Argent Trust Co Acquires 2,072 Shares of The Bank of New York Mellon Co. (NYSE:BK)

Argent Trust Co increased its holdings in shares of The Bank of New York Mellon Co. (NYSE:BK) by 10.5% during the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 21,855 shares of the bank’s stock after acquiring an additional 2,072 shares during the period. Argent Trust Co’s holdings in Bank of New York Mellon were worth $1,309,000 at the end of the most recent reporting period.

Other hedge funds have also recently added to or reduced their stakes in the company. Olistico Wealth LLC bought a new stake in shares of Bank of New York Mellon in the 2nd quarter valued at approximately $30,000. Able Wealth Management LLC bought a new stake in Bank of New York Mellon in the fourth quarter valued at $32,000. Kathleen S. Wright Associates Inc. bought a new stake in Bank of New York Mellon in the first quarter valued at $32,000. Clearstead Trust LLC bought a new position in shares of Bank of New York Mellon during the second quarter valued at $32,000. Finally, Family Firm Inc. acquired a new stake in shares of Bank of New York Mellon in the 2nd quarter valued at $40,000. Institutional investors and hedge funds own 85.31% of the company’s stock.

Analyst Ratings Changes

Several equities analysts recently issued reports on the stock. Evercore ISI lifted 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 report on Monday, July 15th. Deutsche Bank Aktiengesellschaft lifted 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 note on Thursday, August 15th. Keefe, Bruyette & Woods restated an “outperform” rating and set a $75.00 price target (up from $70.00) on shares of Bank of New York Mellon in a research report on Monday, July 15th. Citigroup lifted their price objective on Bank of New York Mellon from $65.00 to $70.00 and gave the company a “neutral” rating in a research report on Thursday. Finally, Barclays increased their target price on 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. Six equities research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $66.59.

Insider Activity at Bank of New York Mellon

In other Bank of New York Mellon news, VP Hanneke Smits sold 15,000 shares of the firm’s stock in a transaction dated Thursday, July 18th. The stock was sold at an average price of $64.11, for a total transaction of $961,650.00. Following the transaction, the vice president now owns 173,930 shares in the company, valued at $11,150,652.30. The sale was disclosed in a document filed with the SEC, which is available through this link. 0.14% of the stock is currently owned by corporate insiders.

Bank of New York Mellon Price Performance

Shares of BK stock opened at $71.71 on Friday. 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 12 month low of $39.66 and a 12 month high of $71.92. The firm has a market cap of $53.63 billion, a price-to-earnings ratio of 16.60, a PEG ratio of 1.17 and a beta of 1.08. The stock has a 50-day moving average price of $65.83 and a 200 day moving average price of $60.53.

Bank of New York Mellon (NYSE:BK) last posted its quarterly earnings results on Friday, July 12th. The bank reported $1.51 earnings per share 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. Bank of New York Mellon’s revenue for the quarter was up 2.1% compared to the same quarter last year. Research analysts expect that The Bank of New York Mellon Co. will post 5.63 EPS for the current year.

Bank of New York Mellon Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, August 2nd. Investors of record on Monday, July 22nd were paid a dividend of $0.47 per share. The ex-dividend date was Monday, July 22nd. This is a boost from Bank of New York Mellon’s previous quarterly dividend of $0.42. This represents a $1.88 dividend on an annualized basis and a dividend yield of 2.62%. Bank of New York Mellon’s payout ratio is 43.52%.

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.