The Bank of New York Mellon Co. (NYSE:BK) Shares Bought by Wealth Enhancement Advisory Services LLC

Wealth Enhancement Advisory Services LLC increased its stake in The Bank of New York Mellon Co. (NYSE:BK) by 8.7% during the first quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 54,013 shares of the bank’s stock after acquiring an additional 4,304 shares during the quarter. Wealth Enhancement Advisory Services LLC’s holdings in Bank of New York Mellon were worth $3,112,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently modified their holdings of BK. Advisors Asset Management Inc. grew its position in Bank of New York Mellon by 10.4% during the 3rd quarter. Advisors Asset Management Inc. now owns 22,382 shares of the bank’s stock worth $955,000 after purchasing an additional 2,109 shares in the last quarter. Axxcess Wealth Management LLC grew its holdings in shares of Bank of New York Mellon by 75.3% during the third quarter. Axxcess Wealth Management LLC now owns 11,682 shares of the bank’s stock valued at $498,000 after buying an additional 5,017 shares in the last quarter. Ameriprise Financial Inc. raised its position in Bank of New York Mellon by 2.7% during the third quarter. Ameriprise Financial Inc. now owns 1,496,555 shares of the bank’s stock valued at $63,829,000 after buying an additional 38,712 shares during the period. Adage Capital Partners GP L.L.C. lifted its stake in Bank of New York Mellon by 8.2% in the 3rd quarter. Adage Capital Partners GP L.L.C. now owns 774,316 shares of the bank’s stock worth $33,025,000 after acquiring an additional 58,800 shares in the last quarter. Finally, Legal & General Group Plc boosted its position in 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 acquiring an additional 57,402 shares during the period. 85.31% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of equities analysts have recently weighed in on the company. Keefe, Bruyette & Woods upgraded Bank of New York Mellon from a “market perform” rating to an “outperform” rating and upped their target price for the company from $60.00 to $70.00 in a report on Thursday, June 27th. Royal Bank of Canada reiterated a “sector perform” rating and issued a $58.00 target price on shares of Bank of New York Mellon in a research report on Wednesday, March 27th. Evercore ISI restated an “in-line” rating and set a $61.00 price target on shares of Bank of New York Mellon in a report on Wednesday. Morgan Stanley increased their price objective on Bank of New York Mellon from $62.00 to $63.00 and gave the stock an “equal weight” rating in a report on Thursday, April 18th. Finally, Jefferies Financial Group boosted their target price 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 investment analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $61.15.

Bank of New York Mellon Stock Down 0.0 %

BK opened at $60.47 on Thursday. The firm has a market cap of $45.22 billion, a P/E ratio of 14.75, a price-to-earnings-growth ratio of 1.20 and a beta of 1.09. The company has a debt-to-equity ratio of 0.90, a quick ratio of 0.71 and a current ratio of 0.71. The business has a 50 day moving average price of $58.57 and a 200 day moving average price of $56.19. The Bank of New York Mellon Co. has a twelve month low of $39.66 and a twelve month high of $60.91.

Bank of New York Mellon (NYSE:BK) last issued its quarterly earnings data on Tuesday, April 16th. The bank reported $1.29 earnings per share for the quarter, topping analysts’ consensus estimates of $1.19 by $0.10. The business had revenue of $4.53 billion during the quarter, compared to analysts’ expectations of $4.39 billion. Bank of New York Mellon had a net margin of 9.48% and a return on equity of 11.80%. Bank of New York Mellon’s revenue for the quarter was up 3.8% on a year-over-year basis. During the same period in the previous year, the company earned $1.13 earnings per share. Research analysts forecast that The Bank of New York Mellon Co. will post 5.45 EPS for the current year.

Bank of New York Mellon Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, May 9th. Stockholders of record on Friday, April 26th were paid a $0.42 dividend. The ex-dividend date was Thursday, April 25th. This represents a $1.68 dividend on an annualized basis and a dividend yield of 2.78%. Bank of New York Mellon’s payout ratio is presently 40.98%.

Insider Buying and Selling

In other news, VP Catherine Keating sold 54,070 shares of the firm’s stock in a transaction on Thursday, April 18th. The shares were sold at an average price of $54.88, for a total value of $2,967,361.60. Following the sale, the vice president now owns 78,350 shares in the company, valued at $4,299,848. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. In other news, VP Catherine Keating sold 54,070 shares of the company’s stock in a transaction dated Thursday, April 18th. The shares were sold at an average price of $54.88, for a total transaction of $2,967,361.60. Following the completion of the transaction, the vice president now owns 78,350 shares of the company’s stock, valued at $4,299,848. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Kurtis R. Kurimsky sold 6,215 shares of the company’s stock in a transaction that occurred on Tuesday, May 7th. The shares were sold at an average price of $57.93, for a total value of $360,034.95. Following the completion of the transaction, the insider now directly owns 24,346 shares of the company’s stock, valued at approximately $1,410,363.78. The disclosure for this sale can be found here. In the last 90 days, insiders sold 115,928 shares of company stock valued at $6,475,216. Insiders own 0.14% of the company’s stock.

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.