1832 Asset Management L.P. Purchases 1,423 Shares of The Bank of New York Mellon Co. (NYSE:BK)

1832 Asset Management L.P. raised its position in The Bank of New York Mellon Co. (NYSE:BK) by 3.1% during the 1st quarter, according to its most recent filing with the SEC. The institutional investor owned 47,120 shares of the bank’s stock after acquiring an additional 1,423 shares during the period. 1832 Asset Management L.P.’s holdings in Bank of New York Mellon were worth $2,715,000 as of its most recent filing with the SEC.

Other large investors have also recently bought and sold shares of the company. Canada Pension Plan Investment Board grew its holdings in shares of Bank of New York Mellon by 69.7% in the 1st quarter. Canada Pension Plan Investment Board now owns 1,397,589 shares of the bank’s stock valued at $80,529,000 after acquiring an additional 574,185 shares in the last quarter. Toronto Dominion Bank grew its stake in Bank of New York Mellon by 0.7% in the first quarter. Toronto Dominion Bank now owns 465,478 shares of the bank’s stock valued at $26,821,000 after purchasing an additional 3,376 shares in the last quarter. Advisors Asset Management Inc. increased its position in shares of Bank of New York Mellon by 63.7% during the 1st quarter. Advisors Asset Management Inc. now owns 35,405 shares of the bank’s stock worth $2,040,000 after purchasing an additional 13,778 shares during the last quarter. Element Pointe Advisors LLC acquired a new position in shares of Bank of New York Mellon during the 1st quarter worth approximately $1,468,000. Finally, CreativeOne Wealth LLC raised its stake in shares of Bank of New York Mellon by 46.9% during the 1st quarter. CreativeOne Wealth LLC now owns 7,254 shares of the bank’s stock worth $418,000 after purchasing an additional 2,315 shares in the last quarter. Institutional investors and hedge funds own 85.31% of the company’s stock.

Insider Activity

In related news, VP Hanneke Smits sold 15,000 shares of the business’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 of the company’s stock, valued at $11,150,652.30. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other Bank of New York Mellon news, VP Senthilkumar Santhanakrishnan sold 15,643 shares of the firm’s stock in a transaction on Wednesday, May 8th. The stock was sold at an average price of $57.65, for a total value of $901,818.95. Following the sale, the vice president now owns 144,721 shares of the company’s stock, valued at approximately $8,343,165.65. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, VP Hanneke Smits sold 15,000 shares of Bank of New York Mellon stock in a transaction on Thursday, July 18th. The shares were 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 approximately $11,150,652.30. The disclosure for this sale can be found here. In the last three months, insiders sold 36,858 shares of company stock worth $2,223,504. 0.14% of the stock is currently owned by company insiders.

Bank of New York Mellon Stock Performance

Shares of BK traded up $0.54 during midday trading on Friday, reaching $65.35. 3,898,661 shares of the stock were exchanged, compared to its average volume of 4,424,193. The stock’s 50 day simple moving average is $60.39 and its 200 day simple moving average is $57.52. The company has a market cap of $48.87 billion, a P/E ratio of 15.13, a PEG ratio of 1.15 and a beta of 1.09. The Bank of New York Mellon Co. has a twelve month low of $39.66 and a twelve month high of $65.90. The company has a quick ratio of 0.71, a current ratio of 0.70 and a debt-to-equity ratio of 0.85.

Bank of New York Mellon (NYSE:BK) last issued its quarterly earnings data on Friday, July 12th. The bank reported $1.51 earnings per share for the quarter, topping the consensus estimate 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 analysts’ expectations of $4.53 billion. During the same quarter in the previous year, the company earned $1.38 EPS. The business’s revenue was up 2.1% on a year-over-year basis. On average, sell-side analysts expect 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 business also recently disclosed a quarterly dividend, which will be paid on Friday, August 2nd. Shareholders of record on Monday, July 22nd will be issued a $0.47 dividend. The ex-dividend date of this dividend is Monday, July 22nd. 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 yield of 2.88%. Bank of New York Mellon’s payout ratio is currently 43.52%.

Analyst Ratings Changes

A number of brokerages recently weighed in on BK. Evercore ISI boosted their target price on shares of Bank of New York Mellon from $61.00 to $66.00 and gave the stock an “in-line” rating in a report on Monday, July 15th. Bank of America boosted their price objective on shares of Bank of New York Mellon from $64.00 to $66.00 and gave the stock a “buy” rating in a research note on Wednesday, April 17th. 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 report on Monday, July 15th. Barclays upped their price objective on Bank of New York Mellon from $68.00 to $75.00 and gave the company an “overweight” rating in a research note on Monday, July 15th. Finally, Morgan Stanley lifted their target price on Bank of New York Mellon from $63.00 to $65.00 and gave the stock an “equal weight” rating in a research note on Monday, July 15th. Six investment analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. According to MarketBeat, Bank of New York Mellon has a consensus rating of “Moderate Buy” and an average target price of $65.23.

Bank of New York Mellon Company 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.