LRI Investments LLC Increases Stock Holdings in The Bank of New York Mellon Co. (NYSE:BK)

by · The Cerbat Gem

LRI Investments LLC increased its position in The Bank of New York Mellon Co. (NYSE:BK – Free Report) by 746.5% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 1,219 shares of the bank’s stock after acquiring an additional 1,075 shares during the quarter. LRI Investments LLC’s holdings in Bank of New York Mellon were worth $73,000 at the end of the most recent quarter.

Other hedge funds also recently bought and sold shares of the company. Commerzbank Aktiengesellschaft FI increased its stake in Bank of New York Mellon by 4.5% in the 2nd quarter. Commerzbank Aktiengesellschaft FI now owns 3,847 shares of the bank’s stock worth $231,000 after acquiring an additional 165 shares during the last quarter. Greenleaf Trust raised its stake in Bank of New York Mellon by 0.7% in the first quarter. Greenleaf Trust now owns 28,349 shares of the bank’s stock valued at $1,633,000 after purchasing an additional 187 shares in the last quarter. 1858 Wealth Management LLC raised its stake in Bank of New York Mellon by 4.0% in the second quarter. 1858 Wealth Management LLC now owns 4,866 shares of the bank’s stock valued at $291,000 after purchasing an additional 188 shares in the last quarter. Semmax Financial Advisors Inc. lifted its position in Bank of New York Mellon by 1.9% during the first quarter. Semmax Financial Advisors Inc. now owns 10,214 shares of the bank’s stock valued at $591,000 after purchasing an additional 189 shares during the last quarter. Finally, Vivaldi Capital Management LP grew its stake in Bank of New York Mellon by 3.3% in the 4th quarter. Vivaldi Capital Management LP now owns 6,015 shares of the bank’s stock worth $324,000 after buying an additional 192 shares in the last quarter. Hedge funds and other institutional investors own 85.31% of the company’s stock.

Bank of New York Mellon Stock Up 1.4 %

BK stock traded up $0.91 on Friday, reaching $66.40. 2,747,238 shares of the company traded hands, compared to its average volume of 3,831,891. The firm has a fifty day simple moving average of $62.49 and a 200-day simple moving average of $58.79. The company has a market cap of $49.65 billion, a P/E ratio of 15.37, a price-to-earnings-growth ratio of 1.14 and a beta of 1.09. The Bank of New York Mellon Co. has a one year low of $39.66 and a one year high of $66.53. The company has a debt-to-equity ratio of 0.85, a current ratio of 0.70 and a quick ratio of 0.71.

Bank of New York Mellon (NYSE:BK – Get Free Report) last announced its quarterly earnings data on Friday, July 12th. The bank reported $1.51 EPS for the quarter, beating the consensus estimate of $1.43 by $0.08. The company had revenue of $4.60 billion for the quarter, compared to the consensus estimate of $4.53 billion. Bank of New York Mellon had a net margin of 9.40% and a return on equity of 11.87%. Bank of New York Mellon’s revenue for the quarter was up 2.1% on a year-over-year basis. During the same period in the prior year, the firm posted $1.38 EPS. Research analysts anticipate that The Bank of New York Mellon Co. will post 5.6 earnings per share for the current year.

Bank of New York Mellon Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, August 2nd. Investors of record on Monday, July 22nd were given a dividend of $0.47 per share. The ex-dividend date of this dividend was 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 dividend yield of 2.83%. Bank of New York Mellon’s dividend payout ratio (DPR) is 43.52%.

Analyst Ratings Changes

A number of equities analysts have recently issued reports on the company. Deutsche Bank Aktiengesellschaft upped their price objective on Bank of New York Mellon from $63.00 to $66.00 and gave the stock a “hold” rating in a report on Thursday, August 15th. Keefe, Bruyette & Woods reiterated an “outperform” rating and set 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. Barclays lifted their price target on shares of Bank of New York Mellon from $68.00 to $75.00 and gave the stock an “overweight” rating in a research note on Monday, July 15th. Morgan Stanley upped their price objective on shares of Bank of New York Mellon from $65.00 to $72.00 and gave the company an “equal weight” rating in a research note on Tuesday, July 30th. Finally, Evercore ISI lifted 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 research report on Monday, July 15th. Six equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $66.14.

Get Our Latest Report on Bank of New York Mellon

Insider Buying and Selling

In other news, VP Hanneke Smits sold 15,000 shares of the business’s stock in a transaction that occurred on Thursday, July 18th. The shares were sold at an average price of $64.11, for a total transaction of $961,650.00. Following the completion of the transaction, the vice president now directly owns 173,930 shares of the company’s stock, valued at $11,150,652.30. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.14% of the stock is owned by corporate insiders.

Bank of New York Mellon 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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