Cambridge Investment Research Advisors Inc. increased its stake in The Bank of New York Mellon Co. (NYSE:BK – Get Rating) by 14.6% in the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 71,009 shares of the bank's stock after purchasing an additional 9,048 shares during the period. Cambridge Investment Research Advisors Inc.'s holdings in Bank of New York Mellon were worth $2,962,000 as of its most recent filing with the Securities & Exchange Commission.
Other institutional investors also recently bought and sold shares of the company. Rockefeller Capital Management L.P. boosted its holdings in Bank of New York Mellon by 17.7% in the fourth quarter. Rockefeller Capital Management L.P. now owns 32,853 shares of the bank's stock valued at $1,907,000 after purchasing an additional 4,931 shares during the last quarter. Blair William & Co. IL boosted its holdings in Bank of New York Mellon by 3.4% in the fourth quarter. Blair William & Co. IL now owns 27,731 shares of the bank's stock valued at $1,611,000 after purchasing an additional 905 shares during the last quarter. LPL Financial LLC boosted its holdings in Bank of New York Mellon by 22.8% in the fourth quarter. LPL Financial LLC now owns 145,483 shares of the bank's stock valued at $8,450,000 after purchasing an additional 27,043 shares during the last quarter. LMR Partners LLP purchased a new stake in shares of Bank of New York Mellon during the 4th quarter worth about $401,000. Finally, Commerce Bank boosted its stake in shares of Bank of New York Mellon by 3.9% during the 4th quarter. Commerce Bank now owns 43,110 shares of the bank's stock worth $2,504,000 after acquiring an additional 1,599 shares in the last quarter. 83.00% of the stock is currently owned by institutional investors and hedge funds.
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Wall Street Analyst Weigh In
Several research firms have recently issued reports on BK. Wells Fargo & Company lowered their target price on shares of Bank of New York Mellon from $57.00 to $46.00 and set an "equal weight" rating on the stock in a research note on Friday, July 1st. Royal Bank of Canada lowered their target price on shares of Bank of New York Mellon from $56.00 to $49.00 and set a "sector perform" rating on the stock in a research note on Friday, July 1st. The Goldman Sachs Group lowered their target price on shares of Bank of New York Mellon from $51.50 to $45.00 and set a "neutral" rating on the stock in a research note on Wednesday, June 29th. Deutsche Bank Aktiengesellschaft lowered their target price on shares of Bank of New York Mellon from $46.00 to $44.00 and set a "hold" rating on the stock in a research note on Tuesday. Finally, Barclays set a $61.00 price target on shares of Bank of New York Mellon in a research note on Tuesday, July 19th. Eleven equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company's stock. Based on data from MarketBeat, the stock currently has an average rating of "Hold" and an average target price of $50.58.
Bank of New York Mellon Stock Up 1.7 %
BK stock opened at $39.59 on Thursday. The company has a market cap of $31.99 billion, a price-to-earnings ratio of 10.05, a PEG ratio of 1.56 and a beta of 1.11. The company has a current ratio of 0.67, a quick ratio of 0.67 and a debt-to-equity ratio of 0.78. The Bank of New York Mellon Co. has a 12 month low of $38.30 and a 12 month high of $64.63. The firm has a 50-day moving average of $42.88 and a two-hundred day moving average of $44.51.
Bank of New York Mellon (NYSE:BK – Get Rating) last released its quarterly earnings data on Friday, July 15th. The bank reported $1.03 EPS for the quarter, missing analysts' consensus estimates of $1.12 by ($0.09). The business had revenue of $4.25 billion during the quarter, compared to analyst estimates of $4.17 billion. Bank of New York Mellon had a net margin of 20.61% and a return on equity of 9.49%. The firm's revenue was up 7.4% on a year-over-year basis. During the same quarter in the previous year, the company posted $1.13 EPS. As a group, analysts forecast that The Bank of New York Mellon Co. will post 4.22 earnings per share 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 5th. Shareholders of record on Monday, July 25th were issued a $0.37 dividend. This is an increase from Bank of New York Mellon's previous quarterly dividend of $0.34. The ex-dividend date of this dividend was Friday, July 22nd. This represents a $1.48 dividend on an annualized basis and a yield of 3.74%. Bank of New York Mellon's dividend payout ratio is presently 37.56%.
Insider Transactions at Bank of New York Mellon
In other news, CEO Thomas P. Gibbons sold 105,062 shares of the firm's stock in a transaction that occurred on Monday, August 8th. The shares were sold at an average price of $43.24, for a total transaction of $4,542,880.88. Following the completion of the sale, the chief executive officer now owns 221,018 shares in the company, valued at approximately $9,556,818.32. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 0.08% of the company's stock.
About Bank of New York Mellon
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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, prime brokerage, and data analytics.
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