Thoroughbred Financial Services LLC Invests $352,000 in The Bank of New York Mellon Co. (NYSE:BK)

Thoroughbred Financial Services LLC purchased a new stake in shares of The Bank of New York Mellon Co. (NYSE:BK) in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm purchased 5,880 shares of the bank’s stock, valued at approximately $352,000.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Parallel Advisors LLC grew its holdings in Bank of New York Mellon by 6.6% during the 2nd quarter. Parallel Advisors LLC now owns 12,012 shares of the bank’s stock worth $719,000 after acquiring an additional 740 shares during the last quarter. Federated Hermes Inc. grew its stake in shares of Bank of New York Mellon by 11.1% during the second quarter. Federated Hermes Inc. now owns 1,199,589 shares of the bank’s stock valued at $71,843,000 after purchasing an additional 120,302 shares during the last quarter. Pinkerton Retirement Specialists LLC increased its holdings in shares of Bank of New York Mellon by 7.0% in the second quarter. Pinkerton Retirement Specialists LLC now owns 59,409 shares of the bank’s stock valued at $3,558,000 after purchasing an additional 3,876 shares in the last quarter. Meeder Advisory Services Inc. raised its position in Bank of New York Mellon by 33.0% in the 2nd quarter. Meeder Advisory Services Inc. now owns 17,688 shares of the bank’s stock worth $1,059,000 after purchasing an additional 4,393 shares during the last quarter. Finally, DekaBank Deutsche Girozentrale lifted its holdings in Bank of New York Mellon by 2.7% during the 2nd quarter. DekaBank Deutsche Girozentrale now owns 269,386 shares of the bank’s stock worth $15,987,000 after buying an additional 7,025 shares in the last quarter. 85.31% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on BK shares. Deutsche Bank Aktiengesellschaft upped their price target on Bank of New York Mellon from $63.00 to $66.00 and gave the company a “hold” rating in a research note on Thursday, August 15th. Citigroup lowered shares of Bank of New York Mellon from a “buy” rating to a “neutral” rating and set a $65.00 target price on the stock. in a research note on Monday, July 15th. Evercore ISI boosted their price target 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 note on Monday, July 15th. Barclays raised their price objective on shares of Bank of New York Mellon from $68.00 to $75.00 and gave the company an “overweight” rating in a research note on Monday, July 15th. Finally, Keefe, Bruyette & Woods reiterated an “outperform” rating and set a $75.00 target price (up previously from $70.00) on shares of Bank of New York Mellon 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.com, Bank of New York Mellon currently has a consensus rating of “Moderate Buy” and a consensus target price of $66.14.

Insider Activity at Bank of New York Mellon

In other Bank of New York Mellon news, 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 sale, the vice president now owns 173,930 shares of the company’s stock, valued at approximately $11,150,652.30. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 0.14% of the stock is currently owned by insiders.

Bank of New York Mellon Stock Performance

BK stock opened at $70.53 on Tuesday. The Bank of New York Mellon Co. has a 1-year low of $39.66 and a 1-year high of $70.61. The company has a current ratio of 0.70, a quick ratio of 0.70 and a debt-to-equity ratio of 0.85. The firm has a market cap of $52.05 billion, a PE ratio of 16.33, a P/E/G ratio of 1.17 and a beta of 1.08. The business’s 50-day moving average price is $65.21 and its two-hundred day moving average price is $60.27.

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 the consensus estimate of $1.43 by $0.08. The business had revenue of $4.60 billion during the quarter, compared to analyst estimates of $4.53 billion. Bank of New York Mellon had a return on equity of 11.87% and a net margin of 9.40%. Bank of New York Mellon’s quarterly revenue was up 2.1% compared to the same quarter last year. During the same period in the previous year, the firm earned $1.38 EPS. As a group, research analysts forecast that The Bank of New York Mellon Co. will post 5.63 earnings per share for the current year.

Bank of New York Mellon Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, August 2nd. Investors of record on Monday, July 22nd were issued a dividend of $0.47 per share. This represents a $1.88 dividend on an annualized basis and a dividend yield of 2.67%. This is a positive change from Bank of New York Mellon’s previous quarterly dividend of $0.42. The ex-dividend date of this dividend was Monday, July 22nd. Bank of New York Mellon’s dividend payout ratio (DPR) is presently 43.52%.

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.