Parallel Advisors LLC Increases Stock Holdings in The Bank of New York Mellon Co. (NYSE:BK)

Parallel Advisors LLC lifted its stake in shares of The Bank of New York Mellon Co. (NYSE:BK) by 6.6% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 12,012 shares of the bank’s stock after buying an additional 740 shares during the quarter. Parallel Advisors LLC’s holdings in Bank of New York Mellon were worth $719,000 at the end of the most recent reporting period.

Several other large investors have also modified their holdings of the stock. Gilbert & Cook Inc. lifted its holdings in shares of 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 valued at $487,000 after purchasing an additional 419 shares during the last quarter. Sheaff Brock Investment Advisors LLC acquired a new position in Bank of New York Mellon during the fourth quarter worth approximately $229,000. PNC Financial Services Group Inc. lifted its stake in Bank of New York Mellon by 1.9% in the fourth quarter. PNC Financial Services Group Inc. now owns 251,344 shares of the bank’s stock valued at $13,082,000 after buying an additional 4,619 shares during the last quarter. Coldstream Capital Management Inc. boosted its holdings in shares of Bank of New York Mellon by 8.6% in the fourth quarter. Coldstream Capital Management Inc. now owns 8,679 shares of the bank’s stock valued at $452,000 after acquiring an additional 684 shares during the period. Finally, Thoroughbred Financial Services LLC purchased a new position in shares of Bank of New York Mellon during the fourth quarter worth approximately $236,000. Institutional investors and hedge funds own 85.31% of the company’s stock.

Insider Activity at Bank of New York Mellon

In other Bank of New York Mellon news, VP Hanneke Smits sold 15,000 shares of the business’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 sale, the vice president now directly owns 173,930 shares in the company, valued at $11,150,652.30. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 0.14% of the stock is currently owned by company insiders.

Analyst Ratings Changes

A number of brokerages recently weighed in on BK. Evercore ISI increased their price target on shares of Bank of New York Mellon from $61.00 to $66.00 and gave the stock an “in-line” rating in a research note on Monday, July 15th. Barclays raised their price target on 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. Citigroup downgraded Bank of New York Mellon from a “buy” rating to a “neutral” rating and set a $65.00 price objective for the company. in a research note on Monday, July 15th. Keefe, Bruyette & Woods reiterated 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 note on Monday, July 15th. Finally, Morgan Stanley boosted 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 report on Tuesday, July 30th. Six 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, the stock has a consensus rating of “Moderate Buy” and an average price target of $66.14.

Bank of New York Mellon Trading Up 2.7 %

NYSE:BK opened at $70.53 on Tuesday. The Bank of New York Mellon Co. has a 1 year low of $39.66 and a 1 year high of $70.61. The company has a debt-to-equity ratio of 0.85, a quick ratio of 0.70 and a current ratio of 0.70. The stock has a fifty day moving average price of $65.21 and a two-hundred day moving average price of $60.27. The stock has a market capitalization of $52.05 billion, a price-to-earnings ratio of 16.33, a PEG ratio of 1.17 and a beta of 1.08.

Bank of New York Mellon (NYSE:BK) last announced its quarterly earnings data on Friday, July 12th. The bank reported $1.51 EPS for the quarter, beating the consensus estimate of $1.43 by $0.08. Bank of New York Mellon had a net margin of 9.40% and a return on equity of 11.87%. The firm had revenue of $4.60 billion during the quarter, compared to analysts’ expectations of $4.53 billion. During the same quarter last year, the business earned $1.38 earnings per share. The business’s revenue for the quarter was up 2.1% compared to the same quarter last year. As a group, sell-side analysts anticipate 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 declared a quarterly dividend, which was paid on Friday, August 2nd. Investors 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 dividend yield of 2.67%. 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%.

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.