The Bank of New York Mellon Co. (NYSE:BK) Stock Position Raised by Checchi Capital Advisers LLC

Checchi Capital Advisers LLC raised its position in shares of The Bank of New York Mellon Co. (NYSE:BK) by 5.5% in the second quarter, Holdings Channel reports. The firm owned 8,520 shares of the bank’s stock after buying an additional 446 shares during the period. Checchi Capital Advisers LLC’s holdings in Bank of New York Mellon were worth $510,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently made changes to their positions in BK. Wetzel Investment Advisors Inc. raised its stake in shares of Bank of New York Mellon by 82.1% in the 1st quarter. Wetzel Investment Advisors Inc. now owns 510 shares of the bank’s stock valued at $28,000 after acquiring an additional 230 shares in the last quarter. Atlantic Edge Private Wealth Management LLC acquired a new stake in Bank of New York Mellon in the 4th quarter worth approximately $28,000. Olistico Wealth LLC acquired a new stake in Bank of New York Mellon in the 2nd quarter worth approximately $30,000. Able Wealth Management LLC acquired a new stake in Bank of New York Mellon in the 4th quarter worth approximately $32,000. Finally, Kathleen S. Wright Associates Inc. acquired a new stake in Bank of New York Mellon in the 1st quarter worth approximately $32,000. 85.31% of the stock is owned by hedge funds and other institutional investors.

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 transaction, the vice president now owns 173,930 shares of the company’s stock, valued at $11,150,652.30. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.14% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

BK has been the subject of several analyst reports. Deutsche Bank Aktiengesellschaft boosted their target price on Bank of New York Mellon from $63.00 to $66.00 and gave the stock a “hold” rating in a report on Thursday, August 15th. Evercore ISI boosted 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. Barclays upped 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. Morgan Stanley upped 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 report on Tuesday, July 30th. Finally, Citigroup lowered Bank of New York Mellon from a “buy” rating to a “neutral” rating and set a $65.00 price target for the company. in a report on Monday, July 15th. Six research analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $66.14.

Bank of New York Mellon Stock Performance

Shares of NYSE:BK opened at $67.02 on Thursday. The business’s fifty day moving average price is $62.84 and its two-hundred day moving average price is $59.01. The Bank of New York Mellon Co. has a fifty-two week low of $39.66 and a fifty-two week high of $67.74. The stock has a market capitalization of $50.12 billion, a price-to-earnings ratio of 15.51, a price-to-earnings-growth ratio of 1.14 and a beta of 1.09. The company has a debt-to-equity ratio of 0.85, a current ratio of 0.70 and a quick ratio of 0.71.

Bank of New York Mellon (NYSE:BK) last announced its earnings results 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 for the quarter, compared to analysts’ expectations of $4.53 billion. Bank of New York Mellon had a return on equity of 11.87% and a net margin of 9.40%. The business’s revenue for the quarter was up 2.1% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.38 earnings per share. As a group, analysts predict that The Bank of New York Mellon Co. will post 5.6 EPS 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. Stockholders of record on Monday, July 22nd were paid a dividend of $0.47 per share. This represents a $1.88 annualized dividend and a dividend yield of 2.81%. The ex-dividend date of this dividend was Monday, July 22nd. 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 is 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.