The Bank of New York Mellon Co. (NYSE:BK) Stake Increased by Synovus Financial Corp

Synovus Financial Corp raised its stake in shares of The Bank of New York Mellon Co. (NYSE:BK) by 5.6% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 13,241 shares of the bank’s stock after acquiring an additional 700 shares during the quarter. Synovus Financial Corp’s holdings in Bank of New York Mellon were worth $952,000 at the end of the most recent quarter.

Other hedge funds also recently added to or reduced their stakes in the company. Studio Investment Management LLC grew its stake in Bank of New York Mellon by 2.1% in the third quarter. Studio Investment Management LLC now owns 6,636 shares of the bank’s stock worth $477,000 after purchasing an additional 134 shares in the last quarter. Stanley Laman Group Ltd. lifted its holdings in Bank of New York Mellon by 2.2% during the 3rd quarter. Stanley Laman Group Ltd. now owns 6,198 shares of the bank’s stock worth $445,000 after buying an additional 135 shares during the last quarter. Avidian Wealth Enterprises LLC grew its position in shares of Bank of New York Mellon by 2.0% in the 3rd quarter. Avidian Wealth Enterprises LLC now owns 7,024 shares of the bank’s stock worth $505,000 after acquiring an additional 137 shares in the last quarter. Frank Rimerman Advisors LLC increased its holdings in shares of Bank of New York Mellon by 1.1% in the 3rd quarter. Frank Rimerman Advisors LLC now owns 12,908 shares of the bank’s stock valued at $928,000 after acquiring an additional 142 shares during the last quarter. Finally, Sigma Planning Corp raised its position in shares of Bank of New York Mellon by 2.7% during the 3rd quarter. Sigma Planning Corp now owns 5,470 shares of the bank’s stock valued at $393,000 after acquiring an additional 143 shares in the last quarter. 85.31% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several analysts have weighed in on BK shares. Evercore ISI boosted their target price on shares of Bank of New York Mellon from $66.00 to $77.00 and gave the company an “in-line” rating in a research note on Monday, October 14th. Morgan Stanley upgraded shares of Bank of New York Mellon from an “equal weight” rating to an “overweight” rating and increased their price objective for the stock from $82.00 to $94.00 in a research note on Monday, December 9th. UBS Group lifted their target price on Bank of New York Mellon from $73.00 to $82.00 and gave the company a “buy” rating in a research note on Tuesday, October 8th. StockNews.com upgraded Bank of New York Mellon from a “hold” rating to a “buy” rating in a research report on Saturday. Finally, Barclays boosted their price objective on Bank of New York Mellon from $75.00 to $86.00 and gave the company an “overweight” rating in a research report on Monday, October 14th. Four equities research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $81.00.

Bank of New York Mellon Price Performance

Shares of BK opened at $79.08 on Tuesday. The Bank of New York Mellon Co. has a one year low of $50.87 and a one year high of $82.72. The stock’s fifty day moving average is $77.95 and its 200-day moving average is $69.26. The company has a debt-to-equity ratio of 0.89, a quick ratio of 0.70 and a current ratio of 0.70. The firm has a market capitalization of $57.50 billion, a price-to-earnings ratio of 17.19, a price-to-earnings-growth ratio of 0.91 and a beta of 1.07.

Bank of New York Mellon (NYSE:BK) last released its earnings results on Friday, October 11th. The bank reported $1.52 EPS for the quarter, beating the consensus estimate of $1.41 by $0.11. The firm had revenue of $4.65 billion for the quarter, compared to analysts’ expectations of $4.52 billion. Bank of New York Mellon had a net margin of 9.44% and a return on equity of 12.06%. Equities analysts anticipate that The Bank of New York Mellon Co. will post 5.84 EPS for the current year.

Bank of New York Mellon Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, November 1st. Investors of record on Monday, October 21st were issued a dividend of $0.47 per share. This represents a $1.88 dividend on an annualized basis and a yield of 2.38%. The ex-dividend date was Monday, October 21st. Bank of New York Mellon’s payout ratio is currently 40.87%.

Insiders Place Their Bets

In related news, EVP J Kevin Mccarthy sold 25,000 shares of the firm’s stock in a transaction that occurred on Tuesday, October 15th. The shares were sold at an average price of $76.31, for a total value of $1,907,750.00. Following the completion of the transaction, the executive vice president now owns 75,404 shares of the company’s stock, valued at approximately $5,754,079.24. This trade represents a 24.90 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, VP Hanneke Smits sold 16,475 shares of the stock in a transaction dated Tuesday, October 15th. The stock was sold at an average price of $76.47, for a total value of $1,259,843.25. Following the completion of the sale, the vice president now directly owns 157,455 shares of the company’s stock, valued at approximately $12,040,583.85. This represents a 9.47 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.14% of the stock is owned by company insiders.

Bank of New York Mellon 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.