The Bank of New York Mellon Co. (NYSE:BK) is Auxier Asset Management’s 9th Largest Position

Auxier Asset Management reduced its position in shares of The Bank of New York Mellon Co. (NYSE:BK) by 0.1% in the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 222,399 shares of the bank’s stock after selling 320 shares during the quarter. Bank of New York Mellon accounts for approximately 2.1% of Auxier Asset Management’s holdings, making the stock its 9th biggest position. Auxier Asset Management’s holdings in Bank of New York Mellon were worth $13,319,000 at the end of the most recent quarter.

Several other institutional investors have also recently made changes to their positions in BK. Olistico Wealth LLC bought a new stake in Bank of New York Mellon during the second quarter valued at about $30,000. Able Wealth Management LLC purchased a new stake in Bank of New York Mellon in the 4th quarter worth approximately $32,000. Kathleen S. Wright Associates Inc. bought a new stake in Bank of New York Mellon during the 1st quarter worth approximately $32,000. Clearstead Trust LLC bought a new position in shares of Bank of New York Mellon in the second quarter worth approximately $32,000. Finally, Family Firm Inc. purchased a new stake in shares of Bank of New York Mellon in the second quarter worth $40,000. Institutional investors own 85.31% of the company’s stock.

Bank of New York Mellon Trading Up 0.1 %

Shares of NYSE BK opened at $71.82 on Friday. The business’s 50 day moving average price is $65.98 and its 200-day moving average price is $60.65. The Bank of New York Mellon Co. has a fifty-two week low of $39.66 and a fifty-two week high of $71.96. The company has a debt-to-equity ratio of 0.85, a quick ratio of 0.70 and a current ratio of 0.70. The company 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 posted its quarterly earnings results on Friday, July 12th. The bank reported $1.51 EPS for the quarter, topping 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%. The firm’s revenue was up 2.1% compared to the same quarter last year. During the same quarter last year, the firm posted $1.38 EPS. On average, sell-side 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 company also recently declared a quarterly dividend, which was paid on Friday, August 2nd. Stockholders of record on Monday, July 22nd were given a dividend of $0.47 per share. This is an increase from Bank of New York Mellon’s previous quarterly dividend of $0.42. The ex-dividend date was Monday, July 22nd. This represents a $1.88 dividend on an annualized basis and a dividend yield of 2.62%. Bank of New York Mellon’s dividend payout ratio is presently 43.52%.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on BK. Morgan Stanley increased 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 increased their target price on Bank of New York Mellon from $65.00 to $70.00 and gave the stock a “neutral” rating in a research report on Thursday. Keefe, Bruyette & Woods reissued an “outperform” rating and issued a $75.00 price target (up from $70.00) on shares of Bank of New York Mellon in a report on Monday, July 15th. Barclays increased 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 report on Monday, July 15th. Finally, Deutsche Bank Aktiengesellschaft boosted their price target on shares of Bank of New York Mellon from $63.00 to $66.00 and gave the stock a “hold” rating in a research note on Thursday, August 15th. Six equities research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to MarketBeat, Bank of New York Mellon currently has an average rating of “Moderate Buy” and a consensus target price of $66.59.

Insider Activity

In other news, VP Hanneke Smits sold 15,000 shares of the company’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 value of $961,650.00. Following the completion of the sale, the vice president now owns 173,930 shares of the company’s stock, valued at approximately $11,150,652.30. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 0.14% of the company’s stock.

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.