Private Advisor Group LLC Boosts Stock Position in The Bank of New York Mellon Co. (NYSE:BK)

Private Advisor Group LLC lifted its position in The Bank of New York Mellon Co. (NYSE:BK) by 1.6% in the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 51,584 shares of the bank’s stock after purchasing an additional 814 shares during the quarter. Private Advisor Group LLC’s holdings in Bank of New York Mellon were worth $3,089,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Atlantic Edge Private Wealth Management LLC purchased a new position in Bank of New York Mellon during the 4th quarter worth approximately $28,000. Olistico Wealth LLC purchased a new stake in Bank of New York Mellon in the second quarter valued at $30,000. Able Wealth Management LLC acquired a new stake in Bank of New York Mellon during the 4th quarter worth about $32,000. Kathleen S. Wright Associates Inc. acquired a new position in shares of Bank of New York Mellon in the 1st quarter valued at about $32,000. Finally, Family Firm Inc. purchased a new stake in shares of Bank of New York Mellon in the second quarter worth about $40,000. Institutional investors and hedge funds own 85.31% of the company’s stock.

Insiders Place Their Bets

In other news, VP Hanneke Smits sold 15,000 shares of the stock in a transaction dated Thursday, July 18th. The shares were sold at an average price of $64.11, for a total value of $961,650.00. Following the completion of the sale, the vice president now directly owns 173,930 shares in the company, valued at $11,150,652.30. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 0.14% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on the company. Keefe, Bruyette & Woods reiterated an “outperform” rating and set a $75.00 price target (up from $70.00) on shares of Bank of New York Mellon in a research report on Monday, July 15th. Deutsche Bank Aktiengesellschaft boosted their target price on shares of Bank of New York Mellon from $63.00 to $66.00 and gave the company a “hold” rating in a research note on Thursday, August 15th. Citigroup downgraded shares of Bank of New York Mellon from a “buy” rating to a “neutral” rating and set a $65.00 price target on the stock. in a report on Monday, July 15th. Evercore ISI lifted their price objective on shares of Bank of New York Mellon from $61.00 to $66.00 and gave the company an “in-line” rating in a report on Monday, July 15th. Finally, Barclays increased their target price on shares of Bank of New York Mellon from $68.00 to $75.00 and gave the stock an “overweight” rating in a research note on Monday, July 15th. Six research analysts have rated the stock with a hold rating and six have given a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $66.14.

Bank of New York Mellon Stock Up 0.9 %

BK opened at $68.10 on Thursday. The company has a market cap of $50.26 billion, a PE ratio of 15.76, a price-to-earnings-growth ratio of 1.14 and a beta of 1.08. The Bank of New York Mellon Co. has a twelve month low of $39.66 and a twelve month high of $68.60. The company has a 50-day moving average price of $64.64 and a 200 day moving average price of $59.95. 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 posted its quarterly earnings data on Friday, July 12th. The bank reported $1.51 EPS for the quarter, topping the consensus estimate of $1.43 by $0.08. The company had revenue of $4.60 billion during the quarter, compared to analyst estimates of $4.53 billion. Bank of New York Mellon had a return on equity of 11.87% and a net margin of 9.40%. Bank of New York Mellon’s quarterly revenue was up 2.1% on a year-over-year basis. During the same period in the previous year, the business earned $1.38 EPS. Sell-side analysts expect that The Bank of New York Mellon Co. will post 5.63 earnings per share for the current fiscal year.

Bank of New York Mellon Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, August 2nd. Shareholders of record on Monday, July 22nd were issued a $0.47 dividend. The ex-dividend date was Monday, July 22nd. This represents a $1.88 dividend on an annualized basis and a yield of 2.76%. This is a positive change from Bank of New York Mellon’s previous quarterly dividend of $0.42. Bank of New York Mellon’s dividend payout ratio (DPR) is presently 43.52%.

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.