Boston Research & Management Inc. Has $5.58 Million Stake in The Bank of New York Mellon Co. (NYSE:BK)

Boston Research & Management Inc. decreased its position in The Bank of New York Mellon Co. (NYSE:BK) by 1.4% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 93,161 shares of the bank’s stock after selling 1,295 shares during the period. Bank of New York Mellon makes up 1.4% of Boston Research & Management Inc.’s holdings, making the stock its 26th biggest holding. Boston Research & Management Inc.’s holdings in Bank of New York Mellon were worth $5,579,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Skandinaviska Enskilda Banken AB publ raised its stake in Bank of New York Mellon by 5.3% during the 2nd quarter. Skandinaviska Enskilda Banken AB publ now owns 669,889 shares of the bank’s stock worth $40,120,000 after buying an additional 33,833 shares during the period. AE Wealth Management LLC increased its holdings in shares of Bank of New York Mellon by 10.1% during the second quarter. AE Wealth Management LLC now owns 16,792 shares of the bank’s stock valued at $1,006,000 after acquiring an additional 1,535 shares in the last quarter. Promethos Capital LLC acquired a new position in shares of Bank of New York Mellon during the second quarter worth approximately $3,383,000. GM Advisory Group LLC bought a new position in shares of Bank of New York Mellon in the 2nd quarter worth $232,000. Finally, Intech Investment Management LLC grew its position in Bank of New York Mellon by 72.8% in the 2nd quarter. Intech Investment Management LLC now owns 160,210 shares of the bank’s stock valued at $9,595,000 after purchasing an additional 67,473 shares during the period. 85.31% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several research firms have weighed in on BK. Keefe, Bruyette & Woods restated an “outperform” rating and set a $75.00 price objective (up previously from $70.00) on shares of Bank of New York Mellon in a report on Monday, July 15th. Evercore ISI lifted their price target on Bank of New York Mellon from $61.00 to $66.00 and gave the company an “in-line” rating in a research note on Monday, July 15th. Barclays increased their price objective on 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 target on Bank of New York Mellon from $65.00 to $72.00 and gave the stock an “equal weight” rating in a report on Tuesday, July 30th. Finally, Citigroup increased their target price on shares of Bank of New York Mellon from $65.00 to $70.00 and gave the company a “neutral” rating in a report on Thursday. Six equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $66.59.

Bank of New York Mellon Stock Up 0.1 %

BK opened at $71.82 on Friday. The company’s 50-day moving average price is $65.98 and its two-hundred day moving average price is $60.65. The company has a quick ratio of 0.70, a current ratio of 0.70 and a debt-to-equity ratio of 0.85. The Bank of New York Mellon Co. has a twelve month low of $39.66 and a twelve month high of $71.96. The stock has a market cap of $53.71 billion, a price-to-earnings ratio of 16.63, a PEG ratio of 1.17 and a beta of 1.08.

Bank of New York Mellon (NYSE:BK) last released its quarterly earnings data on Friday, July 12th. The bank reported $1.51 earnings per share for the quarter, beating 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%. Bank of New York Mellon’s revenue was up 2.1% compared to the same quarter last year. During the same period in the previous year, the business earned $1.38 EPS. As a group, equities analysts expect 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 announced 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. This represents a $1.88 dividend on an annualized basis and a yield of 2.62%. 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. Bank of New York Mellon’s payout ratio is presently 43.52%.

Insider Activity at Bank of New York Mellon

In other news, VP Hanneke Smits sold 15,000 shares of the company’s 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 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 document filed with the Securities & Exchange Commission, which is available through the SEC website. 0.14% of the stock is owned by insiders.

Bank of New York Mellon 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.