HighTower Advisors LLC Increases Stock Position in The Bank of New York Mellon Co. (NYSE:BK)

HighTower Advisors LLC lifted its stake in shares of The Bank of New York Mellon Co. (NYSE:BKFree Report) by 9.5% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 363,796 shares of the bank’s stock after acquiring an additional 31,444 shares during the quarter. HighTower Advisors LLC’s holdings in Bank of New York Mellon were worth $15,503,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in BK. Nemes Rush Group LLC purchased a new position in Bank of New York Mellon in the 2nd quarter worth approximately $27,000. Brown Brothers Harriman & Co. lifted its holdings in Bank of New York Mellon by 97.1% in the 1st quarter. Brown Brothers Harriman & Co. now owns 609 shares of the bank’s stock worth $30,000 after purchasing an additional 300 shares in the last quarter. Sunbelt Securities Inc. purchased a new position in Bank of New York Mellon in the 1st quarter worth approximately $36,000. Addison Advisors LLC lifted its holdings in Bank of New York Mellon by 603.2% in the 3rd quarter. Addison Advisors LLC now owns 879 shares of the bank’s stock worth $37,000 after purchasing an additional 754 shares in the last quarter. Finally, First Command Advisory Services Inc. purchased a new position in Bank of New York Mellon in the 3rd quarter worth approximately $38,000. 81.29% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on the company. UBS Group boosted their target price on Bank of New York Mellon from $54.00 to $62.00 and gave the company a “buy” rating in a research report on Tuesday, January 9th. Morgan Stanley raised Bank of New York Mellon from an “underweight” rating to an “equal weight” rating and boosted their target price for the company from $52.00 to $62.00 in a research report on Tuesday, January 30th. Finally, JPMorgan Chase & Co. raised Bank of New York Mellon from a “neutral” rating to an “overweight” rating and set a $54.50 target price on the stock in a research report on Monday, December 18th. Six analysts have rated the stock with a hold rating and two have issued a buy rating to the company. Based on data from MarketBeat, Bank of New York Mellon has a consensus rating of “Hold” and a consensus target price of $53.75.

Check Out Our Latest Stock Analysis on Bank of New York Mellon

Bank of New York Mellon Price Performance

BK opened at $55.62 on Tuesday. The stock’s 50-day moving average price is $53.00 and its 200 day moving average price is $47.41. The Bank of New York Mellon Co. has a 12-month low of $39.65 and a 12-month high of $56.42. The company has a current ratio of 0.72, a quick ratio of 0.71 and a debt-to-equity ratio of 0.87. The firm has a market cap of $42.78 billion, a price-to-earnings ratio of 14.01, a PEG ratio of 1.14 and a beta of 1.12.

Bank of New York Mellon (NYSE:BKGet Free Report) last issued its quarterly earnings results on Friday, January 12th. The bank reported $1.28 earnings per share for the quarter, topping the consensus estimate of $1.12 by $0.16. Bank of New York Mellon had a return on equity of 11.62% and a net margin of 10.01%. The company had revenue of $4.31 billion for the quarter, compared to the consensus estimate of $4.30 billion. During the same quarter in the prior year, the business earned $1.30 EPS. Bank of New York Mellon’s revenue was up 10.0% on a year-over-year basis. As a group, sell-side analysts expect that The Bank of New York Mellon Co. will post 5.23 earnings per share for the current year.

Bank of New York Mellon Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, February 2nd. Stockholders of record on Monday, January 22nd were issued a $0.42 dividend. This represents a $1.68 dividend on an annualized basis and a dividend yield of 3.02%. The ex-dividend date was Friday, January 19th. Bank of New York Mellon’s payout ratio is currently 42.32%.

Insider Transactions at Bank of New York Mellon

In other Bank of New York Mellon news, VP Hanneke Smits sold 15,425 shares of the business’s stock in a transaction on Tuesday, January 16th. The shares were sold at an average price of $55.16, for a total value of $850,843.00. Following the transaction, the vice president now directly owns 119,656 shares of the company’s stock, valued at approximately $6,600,224.96. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In other news, VP Hanneke Smits sold 15,425 shares of the company’s stock in a transaction on Tuesday, January 16th. The shares were sold at an average price of $55.16, for a total transaction of $850,843.00. Following the transaction, the vice president now directly owns 119,656 shares of the company’s stock, valued at approximately $6,600,224.96. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, VP Catherine Keating sold 4,498 shares of the company’s stock in a transaction on Thursday, February 8th. The stock was sold at an average price of $54.81, for a total transaction of $246,535.38. Following the transaction, the vice president now directly owns 123,490 shares in the company, valued at $6,768,486.90. The disclosure for this sale can be found here. Company insiders own 0.10% of the company’s stock.

Bank of New York Mellon Company Profile

(Free Report)

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.

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Institutional Ownership by Quarter for Bank of New York Mellon (NYSE:BK)

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