Promethos Capital LLC Takes $3.38 Million Position in The Bank of New York Mellon Co. (NYSE:BK)

Promethos Capital LLC acquired a new position in The Bank of New York Mellon Co. (NYSE:BK) in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund acquired 56,485 shares of the bank’s stock, valued at approximately $3,383,000.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the business. Olistico Wealth LLC purchased a new position in shares of Bank of New York Mellon in the second quarter worth $30,000. Able Wealth Management LLC purchased a new position in Bank of New York Mellon in the 4th quarter worth about $32,000. Kathleen S. Wright Associates Inc. purchased a new position in Bank of New York Mellon in the 1st quarter worth about $32,000. Clearstead Trust LLC bought a new position in Bank of New York Mellon during the 2nd quarter valued at about $32,000. Finally, Family Firm Inc. bought a new stake in shares of Bank of New York Mellon in the second quarter worth approximately $40,000. 85.31% of the stock is owned by institutional investors.

Insider Activity

In other Bank of New York Mellon news, VP Hanneke Smits sold 15,000 shares of the company’s stock in a transaction that occurred on 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 transaction, the vice president now directly owns 173,930 shares in the company, valued at approximately $11,150,652.30. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 0.14% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts recently weighed in on the stock. Deutsche Bank Aktiengesellschaft increased their price objective on shares of Bank of New York Mellon from $63.00 to $66.00 and gave the company a “hold” rating in a research report on Thursday, August 15th. Morgan Stanley raised their price target on Bank of New York Mellon from $65.00 to $72.00 and gave the stock an “equal weight” rating in a research note on Tuesday, July 30th. Citigroup upped their price objective on Bank of New York Mellon from $65.00 to $70.00 and gave the company a “neutral” rating in a research report on Thursday. Barclays raised their target price on Bank of New York Mellon from $68.00 to $75.00 and gave the stock an “overweight” rating in a research report on Monday, July 15th. Finally, Evercore ISI upped their price target on shares of Bank of New York Mellon from $61.00 to $66.00 and gave the company 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 assigned a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $66.59.

Bank of New York Mellon Trading Up 0.9 %

Shares of NYSE:BK opened at $71.71 on Friday. The stock has a 50 day moving average of $65.83 and a 200 day moving average of $60.53. The company has a market cap of $53.63 billion, a PE ratio of 16.60, a price-to-earnings-growth ratio of 1.17 and a beta of 1.08. The Bank of New York Mellon Co. has a 12-month low of $39.66 and a 12-month high of $71.92. The company has a current ratio of 0.70, a quick ratio of 0.70 and a debt-to-equity ratio of 0.85.

Bank of New York Mellon (NYSE:BK) last posted its quarterly earnings results on Friday, July 12th. The bank reported $1.51 earnings per share for the quarter, topping analysts’ consensus estimates 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 net margin of 9.40% and a return on equity of 11.87%. During the same period in the prior year, the business posted $1.38 earnings per share. The company’s revenue was up 2.1% on a year-over-year basis. As a group, equities research analysts expect that The Bank of New York Mellon Co. will post 5.63 EPS for the current year.

Bank of New York Mellon Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, August 2nd. Shareholders of record on Monday, July 22nd were issued a dividend of $0.47 per share. The ex-dividend date 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 dividend on an annualized basis and a yield of 2.62%. Bank of New York Mellon’s dividend payout ratio (DPR) is currently 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.