LGT Fund Management Co Ltd. Takes $1.89 Million Position in The Bank of New York Mellon Co. (NYSE:BK)

LGT Fund Management Co Ltd. bought a new stake in The Bank of New York Mellon Co. (NYSE:BK) during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor bought 31,500 shares of the bank’s stock, valued at approximately $1,887,000.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. United Services Automobile Association lifted its position in shares of Bank of New York Mellon by 6.9% during the 4th quarter. United Services Automobile Association now owns 25,447 shares of the bank’s stock valued at $1,325,000 after acquiring an additional 1,640 shares during the period. Entropy Technologies LP bought a new stake in Bank of New York Mellon during the first quarter worth $1,027,000. QRG Capital Management Inc. lifted its position in shares of Bank of New York Mellon by 6.9% during the first quarter. QRG Capital Management Inc. now owns 127,576 shares of the bank’s stock valued at $7,351,000 after purchasing an additional 8,204 shares in the last quarter. Wakefield Asset Management LLLP bought a new stake in Bank of New York Mellon in the 1st quarter worth about $3,740,000. Finally, Janney Capital Management LLC purchased a new stake in shares of Bank of New York Mellon during the fourth quarter valued at approximately $243,000. Institutional investors and hedge funds own 85.31% of the company’s stock.

Bank of New York Mellon Stock Up 2.0 %

BK opened at $67.72 on Tuesday. The business’s fifty day simple moving average is $64.35 and its 200 day simple moving average is $59.81. The Bank of New York Mellon Co. has a 52 week low of $39.66 and a 52 week high of $68.60. 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 cap of $49.97 billion, a PE ratio of 15.68, a P/E/G ratio of 1.14 and a beta of 1.08.

Bank of New York Mellon (NYSE:BK) last announced its quarterly earnings data on Friday, July 12th. The bank reported $1.51 EPS for the quarter, beating the consensus estimate of $1.43 by $0.08. The firm had revenue of $4.60 billion for the quarter, compared to analyst estimates of $4.53 billion. Bank of New York Mellon had a return on equity of 11.87% and a net margin of 9.40%. The company’s revenue was up 2.1% on a year-over-year basis. During the same period in the prior year, the company earned $1.38 EPS. As a group, research analysts expect 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 firm also recently disclosed 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 dividend on an annualized basis and a dividend yield of 2.78%. This is a positive change from Bank of New York Mellon’s previous quarterly dividend of $0.42. The ex-dividend date was Monday, July 22nd. Bank of New York Mellon’s payout ratio is presently 43.52%.

Wall Street Analysts Forecast Growth

BK has been the subject of a number of research analyst reports. Citigroup downgraded shares of Bank of New York Mellon from a “buy” rating to a “neutral” rating and set a $65.00 price objective for the company. in a report on Monday, July 15th. Deutsche Bank Aktiengesellschaft raised their price objective 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. Morgan Stanley boosted 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 report on Tuesday, July 30th. Evercore ISI raised their price target on 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. Finally, Barclays lifted their price target on Bank of New York Mellon from $68.00 to $75.00 and gave the company an “overweight” rating in a research report on Monday, July 15th. Six research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $66.14.

Insider Activity

In other news, VP Hanneke Smits sold 15,000 shares of the firm’s stock in a transaction dated Thursday, July 18th. The stock was 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. 0.14% of the stock is owned by corporate 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.