Primecap Management Co. CA Increases Stock Position in The Bank of New York Mellon Co. (NYSE:BK)

Primecap Management Co. CA lifted its holdings in The Bank of New York Mellon Co. (NYSE:BK) by 11.7% in the 2nd quarter, according to its most recent filing with the SEC. The firm owned 711,500 shares of the bank’s stock after purchasing an additional 74,700 shares during the period. Primecap Management Co. CA owned about 0.10% of Bank of New York Mellon worth $42,612,000 at the end of the most recent quarter.

Other hedge funds have also recently modified their holdings of the company. Olistico Wealth LLC purchased a new stake in Bank of New York Mellon during the second quarter valued at approximately $30,000. Able Wealth Management LLC purchased a new position in shares of Bank of New York Mellon in the fourth quarter worth $32,000. Kathleen S. Wright Associates Inc. purchased a new position in shares of Bank of New York Mellon in the first quarter worth $32,000. Family Firm Inc. purchased a new position in shares of Bank of New York Mellon in the second quarter worth $40,000. Finally, Blue Trust Inc. raised its holdings in shares of Bank of New York Mellon by 86.9% in the second quarter. Blue Trust Inc. now owns 856 shares of the bank’s stock worth $49,000 after buying an additional 398 shares during the last quarter. Hedge funds and other institutional investors own 85.31% of the company’s stock.

Bank of New York Mellon Stock Up 0.4 %

BK stock opened at $70.81 on Wednesday. The firm has a market cap of $52.95 billion, a PE ratio of 16.39, a P/E/G ratio of 1.17 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. The firm’s fifty day moving average is $65.42 and its 200 day moving average is $60.38. The Bank of New York Mellon Co. has a one year low of $39.66 and a one year high of $70.92.

Bank of New York Mellon (NYSE:BK) last released its quarterly earnings results on Friday, July 12th. The bank reported $1.51 EPS for the quarter, beating the consensus estimate of $1.43 by $0.08. The company had revenue of $4.60 billion for the quarter, compared to analyst estimates of $4.53 billion. Bank of New York Mellon had a net margin of 9.40% and a return on equity of 11.87%. The firm’s revenue was up 2.1% on a year-over-year basis. During the same quarter last year, the business earned $1.38 earnings per share. On average, research 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 disclosed a quarterly dividend, which was paid on Friday, August 2nd. Shareholders of record on Monday, July 22nd were issued a dividend of $0.47 per share. This represents a $1.88 annualized dividend and a yield of 2.65%. This is an increase from Bank of New York Mellon’s previous quarterly dividend of $0.42. The ex-dividend date of this dividend was Monday, July 22nd. Bank of New York Mellon’s dividend payout ratio (DPR) is presently 43.52%.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on BK shares. Evercore ISI raised their price target 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. Deutsche Bank Aktiengesellschaft raised their price target on shares of Bank of New York Mellon from $63.00 to $66.00 and gave the stock a “hold” rating in a report on Thursday, August 15th. Barclays raised their price target 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. Morgan Stanley increased 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 research note on Tuesday, July 30th. Finally, Keefe, Bruyette & Woods reiterated an “outperform” rating and issued a $75.00 price objective (up previously from $70.00) on shares of Bank of New York Mellon in a research note on Monday, July 15th. Six investment analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to data from MarketBeat, Bank of New York Mellon currently has a consensus rating of “Moderate Buy” and an average target price of $66.14.

Insider Buying and Selling 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 on Thursday, July 18th. The shares were sold at an average price of $64.11, for a total transaction of $961,650.00. Following the transaction, the vice president now directly owns 173,930 shares of the company’s stock, valued at $11,150,652.30. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Insiders own 0.14% of the company’s stock.

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.