Studio Investment Management LLC Raises Holdings in The Bank of New York Mellon Co. (NYSE:BK)

Studio Investment Management LLC lifted its position in shares of The Bank of New York Mellon Co. (NYSE:BK) by 2.1% in the 3rd quarter, Holdings Channel.com reports. The firm owned 6,636 shares of the bank’s stock after purchasing an additional 134 shares during the period. Studio Investment Management LLC’s holdings in Bank of New York Mellon were worth $477,000 as of its most recent SEC filing.

A number of other institutional investors also recently bought and sold shares of BK. CFS Investment Advisory Services LLC acquired a new stake in Bank of New York Mellon during the third quarter worth approximately $221,000. Raymond James Trust N.A. raised its stake in Bank of New York Mellon by 0.3% during the 3rd quarter. Raymond James Trust N.A. now owns 218,016 shares of the bank’s stock worth $15,667,000 after acquiring an additional 700 shares in the last quarter. Eagle Asset Management Inc. lifted its position in Bank of New York Mellon by 2.7% in the third quarter. Eagle Asset Management Inc. now owns 138,153 shares of the bank’s stock valued at $10,646,000 after acquiring an additional 3,651 shares during the last quarter. Smithfield Trust Co boosted its stake in Bank of New York Mellon by 1.9% in the third quarter. Smithfield Trust Co now owns 147,786 shares of the bank’s stock valued at $10,619,000 after acquiring an additional 2,810 shares in the last quarter. Finally, Pacer Advisors Inc. increased its position in shares of Bank of New York Mellon by 119.1% during the third quarter. Pacer Advisors Inc. now owns 116,690 shares of the bank’s stock worth $8,385,000 after purchasing an additional 63,427 shares in the last quarter. 85.31% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on BK. Morgan Stanley upped their target price on Bank of New York Mellon from $72.00 to $78.00 and gave the company an “equal weight” rating in a research report on Monday, September 30th. Deutsche Bank Aktiengesellschaft raised their target price on shares of Bank of New York Mellon from $82.00 to $85.00 and gave the stock a “buy” rating in a research report on Monday, November 11th. Citigroup raised their price objective on shares of Bank of New York Mellon from $65.00 to $70.00 and gave the stock a “neutral” rating in a research report on Thursday, September 19th. UBS Group upped their target price on shares of Bank of New York Mellon from $73.00 to $82.00 and gave the company a “buy” rating in a report on Tuesday, October 8th. Finally, The Goldman Sachs Group raised their price target on Bank of New York Mellon from $74.00 to $80.00 and gave the stock a “buy” rating in a report on Thursday, September 26th. Five investment analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $77.23.

Bank of New York Mellon Price Performance

Bank of New York Mellon stock opened at $78.98 on Friday. The company has a market cap of $57.42 billion, a P/E ratio of 17.17, a price-to-earnings-growth ratio of 0.89 and a beta of 1.07. The Bank of New York Mellon Co. has a one year low of $46.71 and a one year high of $80.29. The business has a fifty day moving average of $74.80 and a two-hundred day moving average of $66.49. The company has a debt-to-equity ratio of 0.89, a quick ratio of 0.70 and a current ratio of 0.70.

Bank of New York Mellon (NYSE:BK) last announced its quarterly earnings data on Friday, October 11th. The bank reported $1.52 EPS for the quarter, beating the consensus estimate of $1.41 by $0.11. Bank of New York Mellon had a net margin of 9.44% and a return on equity of 12.06%. The firm had revenue of $4.65 billion during the quarter, compared to analysts’ expectations of $4.52 billion. As a group, analysts predict that The Bank of New York Mellon Co. will post 5.82 earnings per share for the current fiscal year.

Bank of New York Mellon Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, November 1st. Investors of record on Monday, October 21st were issued a $0.47 dividend. This represents a $1.88 dividend on an annualized basis and a dividend yield of 2.38%. The ex-dividend date of this dividend was Monday, October 21st. Bank of New York Mellon’s dividend payout ratio is currently 40.87%.

Insider Buying and Selling

In other Bank of New York Mellon news, VP Hanneke Smits sold 16,475 shares of the firm’s stock in a transaction on Tuesday, October 15th. The stock was sold at an average price of $76.47, for a total transaction of $1,259,843.25. Following the completion of the transaction, the vice president now owns 157,455 shares of the company’s stock, valued at approximately $12,040,583.85. This trade represents a 9.47 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, EVP J Kevin Mccarthy sold 25,000 shares of the stock in a transaction on Tuesday, October 15th. The shares were sold at an average price of $76.31, for a total value of $1,907,750.00. Following the sale, the executive vice president now directly owns 75,404 shares in the company, valued at approximately $5,754,079.24. The trade was a 24.90 % decrease in their position. The disclosure for this sale can be found here. 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.