Pacer Advisors Inc. Purchases New Shares in Bank of New York Mellon Corp (NYSE:BK)

Pacer Advisors Inc. purchased a new stake in shares of Bank of New York Mellon Corp (NYSE:BK) in the second quarter, according to its most recent disclosure with the SEC. The firm purchased 67,495 shares of the bank’s stock, valued at approximately $2,609,000.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Capstone Financial Group Inc. bought a new position in Bank of New York Mellon during the 1st quarter valued at $25,000. Modus Advisors LLC bought a new position in Bank of New York Mellon during the 2nd quarter valued at $25,000. Patriot Financial Group Insurance Agency LLC boosted its stake in Bank of New York Mellon by 123.1% during the 2nd quarter. Patriot Financial Group Insurance Agency LLC now owns 656 shares of the bank’s stock valued at $25,000 after acquiring an additional 362 shares during the last quarter. Heritage Wealth Advisors boosted its stake in Bank of New York Mellon by 4,232.1% during the 2nd quarter. Heritage Wealth Advisors now owns 30,325 shares of the bank’s stock valued at $27,000 after acquiring an additional 29,625 shares during the last quarter. Finally, Ellevest Inc. boosted its stake in Bank of New York Mellon by 135.1% during the 2nd quarter. Ellevest Inc. now owns 804 shares of the bank’s stock valued at $31,000 after acquiring an additional 462 shares during the last quarter. 81.65% of the stock is owned by institutional investors and hedge funds.

A number of research analysts have commented on the stock. Morgan Stanley reduced their price objective on shares of Bank of New York Mellon from $42.00 to $41.00 and set an “underweight” rating on the stock in a research note on Thursday, July 16th. JPMorgan Chase & Co. upgraded shares of Bank of New York Mellon from an “underweight” rating to a “neutral” rating in a research report on Sunday, April 19th. Seaport Global Securities initiated coverage on shares of Bank of New York Mellon in a research report on Wednesday, July 8th. They issued a “buy” rating and a $51.00 price target on the stock. Deutsche Bank reduced their price target on shares of Bank of New York Mellon from $41.00 to $40.00 and set a “hold” rating on the stock in a research report on Thursday, July 9th. Finally, Barclays restated a “buy” rating and issued a $54.00 price target on shares of Bank of New York Mellon in a research report on Thursday, April 9th. Three research analysts have rated the stock with a sell rating, eight have given a hold rating and nine have issued a buy rating to the company. The stock presently has a consensus rating of “Hold” and an average price target of $44.97.

Shares of NYSE:BK opened at $35.85 on Friday. The company has a market cap of $31.74 billion, a PE ratio of 8.66, a P/E/G ratio of 1.15 and a beta of 1.10. The company’s 50-day moving average price is $37.53 and its 200 day moving average price is $38.56. Bank of New York Mellon Corp has a fifty-two week low of $26.40 and a fifty-two week high of $51.60. The company has a quick ratio of 0.72, a current ratio of 0.68 and a debt-to-equity ratio of 0.74.

Bank of New York Mellon (NYSE:BK) last released its earnings results on Wednesday, July 15th. The bank reported $1.01 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.91 by $0.10. The firm had revenue of $4.01 billion for the quarter, compared to analysts’ expectations of $3.91 billion. Bank of New York Mellon had a net margin of 22.31% and a return on equity of 10.34%. Bank of New York Mellon’s quarterly revenue was up 2.2% on a year-over-year basis. During the same quarter last year, the company earned $1.01 EPS. As a group, equities analysts anticipate that Bank of New York Mellon Corp will post 3.91 EPS for the current year.

The business also recently announced a quarterly dividend, which will be paid on Friday, August 7th. Shareholders of record on Monday, July 27th will be paid a dividend of $0.31 per share. The ex-dividend date is Friday, July 24th. This represents a $1.24 annualized dividend and a yield of 3.46%. Bank of New York Mellon’s payout ratio is 30.85%.

In other Bank of New York Mellon news, EVP J Kevin Mccarthy sold 10,000 shares of the firm’s stock in a transaction dated Friday, May 8th. The shares were sold at an average price of $35.12, for a total transaction of $351,200.00. Following the transaction, the executive vice president now owns 119,870 shares of the company’s stock, valued at approximately $4,209,834.40. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, EVP Mitchell E. Harris sold 35,000 shares of Bank of New York Mellon stock in a transaction that occurred on Wednesday, July 22nd. The stock was sold at an average price of $35.75, for a total transaction of $1,251,250.00. Following the completion of the transaction, the executive vice president now directly owns 145,425 shares in the company, valued at approximately $5,198,943.75. The disclosure for this sale can be found here. 0.12% of the stock is currently owned by company insiders.

Bank of New York Mellon Company Profile

The Bank of New York Mellon Corporation provides a range of financial products and services to institutions, corporations, and high net worth individuals in the United States and internationally. The company operates through two segments, Investment Management and Investment Services. It offers investment management, custody, foreign exchange, fund broker-dealer, collateral and liquidity, clearing, corporate trust, global payment, trade finance, and cash management services, as well as securities finance and depositary receipts.

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Institutional Ownership by Quarter for Bank of New York Mellon (NYSE:BK)

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