B. Riley Wealth Advisors Inc. Acquires 1,803 Shares of The Bank of New York Mellon Co. (NYSE:BK)

B. Riley Wealth Advisors Inc. boosted its holdings in shares of The Bank of New York Mellon Co. (NYSE:BK) by 13.7% during the 1st quarter, HoldingsChannel.com reports. The institutional investor owned 14,944 shares of the bank’s stock after acquiring an additional 1,803 shares during the quarter. B. Riley Wealth Advisors Inc.’s holdings in Bank of New York Mellon were worth $861,000 as of its most recent SEC filing.

Other hedge funds also recently bought and sold shares of the company. United Services Automobile Association boosted its stake in shares of Bank of New York Mellon by 6.9% in the fourth quarter. United Services Automobile Association now owns 25,447 shares of the bank’s stock worth $1,325,000 after buying an additional 1,640 shares during the last quarter. Entropy Technologies LP purchased a new position in Bank of New York Mellon during the first quarter worth approximately $1,027,000. QRG Capital Management Inc. boosted its holdings in Bank of New York Mellon by 6.9% in the 1st quarter. QRG Capital Management Inc. now owns 127,576 shares of the bank’s stock worth $7,351,000 after buying an additional 8,204 shares during the last quarter. Searle & CO. acquired a new position in Bank of New York Mellon in the 4th quarter valued at $234,000. Finally, Wakefield Asset Management LLLP purchased a new stake in shares of Bank of New York Mellon during the first quarter worth $3,740,000. Hedge funds and other institutional investors own 85.31% of the company’s stock.

Bank of New York Mellon Stock Down 1.2 %

Shares of NYSE:BK opened at $63.85 on Friday. The company has a quick ratio of 0.71, a current ratio of 0.70 and a debt-to-equity ratio of 0.85. The company has a market cap of $47.75 billion, a price-to-earnings ratio of 14.96, a PEG ratio of 1.16 and a beta of 1.09. The Bank of New York Mellon Co. has a fifty-two week low of $39.66 and a fifty-two week high of $65.90. The firm’s 50-day simple moving average is $60.87 and its 200-day simple moving average is $57.81.

Bank of New York Mellon (NYSE:BK) last posted its quarterly earnings results on Friday, July 12th. The bank reported $1.51 earnings per share for the quarter, beating analysts’ consensus estimates of $1.43 by $0.08. Bank of New York Mellon had a return on equity of 11.87% and a net margin of 9.40%. The firm had revenue of $4.60 billion for the quarter, compared to the consensus estimate of $4.53 billion. During the same period in the previous year, the business earned $1.38 earnings per share. The company’s revenue for the quarter was up 2.1% compared to the same quarter last year. As a group, equities research analysts predict that The Bank of New York Mellon Co. will post 5.58 earnings per share for the current year.

Bank of New York Mellon Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, August 2nd. Stockholders of record on Monday, July 22nd will be paid a dividend of $0.47 per share. This represents a $1.88 dividend on an annualized basis and a dividend yield of 2.94%. This is a boost from Bank of New York Mellon’s previous quarterly dividend of $0.42. The ex-dividend date is Monday, July 22nd. Bank of New York Mellon’s dividend payout ratio (DPR) is 43.52%.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on BK. Morgan Stanley upped their price objective on shares of Bank of New York Mellon from $65.00 to $72.00 and gave the company an “equal weight” rating in a research note on Tuesday. Jefferies Financial Group boosted their target price on shares of Bank of New York Mellon from $67.00 to $68.00 and gave the company a “buy” rating in a report on Thursday, April 18th. Deutsche Bank Aktiengesellschaft raised their price target on shares of Bank of New York Mellon from $61.00 to $63.00 and gave the stock a “hold” rating in a report on Monday, July 15th. Bank of America lifted their target price on Bank of New York Mellon from $64.00 to $66.00 and gave the company a “buy” rating in a research report on Wednesday, April 17th. Finally, Barclays boosted their price objective 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. Six equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat, Bank of New York Mellon presently has a consensus rating of “Moderate Buy” and an average target price of $65.86.

Insider Buying and Selling

In related news, insider Kurtis R. Kurimsky sold 6,215 shares of Bank of New York Mellon stock in a transaction dated Tuesday, May 7th. The stock was sold at an average price of $57.93, for a total transaction of $360,034.95. Following the completion of the sale, the insider now owns 24,346 shares in the company, valued at approximately $1,410,363.78. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. In other Bank of New York Mellon news, insider Kurtis R. Kurimsky sold 6,215 shares of Bank of New York Mellon stock in a transaction on Tuesday, May 7th. The shares were sold at an average price of $57.93, for a total value of $360,034.95. Following the transaction, the insider now owns 24,346 shares in the company, valued at approximately $1,410,363.78. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, VP Hanneke Smits sold 15,000 shares of the firm’s stock in a transaction dated Thursday, July 18th. The stock was sold at an average price of $64.11, for a total value of $961,650.00. Following the completion of the transaction, the vice president now owns 173,930 shares in the company, valued at $11,150,652.30. The disclosure for this sale can be found here. Insiders sold 36,858 shares of company stock worth $2,223,504 in the last ninety days. 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.