Symmetry Investments LP Raises Stock Position in The Bank of New York Mellon Co. (NYSE:BK)

Symmetry Investments LP increased its stake in The Bank of New York Mellon Co. (NYSE:BK) by 64.7% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 10,131 shares of the bank’s stock after purchasing an additional 3,981 shares during the quarter. Symmetry Investments LP’s holdings in Bank of New York Mellon were worth $607,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Olistico Wealth LLC purchased a new position in shares of Bank of New York Mellon during the 2nd quarter worth $30,000. Able Wealth Management LLC purchased a new position in shares of Bank of New York Mellon during the 4th quarter worth $32,000. Kathleen S. Wright Associates Inc. purchased a new position in shares of Bank of New York Mellon during the 1st quarter worth $32,000. Clearstead Trust LLC purchased a new position in shares of Bank of New York Mellon during the 2nd quarter worth $32,000. Finally, Family Firm Inc. purchased a new position in shares of Bank of New York Mellon during the 2nd quarter worth $40,000. Hedge funds and other institutional investors own 85.31% of the company’s stock.

Insiders Place Their Bets

In other Bank of New York Mellon news, VP Hanneke Smits sold 15,000 shares of Bank of New York Mellon stock in a transaction on 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 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 filing with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 0.14% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on the stock. Barclays lifted their price target 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. Keefe, Bruyette & Woods restated an “outperform” rating and set a $75.00 price objective (up from $70.00) on shares of Bank of New York Mellon in a research report on Monday, July 15th. Citigroup raised their price objective on shares of Bank of New York Mellon from $65.00 to $70.00 and gave the company a “neutral” rating in a research report on Thursday. Evercore ISI raised 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 research report on Monday, July 15th. Finally, Morgan Stanley raised their price objective on shares of 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 investment analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $66.59.

Bank of New York Mellon Stock Performance

Shares of NYSE BK opened at $71.82 on Friday. 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 company has a market cap of $53.71 billion, a P/E ratio of 16.63, a P/E/G ratio of 1.17 and a beta of 1.08. The firm’s fifty day moving average is $65.98 and its two-hundred day moving average is $60.68. The Bank of New York Mellon Co. has a 52-week low of $39.66 and a 52-week high of $71.96.

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

Bank of New York Mellon Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, August 2nd. Shareholders of record on Monday, July 22nd were paid a $0.47 dividend. This is a boost from Bank of New York Mellon’s previous quarterly dividend of $0.42. This represents a $1.88 dividend on an annualized basis and a dividend yield of 2.62%. The ex-dividend date was Monday, July 22nd. Bank of New York Mellon’s dividend payout ratio (DPR) is presently 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.