AGF Management Ltd. Raises Position in The Bank of New York Mellon Co. (NYSE:BK)

AGF Management Ltd. lifted its stake in shares of The Bank of New York Mellon Co. (NYSE:BK) by 32.7% during the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 38,210 shares of the bank’s stock after buying an additional 9,425 shares during the quarter. AGF Management Ltd.’s holdings in Bank of New York Mellon were worth $2,288,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also recently bought and sold shares of BK. Gilbert & Cook Inc. lifted its holdings in Bank of New York Mellon by 4.7% in the 4th quarter. Gilbert & Cook Inc. now owns 9,361 shares of the bank’s stock worth $487,000 after buying an additional 419 shares in the last quarter. Envestnet Portfolio Solutions Inc. lifted its stake in shares of Bank of New York Mellon by 9.1% in the fourth quarter. Envestnet Portfolio Solutions Inc. now owns 45,181 shares of the bank’s stock worth $2,352,000 after acquiring an additional 3,777 shares in the last quarter. Foundations Investment Advisors LLC boosted its holdings in Bank of New York Mellon by 6.9% in the fourth quarter. Foundations Investment Advisors LLC now owns 9,329 shares of the bank’s stock valued at $518,000 after purchasing an additional 600 shares during the last quarter. Quadrant Capital Group LLC grew its stake in Bank of New York Mellon by 3.0% during the 4th quarter. Quadrant Capital Group LLC now owns 10,075 shares of the bank’s stock valued at $524,000 after purchasing an additional 293 shares in the last quarter. Finally, Sound View Wealth Advisors Group LLC purchased a new stake in Bank of New York Mellon during the 4th quarter worth approximately $210,000. 85.31% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

BK has been the subject of several recent analyst reports. Barclays raised their price objective on shares of Bank of New York Mellon from $68.00 to $75.00 and gave the stock an “overweight” rating in a report on Monday, July 15th. Keefe, Bruyette & Woods restated an “outperform” rating and set a $75.00 price objective (up previously from $70.00) on shares of Bank of New York Mellon in a research note on Monday, July 15th. Evercore ISI increased their target price on Bank of New York Mellon from $61.00 to $66.00 and gave the stock an “in-line” rating in a report on Monday, July 15th. Deutsche Bank Aktiengesellschaft boosted their price target on Bank of New York Mellon from $63.00 to $66.00 and gave the company a “hold” rating in a report on Thursday, August 15th. Finally, Morgan Stanley raised their price objective on Bank of New York Mellon from $65.00 to $72.00 and gave the stock an “equal weight” rating in a research note on Tuesday, July 30th. Six equities 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 presently has a consensus rating of “Moderate Buy” and an average target price of $66.14.

Insider Activity

In other news, VP Hanneke Smits sold 15,000 shares of the company’s stock in a transaction 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 sale, the vice president now directly owns 173,930 shares of the company’s stock, valued at $11,150,652.30. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Insiders own 0.14% of the company’s stock.

Bank of New York Mellon Stock Down 0.5 %

BK stock opened at $68.70 on Friday. The firm’s 50-day moving average is $64.99 and its two-hundred day moving average is $60.11. The company has a current ratio of 0.70, a quick ratio of 0.70 and a debt-to-equity ratio of 0.85. The company has a market capitalization of $50.70 billion, a price-to-earnings ratio of 15.90, a price-to-earnings-growth ratio of 1.17 and a beta of 1.08. The Bank of New York Mellon Co. has a 52 week low of $39.66 and a 52 week high of $69.74.

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 analysts’ consensus estimates of $1.43 by $0.08. Bank of New York Mellon had a return on equity of 11.87% and a net margin of 9.40%. The company had revenue of $4.60 billion for the quarter, compared to the consensus estimate of $4.53 billion. During the same quarter in the previous year, the business earned $1.38 EPS. The company’s quarterly revenue was up 2.1% compared to the same quarter last year. On average, analysts forecast 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 business also recently declared 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 annualized dividend and a dividend yield of 2.74%. This is a boost from Bank of New York Mellon’s previous quarterly dividend of $0.42. Bank of New York Mellon’s dividend payout ratio is currently 43.52%.

Bank of New York Mellon Company 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.