Meiji Yasuda Asset Management Co Ltd. Grows Stake in The Bank of New York Mellon Co. (NYSE:BK)

Meiji Yasuda Asset Management Co Ltd. boosted its holdings in shares of The Bank of New York Mellon Co. (NYSE:BK) by 3.7% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 24,937 shares of the bank’s stock after acquiring an additional 897 shares during the period. Meiji Yasuda Asset Management Co Ltd.’s holdings in Bank of New York Mellon were worth $1,493,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of the business. Argent Trust Co grew its stake in Bank of New York Mellon by 10.5% during the 2nd quarter. Argent Trust Co now owns 21,855 shares of the bank’s stock valued at $1,309,000 after acquiring an additional 2,072 shares in the last quarter. Axxcess Wealth Management LLC grew its stake in Bank of New York Mellon by 45.4% during the 2nd quarter. Axxcess Wealth Management LLC now owns 10,855 shares of the bank’s stock valued at $650,000 after acquiring an additional 3,389 shares in the last quarter. Clearstead Trust LLC purchased a new stake in Bank of New York Mellon during the 2nd quarter valued at about $32,000. Primecap Management Co. CA grew its stake in Bank of New York Mellon by 11.7% during the 2nd quarter. Primecap Management Co. CA now owns 711,500 shares of the bank’s stock valued at $42,612,000 after acquiring an additional 74,700 shares in the last quarter. Finally, Moors & Cabot Inc. grew its stake in Bank of New York Mellon by 1.0% during the 2nd quarter. Moors & Cabot Inc. now owns 34,194 shares of the bank’s stock valued at $2,048,000 after acquiring an additional 353 shares in the last quarter. Hedge funds and other institutional investors own 85.31% of the company’s stock.

Insider Activity at Bank of New York Mellon

In related news, VP Hanneke Smits sold 15,000 shares of the 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 transaction, the vice president now directly owns 173,930 shares of the company’s stock, valued at approximately $11,150,652.30. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Insiders own 0.14% of the company’s stock.

Bank of New York Mellon Price Performance

Bank of New York Mellon stock opened at $71.71 on Friday. The Bank of New York Mellon Co. has a 52-week low of $39.66 and a 52-week high of $71.92. The company’s 50 day moving average is $65.83 and its two-hundred day moving average is $60.53. The company has a quick ratio of 0.70, a current ratio of 0.70 and a debt-to-equity ratio of 0.85. The firm has a market cap of $53.63 billion, a PE ratio of 16.60, a price-to-earnings-growth 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 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 the consensus estimate of $4.53 billion. During the same period in the prior year, the firm posted $1.38 EPS. The company’s quarterly revenue was up 2.1% compared to the same quarter last year. On average, research analysts expect 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 business also recently announced a quarterly dividend, which was paid on Friday, August 2nd. Investors of record on Monday, July 22nd were given a $0.47 dividend. This represents a $1.88 dividend on an annualized basis and a dividend yield of 2.62%. This is an increase from Bank of New York Mellon’s previous quarterly dividend of $0.42. The ex-dividend date of this dividend was Monday, July 22nd. Bank of New York Mellon’s dividend payout ratio (DPR) is 43.52%.

Analyst Upgrades and Downgrades

Several research firms have weighed in on BK. Evercore ISI boosted their target price 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. Barclays boosted their target price on shares of Bank of New York Mellon from $68.00 to $75.00 and gave the company an “overweight” rating in a report on Monday, July 15th. Morgan Stanley boosted their target price on shares of 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. 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 report on Monday, July 15th. Finally, Deutsche Bank Aktiengesellschaft upped their price objective on shares of 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. Six research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $66.59.

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.