EP Wealth Advisors LLC Acquires Shares of 3,899 The Bank of New York Mellon Co. (NYSE:BK)

EP Wealth Advisors LLC purchased a new stake in shares of The Bank of New York Mellon Co. (NYSE:BK) in the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 3,899 shares of the bank’s stock, valued at approximately $234,000.

Several other large investors have also recently modified their holdings of the stock. Entropy Technologies LP bought a new position in shares of Bank of New York Mellon during the first quarter valued at $1,027,000. QRG Capital Management Inc. boosted its position in Bank of New York Mellon by 6.9% in the first quarter. QRG Capital Management Inc. now owns 127,576 shares of the bank’s stock worth $7,351,000 after purchasing an additional 8,204 shares during the last quarter. Wakefield Asset Management LLLP purchased a new position in Bank of New York Mellon in the first quarter worth about $3,740,000. Bessemer Group Inc. grew its stake in shares of Bank of New York Mellon by 128.8% during the 1st quarter. Bessemer Group Inc. now owns 30,755 shares of the bank’s stock valued at $1,771,000 after purchasing an additional 17,312 shares during the period. Finally, Cibc World Markets Corp increased its position in shares of Bank of New York Mellon by 42.8% during the 4th quarter. Cibc World Markets Corp now owns 178,631 shares of the bank’s stock valued at $9,298,000 after purchasing an additional 53,552 shares during the last quarter. Hedge funds and other institutional investors own 85.31% of the company’s stock.

Bank of New York Mellon Trading Up 1.7 %

BK stock opened at $71.99 on Friday. The firm has a fifty day moving average price of $67.46 and a 200 day moving average price of $61.78. The Bank of New York Mellon Co. has a fifty-two week low of $39.66 and a fifty-two week high of $73.19. The firm has a market cap of $53.84 billion, a PE ratio of 16.66, a price-to-earnings-growth ratio of 1.24 and a beta of 1.08. The company has a debt-to-equity ratio of 0.85, a quick ratio of 0.70 and a current ratio of 0.70.

Bank of New York Mellon (NYSE:BK) last announced its earnings results on Friday, July 12th. The bank reported $1.51 earnings per share (EPS) for the quarter, beating the consensus estimate 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 firm had revenue of $4.60 billion for the quarter, compared to analysts’ expectations of $4.53 billion. During the same period in the prior year, the company earned $1.38 EPS. The business’s revenue was up 2.1% compared to the same quarter last year. Sell-side analysts anticipate 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 company also recently announced a quarterly dividend, which was paid on Friday, August 2nd. Stockholders of record on Monday, July 22nd were issued a $0.47 dividend. This represents a $1.88 annualized dividend and a dividend yield of 2.61%. The ex-dividend date 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 (DPR) is 43.52%.

Wall Street Analyst Weigh In

Several research firms recently weighed in on BK. Keefe, Bruyette & Woods reiterated an “outperform” rating and set a $75.00 target price (up from $70.00) on shares of Bank of New York Mellon in a research report on Monday, July 15th. Deutsche Bank Aktiengesellschaft raised Bank of New York Mellon from a “hold” rating to a “buy” rating and lifted their price objective for the company from $66.00 to $80.00 in a research report on Monday, September 23rd. Evercore ISI increased their target price on shares of Bank of New York Mellon from $61.00 to $66.00 and gave the stock an “in-line” rating in a report on Monday, July 15th. Barclays lifted their price target 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, Morgan Stanley increased their price objective on shares of Bank of New York Mellon from $72.00 to $78.00 and gave the stock an “equal weight” rating in a research note on Monday, September 30th. Five analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. According to MarketBeat, Bank of New York Mellon has an average rating of “Moderate Buy” and an average target price of $69.38.

Insider Activity at Bank of New York Mellon

In related news, VP Hanneke Smits sold 15,000 shares of the firm’s stock in a transaction that occurred on Thursday, July 18th. The stock was sold at an average price of $64.11, for a total transaction of $961,650.00. Following the completion of the sale, the vice president now directly owns 173,930 shares of the company’s stock, valued at approximately $11,150,652.30. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 0.14% of the stock is currently owned by insiders.

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.