Parallel Advisors LLC Increases Holdings in The Bank of New York Mellon Co. (NYSE:BK)

Parallel Advisors LLC raised its stake in The Bank of New York Mellon Co. (NYSE:BK) by 6.6% in the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 12,012 shares of the bank’s stock after buying an additional 740 shares during the quarter. Parallel Advisors LLC’s holdings in Bank of New York Mellon were worth $719,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of BK. Federated Hermes Inc. increased its position in Bank of New York Mellon by 11.1% during the second quarter. Federated Hermes Inc. now owns 1,199,589 shares of the bank’s stock worth $71,843,000 after purchasing an additional 120,302 shares during the last quarter. Pinkerton Retirement Specialists LLC increased its holdings in shares of Bank of New York Mellon by 7.0% during the 2nd quarter. Pinkerton Retirement Specialists LLC now owns 59,409 shares of the bank’s stock worth $3,558,000 after buying an additional 3,876 shares during the last quarter. Meeder Advisory Services Inc. raised its position in shares of Bank of New York Mellon by 33.0% during the 2nd quarter. Meeder Advisory Services Inc. now owns 17,688 shares of the bank’s stock valued at $1,059,000 after buying an additional 4,393 shares during the period. DekaBank Deutsche Girozentrale lifted its holdings in Bank of New York Mellon by 2.7% in the second quarter. DekaBank Deutsche Girozentrale now owns 269,386 shares of the bank’s stock valued at $15,987,000 after acquiring an additional 7,025 shares during the last quarter. Finally, Meeder Asset Management Inc. grew its position in Bank of New York Mellon by 312.2% in the second quarter. Meeder Asset Management Inc. now owns 224,728 shares of the bank’s stock worth $13,459,000 after acquiring an additional 170,210 shares during the period. 85.31% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of research firms have commented on BK. Keefe, Bruyette & Woods restated 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 research report on Monday, July 15th. Deutsche Bank Aktiengesellschaft upped their target price 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. Evercore ISI boosted 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 note on Monday, July 15th. Morgan Stanley upped 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 report on Tuesday, July 30th. Finally, Barclays lifted their target price 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. Six equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $66.14.

Insider Buying and Selling

In other Bank of New York Mellon news, VP Hanneke Smits sold 15,000 shares of the 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 sale, the vice president now directly owns 173,930 shares of the company’s stock, valued at approximately $11,150,652.30. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. 0.14% of the stock is owned by insiders.

Bank of New York Mellon Stock Performance

Shares of BK stock opened at $70.53 on Tuesday. The firm has a 50 day moving average of $65.21 and a two-hundred day moving average of $60.27. The stock has a market capitalization of $52.05 billion, a PE ratio of 16.33, a P/E/G ratio of 1.17 and a beta of 1.08. 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 52 week low of $39.66 and a 52 week high of $70.61.

Bank of New York Mellon (NYSE:BK) last released its 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 firm had revenue of $4.60 billion during the quarter, compared to analysts’ expectations of $4.53 billion. Bank of New York Mellon had a return on equity of 11.87% and a net margin of 9.40%. Bank of New York Mellon’s revenue for the quarter was up 2.1% on a year-over-year basis. During the same period in the previous year, the firm posted $1.38 EPS. On average, research analysts predict that The Bank of New York Mellon Co. will post 5.63 EPS for the current fiscal year.

Bank of New York Mellon Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, August 2nd. Investors of record on Monday, July 22nd were issued a $0.47 dividend. This is a boost from Bank of New York Mellon’s previous quarterly dividend of $0.42. The ex-dividend date of this dividend was Monday, July 22nd. This represents a $1.88 annualized dividend and a yield of 2.67%. Bank of New York Mellon’s dividend payout ratio (DPR) is 43.52%.

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.