The Bank of New York Mellon Co. (NYSE:BK) Shares Acquired by Allegheny Financial Group LTD

Allegheny Financial Group LTD boosted its position in The Bank of New York Mellon Co. (NYSE:BK) by 3.3% during the 2nd quarter, Holdings Channel reports. The fund owned 11,436 shares of the bank’s stock after acquiring an additional 368 shares during the quarter. Allegheny Financial Group LTD’s holdings in Bank of New York Mellon were worth $685,000 as of its most recent SEC filing.

A number of other institutional investors also recently added to or reduced their stakes in the company. Commerzbank Aktiengesellschaft FI increased its holdings in shares of Bank of New York Mellon by 4.5% in the 2nd quarter. Commerzbank Aktiengesellschaft FI now owns 3,847 shares of the bank’s stock valued at $231,000 after acquiring an additional 165 shares during the last quarter. Greenleaf Trust increased its stake in Bank of New York Mellon by 0.7% in the first quarter. Greenleaf Trust now owns 28,349 shares of the bank’s stock valued at $1,633,000 after purchasing an additional 187 shares during the last quarter. 1858 Wealth Management LLC increased its stake in Bank of New York Mellon by 4.0% in the second quarter. 1858 Wealth Management LLC now owns 4,866 shares of the bank’s stock valued at $291,000 after purchasing an additional 188 shares during the last quarter. Semmax Financial Advisors Inc. raised its holdings in Bank of New York Mellon by 1.9% during the first quarter. Semmax Financial Advisors Inc. now owns 10,214 shares of the bank’s stock worth $591,000 after purchasing an additional 189 shares in the last quarter. Finally, Vivaldi Capital Management LP lifted its position in shares of Bank of New York Mellon by 3.3% during the 4th quarter. Vivaldi Capital Management LP now owns 6,015 shares of the bank’s stock worth $324,000 after buying an additional 192 shares during the last quarter. Hedge funds and other institutional investors own 85.31% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on BK shares. Citigroup lowered shares of Bank of New York Mellon from a “buy” rating to a “neutral” rating and set a $65.00 price target on the stock. in a research note on Monday, July 15th. Deutsche Bank Aktiengesellschaft lifted their target price on Bank of New York Mellon from $63.00 to $66.00 and gave the stock a “hold” rating in a research report 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. Keefe, Bruyette & Woods reaffirmed an “outperform” rating and set a $75.00 price target (up previously from $70.00) on shares of Bank of New York Mellon in a research report on Monday, July 15th. Finally, Evercore ISI boosted their price objective on Bank of New York Mellon from $61.00 to $66.00 and gave the company an “in-line” rating in a research note 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. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $66.14.

Bank of New York Mellon Price Performance

Bank of New York Mellon stock opened at $68.20 on Tuesday. The business has a 50 day simple moving average of $63.53 and a 200-day simple moving average of $59.37. The Bank of New York Mellon Co. has a 12 month low of $39.66 and a 12 month high of $68.37. The company has a debt-to-equity ratio of 0.85, a current ratio of 0.70 and a quick ratio of 0.70. The stock has a market capitalization of $50.33 billion, a PE ratio of 15.79, a price-to-earnings-growth ratio of 1.18 and a beta of 1.09.

Bank of New York Mellon (NYSE:BK) last released 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. The company had revenue of $4.60 billion during the quarter, compared to analysts’ expectations of $4.53 billion. Bank of New York Mellon had a net margin of 9.40% and a return on equity of 11.87%. The business’s revenue was up 2.1% on a year-over-year basis. During the same quarter last year, the business earned $1.38 EPS. Equities analysts predict that The Bank of New York Mellon Co. will post 5.63 earnings per share for the current year.

Bank of New York Mellon Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, August 2nd. Stockholders of record on Monday, July 22nd were paid a dividend of $0.47 per share. This represents a $1.88 dividend on an annualized basis and a dividend yield of 2.76%. This is an increase from Bank of New York Mellon’s previous quarterly dividend of $0.42. The ex-dividend date was Monday, July 22nd. Bank of New York Mellon’s dividend payout ratio is 43.52%.

Insider Activity

In other Bank of New York Mellon news, VP Hanneke Smits sold 15,000 shares of the business’s stock in a transaction on 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 in the company, valued at approximately $11,150,652.30. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 0.14% of the company’s stock.

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.