Promethos Capital LLC Makes New Investment in The Bank of New York Mellon Co. (NYSE:BK)

Promethos Capital LLC bought a new stake in shares of The Bank of New York Mellon Co. (NYSE:BK) in the second quarter, Holdings Channel reports. The institutional investor bought 56,485 shares of the bank’s stock, valued at approximately $3,383,000.

Other institutional investors and hedge funds have also recently modified their holdings of the company. GM Advisory Group LLC bought a new position in shares of Bank of New York Mellon in the 2nd quarter valued at about $232,000. Intech Investment Management LLC lifted its stake in shares of Bank of New York Mellon by 72.8% in the 2nd quarter. Intech Investment Management LLC now owns 160,210 shares of the bank’s stock valued at $9,595,000 after purchasing an additional 67,473 shares during the last quarter. ProVise Management Group LLC boosted its holdings in shares of Bank of New York Mellon by 1.9% in the 2nd quarter. ProVise Management Group LLC now owns 100,696 shares of the bank’s stock worth $6,031,000 after purchasing an additional 1,893 shares during the period. XTX Topco Ltd increased its position in shares of Bank of New York Mellon by 95.7% during the 2nd quarter. XTX Topco Ltd now owns 25,427 shares of the bank’s stock valued at $1,523,000 after purchasing an additional 12,432 shares during the last quarter. Finally, Blair William & Co. IL raised its holdings in Bank of New York Mellon by 10.7% during the 2nd quarter. Blair William & Co. IL now owns 23,691 shares of the bank’s stock valued at $1,419,000 after buying an additional 2,298 shares during the period. 85.31% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

BK has been the subject of several recent analyst reports. Barclays lifted their price objective 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. Morgan Stanley lifted their price target on shares of Bank of New York Mellon from $65.00 to $72.00 and gave the stock an “equal weight” rating in a research note on Tuesday, July 30th. Evercore ISI increased their price objective 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 report on Monday, July 15th. Deutsche Bank Aktiengesellschaft boosted their target price on Bank of New York Mellon from $63.00 to $66.00 and gave the company a “hold” rating in a research report on Thursday, August 15th. Finally, Citigroup upped their target price on Bank of New York Mellon from $65.00 to $70.00 and gave the company a “neutral” rating in a research note on Thursday. Six equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $66.59.

Bank of New York Mellon Price Performance

NYSE BK opened at $71.71 on Friday. The company has a market cap of $53.63 billion, a PE ratio of 16.60, a P/E/G ratio of 1.17 and a beta of 1.08. 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 Bank of New York Mellon Co. has a 52-week low of $39.66 and a 52-week high of $71.92. The firm’s 50 day moving average price is $65.83 and its 200-day moving average price is $60.53.

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 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 business had revenue of $4.60 billion during the quarter, compared to the consensus estimate of $4.53 billion. During the same period in the previous year, the company posted $1.38 earnings per share. The firm’s revenue was up 2.1% on a year-over-year basis. Sell-side analysts forecast 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 company 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 represents a $1.88 annualized dividend and a 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%.

Insiders Place Their Bets

In other news, VP Hanneke Smits sold 15,000 shares of the 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 completion of the sale, the vice president now owns 173,930 shares in the company, valued at approximately $11,150,652.30. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Corporate insiders own 0.14% of the company’s stock.

Bank of New York Mellon 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.