Frank Rimerman Advisors LLC Purchases New Holdings in The Bank of New York Mellon Co. (NYSE:BK)

Frank Rimerman Advisors LLC acquired a new position in shares of The Bank of New York Mellon Co. (NYSE:BK) in the second quarter, according to its most recent disclosure with the SEC. The firm acquired 12,766 shares of the bank’s stock, valued at approximately $765,000.

Several other hedge funds and other institutional investors also recently modified their holdings of the stock. ProShare Advisors LLC boosted its holdings in shares of Bank of New York Mellon by 2.2% in the second quarter. ProShare Advisors LLC now owns 174,067 shares of the bank’s stock valued at $10,425,000 after acquiring an additional 3,717 shares in the last quarter. Kowal Investment Group LLC boosted its holdings in Bank of New York Mellon by 3.3% in the 2nd quarter. Kowal Investment Group LLC now owns 9,010 shares of the bank’s stock valued at $540,000 after purchasing an additional 291 shares in the last quarter. Symmetry Investments LP increased its position in Bank of New York Mellon by 64.7% during the 2nd quarter. Symmetry Investments LP now owns 10,131 shares of the bank’s stock worth $607,000 after purchasing an additional 3,981 shares during the period. Ensign Peak Advisors Inc raised its stake in shares of Bank of New York Mellon by 36.3% during the 2nd quarter. Ensign Peak Advisors Inc now owns 145,451 shares of the bank’s stock worth $8,711,000 after buying an additional 38,740 shares in the last quarter. Finally, Sompo Asset Management Co. Ltd. lifted its holdings in shares of Bank of New York Mellon by 3.6% in the 2nd quarter. Sompo Asset Management Co. Ltd. now owns 14,510 shares of the bank’s stock valued at $869,000 after buying an additional 500 shares during the period. 85.31% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Bank of New York Mellon

In related news, VP Hanneke Smits sold 15,000 shares of the company’s stock in a transaction 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 $11,150,652.30. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 0.14% of the company’s stock.

Bank of New York Mellon Stock Up 0.4 %

Shares of NYSE:BK opened at $72.14 on Tuesday. The company has a market capitalization of $53.95 billion, a P/E ratio of 16.70, a P/E/G ratio of 1.17 and a beta of 1.08. The stock’s fifty day simple moving average is $66.10 and its 200-day simple moving average is $60.83. The Bank of New York Mellon Co. has a 52-week low of $39.66 and a 52-week high of $73.19. The company has a quick ratio of 0.70, a current ratio of 0.70 and a debt-to-equity ratio of 0.85.

Bank of New York Mellon (NYSE:BK) last issued its quarterly 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. Bank of New York Mellon had a net margin of 9.40% and a return on equity of 11.87%. The business had revenue of $4.60 billion during the quarter, compared to the consensus estimate of $4.53 billion. During the same period in the previous year, the firm posted $1.38 earnings per share. The company’s quarterly revenue was up 2.1% compared to the same quarter last year. As a group, equities research analysts forecast that The Bank of New York Mellon Co. will post 5.63 earnings per share for the current fiscal 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 paid a dividend of $0.47 per share. This represents a $1.88 dividend on an annualized basis and a dividend yield of 2.61%. The ex-dividend date of this dividend 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 dividend payout ratio is currently 43.52%.

Analyst Ratings Changes

BK has been the subject of several research analyst reports. Morgan Stanley increased their price objective on Bank of New York Mellon from $65.00 to $72.00 and gave the stock an “equal weight” rating in a research report on Tuesday, July 30th. Evercore ISI raised their price objective 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 note on Monday, July 15th. Barclays boosted their price objective on shares of Bank of New York Mellon from $68.00 to $75.00 and gave the stock an “overweight” rating in a report on Monday, July 15th. Deutsche Bank Aktiengesellschaft raised shares of Bank of New York Mellon from a “hold” rating to a “buy” rating and increased their target price for the company from $66.00 to $80.00 in a report on Monday. Finally, Keefe, Bruyette & Woods reissued an “outperform” rating and set a $75.00 price target (up previously from $70.00) on shares of Bank of New York Mellon in a research note on Monday, July 15th. Five equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. According to MarketBeat.com, Bank of New York Mellon has a consensus rating of “Moderate Buy” and a consensus price target of $67.86.

Bank of New York Mellon Company 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.