The Bank of New York Mellon Co. (NYSE:BK) Shares Bought by BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp

BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp grew its holdings in The Bank of New York Mellon Co. (NYSE:BK) by 59.4% in the second quarter, Holdings Channel.com reports. The institutional investor owned 144,496 shares of the bank’s stock after acquiring an additional 53,835 shares during the quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp’s holdings in Bank of New York Mellon were worth $8,654,000 as of its most recent filing with the SEC.

Several other hedge funds have also made changes to their positions in the business. Olistico Wealth LLC purchased a new stake in Bank of New York Mellon during the 2nd quarter valued at approximately $30,000. Able Wealth Management LLC acquired a new stake in shares of Bank of New York Mellon during the fourth quarter worth $32,000. Kathleen S. Wright Associates Inc. purchased a new position in Bank of New York Mellon in the 1st quarter valued at $32,000. Clearstead Trust LLC acquired a new position in Bank of New York Mellon in the 2nd quarter valued at $32,000. Finally, Family Firm Inc. acquired a new stake in shares of Bank of New York Mellon in the 2nd quarter worth $40,000. Institutional investors and hedge funds own 85.31% of the company’s stock.

Bank of New York Mellon Stock Up 0.5 %

Shares of NYSE BK opened at $72.17 on Thursday. 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 firm has a market cap of $53.26 billion, a price-to-earnings ratio of 16.71, a PEG ratio of 1.24 and a beta of 1.08. The Bank of New York Mellon Co. has a 1 year low of $39.66 and a 1 year high of $73.19. The stock’s 50-day simple moving average is $66.24 and its 200-day simple moving average is $60.95.

Bank of New York Mellon (NYSE:BK) last issued its earnings results on Friday, July 12th. The bank reported $1.51 earnings per share for the quarter, topping analysts’ consensus estimates 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 company had revenue of $4.60 billion for the quarter, compared to analysts’ expectations of $4.53 billion. During the same period in the prior year, the company earned $1.38 earnings per share. The firm’s revenue was up 2.1% compared to the same quarter last year. As a group, equities 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 business also recently announced 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 an increase 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 yield of 2.60%. The ex-dividend date of this dividend was Monday, July 22nd. Bank of New York Mellon’s payout ratio is presently 43.52%.

Wall Street Analysts Forecast Growth

BK has been the topic of several recent research reports. Evercore ISI upped their price target 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. Morgan Stanley raised their price target on Bank of New York Mellon from $65.00 to $72.00 and gave the stock an “equal weight” rating in a research report on Tuesday, July 30th. Citigroup lifted their price objective on Bank of New York Mellon from $65.00 to $70.00 and gave the stock a “neutral” rating in a research report on Thursday, September 19th. Barclays raised 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. Finally, Keefe, Bruyette & Woods restated an “outperform” rating and issued a $75.00 price target (up previously from $70.00) on shares of Bank of New York Mellon in a report on Monday, July 15th. Five analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $67.86.

Insider Activity

In other Bank of New York Mellon news, VP Hanneke Smits sold 15,000 shares of the business’s stock in a transaction dated Thursday, July 18th. The shares were 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 approximately $11,150,652.30. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 0.14% of the company’s stock.

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.