The Bank of New York Mellon Co. (NYSE:BK) Shares Acquired by Rhumbline Advisers

Rhumbline Advisers lifted its stake in The Bank of New York Mellon Co. (NYSE:BK) by 5.4% in the second quarter, HoldingsChannel reports. The firm owned 1,879,053 shares of the bank’s stock after acquiring an additional 95,694 shares during the quarter. Rhumbline Advisers’ holdings in Bank of New York Mellon were worth $112,536,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of BK. Wetzel Investment Advisors Inc. lifted its holdings in Bank of New York Mellon by 82.1% during the 1st quarter. Wetzel Investment Advisors Inc. now owns 510 shares of the bank’s stock worth $28,000 after buying an additional 230 shares during the last quarter. Atlantic Edge Private Wealth Management LLC purchased a new stake in Bank of New York Mellon during the 4th quarter worth about $28,000. Olistico Wealth LLC purchased a new stake in Bank of New York Mellon during the 2nd quarter worth about $30,000. Able Wealth Management LLC purchased a new stake in Bank of New York Mellon during the 4th quarter worth about $32,000. Finally, Kathleen S. Wright Associates Inc. purchased a new stake in Bank of New York Mellon during the 1st quarter worth about $32,000. 85.31% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Bank of New York Mellon

In other news, VP Hanneke Smits sold 15,000 shares of the stock in a transaction that occurred on Thursday, July 18th. The stock was sold at an average price of $64.11, for a total transaction of $961,650.00. Following the completion of the transaction, the vice president now directly owns 173,930 shares of the company’s stock, valued at approximately $11,150,652.30. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Company insiders own 0.14% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts have issued reports on BK shares. Deutsche Bank Aktiengesellschaft lifted their price target on Bank of New York Mellon from $63.00 to $66.00 and gave the stock a “hold” rating in a report on Thursday, August 15th. Citigroup downgraded Bank of New York Mellon from a “buy” rating to a “neutral” rating and set a $65.00 price target for the company. in a report on Monday, July 15th. Evercore ISI upped their target price on Bank of New York Mellon from $61.00 to $66.00 and gave the company an “in-line” rating in a research report on Monday, July 15th. Keefe, Bruyette & Woods reissued an “outperform” rating and issued a $75.00 target price (up from $70.00) on shares of Bank of New York Mellon in a research report on Monday, July 15th. Finally, Morgan Stanley upped their target price on Bank of New York Mellon from $65.00 to $72.00 and gave the company an “equal weight” rating in a research report on Tuesday, July 30th. Six analysts have rated the stock with a hold rating and six have given a buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $66.14.

Bank of New York Mellon Stock Down 0.5 %

BK opened at $67.89 on Wednesday. The company has a market cap of $50.77 billion, a PE ratio of 15.72, a P/E/G ratio of 1.18 and a beta of 1.09. The business has a 50 day moving average price of $63.72 and a two-hundred day moving average price of $59.46. The Bank of New York Mellon Co. has a 52 week low of $39.66 and a 52 week high of $68.37. The company has a quick ratio of 0.70, a current ratio of 0.70 and a debt-to-equity ratio of 0.85.

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

Bank of New York Mellon Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, August 2nd. Stockholders of record on Monday, July 22nd were paid a dividend of $0.47 per share. This represents a $1.88 dividend on an annualized basis and a dividend yield of 2.77%. This is an increase from Bank of New York Mellon’s previous quarterly dividend of $0.42. The ex-dividend date was Monday, July 22nd. Bank of New York Mellon’s dividend payout ratio is 43.52%.

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.