Intech Investment Management LLC Grows Position in The Bank of New York Mellon Co. (NYSE:BK)

Intech Investment Management LLC increased its stake in shares of The Bank of New York Mellon Co. (NYSE:BK) by 72.8% in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 160,210 shares of the bank’s stock after acquiring an additional 67,473 shares during the quarter. Intech Investment Management LLC’s holdings in Bank of New York Mellon were worth $9,595,000 at the end of the most recent quarter.

Other institutional investors also recently bought and sold shares of the company. United Services Automobile Association increased its stake in Bank of New York Mellon by 6.9% in the 4th quarter. United Services Automobile Association now owns 25,447 shares of the bank’s stock worth $1,325,000 after acquiring an additional 1,640 shares during the last quarter. Entropy Technologies LP bought a new stake in Bank of New York Mellon in the first quarter worth $1,027,000. QRG Capital Management Inc. raised its stake in Bank of New York Mellon by 6.9% during the first quarter. QRG Capital Management Inc. now owns 127,576 shares of the bank’s stock valued at $7,351,000 after purchasing an additional 8,204 shares in the last quarter. Wakefield Asset Management LLLP purchased a new stake in Bank of New York Mellon during the first quarter valued at $3,740,000. Finally, Bessemer Group Inc. lifted its position in Bank of New York Mellon by 128.8% during the first quarter. Bessemer Group Inc. now owns 30,755 shares of the bank’s stock valued at $1,771,000 after purchasing an additional 17,312 shares during the last quarter. 85.31% of the stock is owned by hedge funds and other institutional investors.

Bank of New York Mellon Trading Up 0.1 %

NYSE BK opened at $71.82 on Friday. The stock has a market cap of $53.71 billion, a PE ratio of 16.63, a PEG 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 $71.96. The company’s 50-day moving average price is $65.98 and its 200-day moving average price is $60.65. 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 issued its earnings results on Friday, July 12th. The bank reported $1.51 EPS for the quarter, topping analysts’ consensus estimates of $1.43 by $0.08. The business 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%. The company’s revenue for the quarter was up 2.1% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.38 EPS. Equities 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 company also recently announced a quarterly dividend, which was paid on Friday, August 2nd. Shareholders of record on Monday, July 22nd were issued a $0.47 dividend. This represents a $1.88 annualized dividend and a dividend yield of 2.62%. This is a boost from Bank of New York Mellon’s previous quarterly dividend of $0.42. The ex-dividend date was Monday, July 22nd. Bank of New York Mellon’s dividend payout ratio is currently 43.52%.

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on BK. Citigroup boosted their target price on shares of Bank of New York Mellon from $65.00 to $70.00 and gave the stock a “neutral” rating in a report on Thursday. Deutsche Bank Aktiengesellschaft upped their price objective on 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. Keefe, Bruyette & Woods reiterated an “outperform” rating and issued a $75.00 target price (up previously from $70.00) on shares of Bank of New York Mellon in a report on Monday, July 15th. Barclays increased their price target on Bank of New York Mellon from $68.00 to $75.00 and gave the company an “overweight” rating in a report on Monday, July 15th. Finally, Morgan Stanley lifted their price objective on shares of 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. Six analysts have rated the stock with a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat, Bank of New York Mellon presently has a consensus rating of “Moderate Buy” and an average target price of $66.59.

Insider Transactions at Bank of New York Mellon

In related 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 completion of the sale, the vice president now directly owns 173,930 shares in the company, valued at $11,150,652.30. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 0.14% of the company’s stock.

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.