LRI Investments LLC Acquires 1,075 Shares of The Bank of New York Mellon Co. (NYSE:BK)

LRI Investments LLC raised its stake in shares of The Bank of New York Mellon Co. (NYSE:BK) by 746.5% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 1,219 shares of the bank’s stock after acquiring an additional 1,075 shares during the quarter. LRI Investments LLC’s holdings in Bank of New York Mellon were worth $73,000 at the end of the most recent reporting period.

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

Bank of New York Mellon Stock Performance

Shares of NYSE BK traded up $0.91 during trading on Friday, reaching $66.40. 2,747,238 shares of the company traded hands, compared to its average volume of 3,831,891. The stock has a market cap of $49.65 billion, a P/E ratio of 15.37, a PEG ratio of 1.14 and a beta of 1.09. The firm’s fifty day simple moving average is $62.49 and its 200 day simple moving average is $58.79. The company has a current ratio of 0.70, a quick ratio of 0.71 and a debt-to-equity ratio of 0.85. The Bank of New York Mellon Co. has a 12-month low of $39.66 and a 12-month high of $66.53.

Bank of New York Mellon (NYSE:BK) last posted 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. 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 analyst estimates of $4.53 billion. During the same period last year, the company earned $1.38 earnings per share. Bank of New York Mellon’s revenue for the quarter was up 2.1% compared to the same quarter last year. As a group, research analysts anticipate that The Bank of New York Mellon Co. will post 5.6 earnings per share 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. Investors of record on Monday, July 22nd were paid a $0.47 dividend. This is a boost from Bank of New York Mellon’s previous quarterly dividend of $0.42. This represents a $1.88 annualized dividend and a dividend yield of 2.83%. The ex-dividend date of this dividend was Monday, July 22nd. Bank of New York Mellon’s payout ratio is currently 43.52%.

Analyst Upgrades and Downgrades

BK has been the subject of several research analyst reports. Evercore ISI increased their price objective on shares of Bank of New York Mellon from $61.00 to $66.00 and gave the company an “in-line” rating in a research report on Monday, July 15th. Deutsche Bank Aktiengesellschaft lifted 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 research note on Thursday, August 15th. Barclays upped their target price on Bank of New York Mellon from $68.00 to $75.00 and gave the company an “overweight” rating in a research report on Monday, July 15th. Citigroup cut 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 research report on Monday, July 15th. Finally, Morgan Stanley increased their price objective on 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. Six research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $66.14.

Insider Buying and Selling

In other news, VP Hanneke Smits sold 15,000 shares of the stock in a transaction dated Thursday, July 18th. The shares were sold at an average price of $64.11, for a total transaction of $961,650.00. Following the sale, 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 filing with the SEC, which is available at this hyperlink. 0.14% of the stock is currently owned by insiders.

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.