The Bank of New York Mellon Co. (NYSE:BK) Stake Increased by SRN Advisors LLC

SRN Advisors LLC increased its position in shares of The Bank of New York Mellon Co. (NYSE:BK) by 8.2% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 23,000 shares of the bank’s stock after acquiring an additional 1,749 shares during the period. SRN Advisors LLC’s holdings in Bank of New York Mellon were worth $1,325,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also modified their holdings of BK. Vanguard Group Inc. increased its position in Bank of New York Mellon by 6.1% during the fourth quarter. Vanguard Group Inc. now owns 74,501,451 shares of the bank’s stock worth $3,877,801,000 after buying an additional 4,293,751 shares during the last quarter. Artisan Partners Limited Partnership grew its position in shares of Bank of New York Mellon by 0.7% in the fourth quarter. Artisan Partners Limited Partnership now owns 19,793,539 shares of the bank’s stock valued at $1,030,254,000 after purchasing an additional 144,162 shares during the last quarter. Norges Bank acquired a new stake in shares of Bank of New York Mellon in the fourth quarter valued at about $813,701,000. LSV Asset Management grew its position in shares of Bank of New York Mellon by 1.0% in the fourth quarter. LSV Asset Management now owns 7,372,209 shares of the bank’s stock valued at $383,723,000 after purchasing an additional 72,880 shares during the last quarter. Finally, Dimensional Fund Advisors LP grew its position in shares of Bank of New York Mellon by 3.4% in the fourth quarter. Dimensional Fund Advisors LP now owns 6,758,152 shares of the bank’s stock valued at $351,775,000 after purchasing an additional 223,867 shares during the last quarter. 85.31% of the stock is currently owned by hedge funds and other institutional investors.

Bank of New York Mellon Price Performance

Shares of NYSE BK traded down $1.52 during midday trading on Friday, reaching $63.12. 6,162,182 shares of the company traded hands, compared to its average volume of 4,774,799. The firm has a market cap of $47.20 billion, a PE ratio of 14.61, a PEG ratio of 1.14 and a beta of 1.09. The stock’s 50-day simple moving average is $60.95 and its 200-day simple moving average is $57.88. The Bank of New York Mellon Co. has a 12 month low of $39.66 and a 12 month high of $65.90. The company has a debt-to-equity ratio of 0.85, a quick ratio of 0.71 and a current ratio of 0.70.

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 (EPS) for the quarter, beating analysts’ consensus estimates 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 return on equity of 11.87% and a net margin of 9.40%. The business’s revenue was up 2.1% on a year-over-year basis. During the same period last year, the business earned $1.38 earnings per share. As a group, equities 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 firm also recently announced a quarterly dividend, which was paid on Friday, August 2nd. Stockholders of record on Monday, July 22nd were paid a $0.47 dividend. The ex-dividend date was Monday, July 22nd. This is a positive change from Bank of New York Mellon’s previous quarterly dividend of $0.42. This represents a $1.88 dividend on an annualized basis and a dividend yield of 2.98%. Bank of New York Mellon’s dividend payout ratio (DPR) is 43.52%.

Insider Activity

In related news, VP Senthilkumar Santhanakrishnan sold 15,643 shares of Bank of New York Mellon stock in a transaction dated Wednesday, May 8th. The stock was sold at an average price of $57.65, for a total value of $901,818.95. Following the completion of the sale, the vice president now directly owns 144,721 shares in the company, valued at $8,343,165.65. The sale was disclosed in a filing with the SEC, which is available through the SEC website. In related news, VP Senthilkumar Santhanakrishnan sold 15,643 shares of Bank of New York Mellon stock in a transaction dated Wednesday, May 8th. The stock was sold at an average price of $57.65, for a total value of $901,818.95. Following the completion of the sale, the vice president now directly owns 144,721 shares in the company, valued at $8,343,165.65. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, VP Hanneke Smits sold 15,000 shares of Bank of New York Mellon 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 sale, the vice president now owns 173,930 shares of the company’s stock, valued at $11,150,652.30. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 36,858 shares of company stock worth $2,223,504. 0.14% of the stock is owned by corporate insiders.

Analyst Ratings Changes

BK has been the topic of several research analyst reports. Bank of America raised their price target on Bank of New York Mellon from $64.00 to $66.00 and gave the company a “buy” rating in a research report on Wednesday, April 17th. Citigroup downgraded 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 report on Monday, July 15th. Keefe, Bruyette & Woods reaffirmed an “outperform” rating and issued a $75.00 price target (up from $70.00) on shares of Bank of New York Mellon in a research report on Monday, July 15th. Jefferies Financial Group lifted their target price on Bank of New York Mellon from $67.00 to $68.00 and gave the stock a “buy” rating in a research report on Thursday, April 18th. Finally, Evercore ISI lifted their target price on Bank of New York Mellon from $61.00 to $66.00 and gave the stock an “in-line” rating in a research report on Monday, July 15th. Six investment analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $65.86.

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.