Linscomb Wealth Inc. Acquires New Shares in The Bank of New York Mellon Co. (NYSE:BK)

Linscomb Wealth Inc. bought a new position in shares of The Bank of New York Mellon Co. (NYSE:BK) during the 3rd quarter, HoldingsChannel reports. The firm bought 2,837 shares of the bank’s stock, valued at approximately $204,000.

A number of other large investors have also recently made changes to their positions in BK. Marshall Wace LLP grew its stake in Bank of New York Mellon by 99.4% during the second quarter. Marshall Wace LLP now owns 2,631,213 shares of the bank’s stock valued at $157,583,000 after acquiring an additional 1,311,969 shares in the last quarter. Panagora Asset Management Inc. raised its position in shares of Bank of New York Mellon by 6,040.9% in the second quarter. Panagora Asset Management Inc. now owns 1,037,806 shares of the bank’s stock worth $62,154,000 after buying an additional 1,020,906 shares in the last quarter. Swedbank AB bought a new stake in Bank of New York Mellon during the first quarter valued at $35,514,000. BNP PARIBAS ASSET MANAGEMENT Holding S.A. boosted its stake in Bank of New York Mellon by 89.5% during the second quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 1,216,146 shares of the bank’s stock valued at $72,835,000 after buying an additional 574,319 shares during the period. Finally, Canada Pension Plan Investment Board grew its position in Bank of New York Mellon by 69.7% during the first quarter. Canada Pension Plan Investment Board now owns 1,397,589 shares of the bank’s stock worth $80,529,000 after buying an additional 574,185 shares in the last quarter. 85.31% of the stock is owned by institutional investors.

Bank of New York Mellon Stock Up 0.9 %

Shares of Bank of New York Mellon stock opened at $78.29 on Friday. The company has a debt-to-equity ratio of 0.89, a quick ratio of 0.70 and a current ratio of 0.70. The Bank of New York Mellon Co. has a 52-week low of $46.04 and a 52-week high of $80.29. The company’s 50 day moving average price is $73.99 and its 200-day moving average price is $65.89. The stock has a market capitalization of $56.92 billion, a price-to-earnings ratio of 17.02, a P/E/G ratio of 0.89 and a beta of 1.07.

Bank of New York Mellon (NYSE:BK) last announced its quarterly earnings results on Friday, October 11th. The bank reported $1.52 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.41 by $0.11. The business had revenue of $4.65 billion for the quarter, compared to analyst estimates of $4.52 billion. Bank of New York Mellon had a net margin of 9.44% and a return on equity of 12.06%. Equities research analysts forecast that The Bank of New York Mellon Co. will post 5.82 EPS for the current year.

Bank of New York Mellon Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, November 1st. Shareholders of record on Monday, October 21st were given a dividend of $0.47 per share. This represents a $1.88 dividend on an annualized basis and a yield of 2.40%. The ex-dividend date was Monday, October 21st. Bank of New York Mellon’s payout ratio is 40.87%.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on BK shares. Evercore ISI lifted their price target on Bank of New York Mellon from $66.00 to $77.00 and gave the company an “in-line” rating in a research report on Monday, October 14th. Barclays boosted their price target on shares of Bank of New York Mellon from $75.00 to $86.00 and gave the stock an “overweight” rating in a research note on Monday, October 14th. Citigroup increased their price target on shares of Bank of New York Mellon from $65.00 to $70.00 and gave the stock a “neutral” rating in a 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 stock a “buy” rating in a research report on Tuesday, October 8th. Finally, JPMorgan Chase & Co. raised their price target on Bank of New York Mellon from $69.00 to $77.00 and gave the company an “overweight” rating in a research report on Monday, October 7th. Six research analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Bank of New York Mellon currently has a consensus rating of “Moderate Buy” and a consensus price target of $77.23.

Insiders Place Their Bets

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