Sompo Asset Management Co. Ltd. Has $869,000 Stake in The Bank of New York Mellon Co. (NYSE:BK)

Sompo Asset Management Co. Ltd. raised its holdings in The Bank of New York Mellon Co. (NYSE:BK) by 3.6% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 14,510 shares of the bank’s stock after buying an additional 500 shares during the period. Sompo Asset Management Co. Ltd.’s holdings in Bank of New York Mellon were worth $869,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in BK. Skandinaviska Enskilda Banken AB publ raised its stake in shares of Bank of New York Mellon by 5.3% during the 2nd quarter. Skandinaviska Enskilda Banken AB publ now owns 669,889 shares of the bank’s stock worth $40,120,000 after purchasing an additional 33,833 shares in the last quarter. AE Wealth Management LLC raised its position in Bank of New York Mellon by 10.1% during the second quarter. AE Wealth Management LLC now owns 16,792 shares of the bank’s stock worth $1,006,000 after acquiring an additional 1,535 shares in the last quarter. Promethos Capital LLC bought a new stake in Bank of New York Mellon during the second quarter worth $3,383,000. GM Advisory Group LLC acquired a new stake in Bank of New York Mellon in the second quarter valued at $232,000. Finally, Intech Investment Management LLC grew its position in shares of Bank of New York Mellon by 72.8% in the 2nd quarter. Intech Investment Management LLC now owns 160,210 shares of the bank’s stock valued at $9,595,000 after acquiring an additional 67,473 shares during the period. 85.31% of the stock is owned by institutional investors.

Bank of New York Mellon Price Performance

Shares of Bank of New York Mellon stock opened at $71.82 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 stock has a market capitalization of $53.71 billion, a price-to-earnings ratio of 16.63, a price-to-earnings-growth ratio of 1.17 and a beta of 1.08. The Bank of New York Mellon Co. has a twelve month low of $39.66 and a twelve month high of $71.96. The company has a 50-day simple moving average of $65.98 and a two-hundred day simple moving average of $60.65.

Bank of New York Mellon (NYSE:BK) last released its quarterly earnings results on Friday, July 12th. The bank reported $1.51 earnings per share for the quarter, beating 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 company 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 business earned $1.38 earnings per share. The firm’s quarterly revenue was up 2.1% on a year-over-year basis. Analysts forecast 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 declared a quarterly dividend, which was paid on Friday, August 2nd. Investors of record on Monday, July 22nd were given a $0.47 dividend. 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%. This is a boost from Bank of New York Mellon’s previous quarterly dividend of $0.42. Bank of New York Mellon’s dividend payout ratio (DPR) is presently 43.52%.

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 stock in a transaction dated Thursday, July 18th. The shares were sold at an average price of $64.11, for a total transaction of $961,650.00. Following the sale, the vice president now directly owns 173,930 shares in the company, valued at $11,150,652.30. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 0.14% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on BK. Morgan Stanley raised their target price on shares of Bank of New York Mellon from $65.00 to $72.00 and gave the company an “equal weight” rating in a research note on Tuesday, July 30th. Citigroup lifted 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 note on Thursday. Deutsche Bank Aktiengesellschaft increased their price target on 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 reaffirmed an “outperform” rating and set a $75.00 price objective (up from $70.00) on shares of Bank of New York Mellon in a research report on Monday, July 15th. Finally, Evercore ISI increased 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 report on Monday, July 15th. Six analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $66.59.

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.