The institutional investor owned 1,410,050 shares of the bank’s stock after purchasing an additional 75,057 shares during the quarter. California Public Employees Retirement System’s holdings in Bank of New York Mellon were worth $128,470,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also bought and sold shares of the company. Norges Bank bought a new stake in Bank of New York Mellon during the second quarter valued at $1,081,847,000. Nuveen LLC bought a new stake in shares of Bank of New York Mellon during the 1st quarter valued at about $773,627,000. Goldman Sachs Group Inc. grew its stake in Bank of New York Mellon by 26.3% during the first quarter. Goldman Sachs Group Inc. now owns 5,053,744 shares of the bank’s stock worth $423,858,000 after purchasing an additional 1,052,145 shares during the period. Wellington Management Group LLP increased its holdings in Bank of New York Mellon by 257.6% in the first quarter. Wellington Management Group LLP now owns 1,236,255 shares of the bank’s stock worth $103,685,000 after purchasing an additional 890,593 shares in the last quarter. Finally, AQR Capital Management LLC increased its holdings in Bank of New York Mellon by 37.7% in the first quarter. AQR Capital Management LLC now owns 3,244,204 shares of the bank’s stock worth $266,349,000 after purchasing an additional 887,361 shares in the last quarter. Institutional investors and hedge funds own 85.31% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts have issued reports on BK shares. Citigroup increased their price target on Bank of New York Mellon from $92.00 to $105.00 and gave the stock a “neutral” rating in a report on Friday, September 5th. Wells Fargo & Company raised their price target on shares of Bank of New York Mellon from $100.00 to $109.00 and gave the stock an “equal weight” rating in a report on Friday, October 17th. Weiss Ratings reiterated a “buy (b)” rating on shares of Bank of New York Mellon in a report on Monday, December 1st. Truist Financial increased their price objective on shares of Bank of New York Mellon from $118.00 to $119.00 and gave the stock a “hold” rating in a research report on Friday, October 17th. Finally, Keefe, Bruyette & Woods boosted their target price on Bank of New York Mellon from $120.00 to $124.00 and gave the company an “outperform” rating in a research report on Friday, October 17th. Ten investment analysts have rated the stock with a Buy rating and six have given a Hold rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $111.29.

Bank of New York Mellon Stock Up 0.1%

Bank of New York Mellon stock opened at $114.07 on Monday. The firm has a market capitalization of $79.55 billion, a price-to-earnings ratio of 16.46, a price-to-earnings-growth ratio of 1.03 and a beta of 1.12. The firm’s fifty day moving average price is $108.63 and its two-hundred day moving average price is $101.77. The Bank of New York Mellon Corporation has a 1-year low of $70.46 and a 1-year high of $114.96. The company has a current ratio of 0.70, a quick ratio of 0.70 and a debt-to-equity ratio of 0.83.

Bank of New York Mellon (NYSE:BK) last posted its earnings results on Tuesday, March 26th. The bank reported $1.30 earnings per share for the quarter. Bank of New York Mellon had a net margin of 12.86% and a return on equity of 14.03%. The company had revenue of $4.38 billion for the quarter. On average, equities research analysts predict that The Bank of New York Mellon Corporation will post 6.96 earnings per share for the current fiscal year.

Bank of New York Mellon Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, November 7th. Stockholders of record on Monday, October 27th were paid a $0.53 dividend. The ex-dividend date of this dividend was Monday, October 27th. This represents a $2.12 annualized dividend and a dividend yield of 1.9%. Bank of New York Mellon’s dividend payout ratio is 30.59%.

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.