Knights of Columbus Asset Advisors LLC Takes Position in The Bank of New York Mellon Corporation $BK

Knights of Columbus Asset Advisors LLC purchased a new position in The Bank of New York Mellon Corporation (NYSE:BK) during the 2nd quarter, Holdings Channel.com reports. The firm purchased 76,631 shares of the bank’s stock, valued at approximately $6,982,000.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in BK. Canada Post Corp Registered Pension Plan purchased a new position in shares of Bank of New York Mellon in the 1st quarter worth about $1,035,000. TrueMark Investments LLC purchased a new position in Bank of New York Mellon in the first quarter worth about $4,282,000. Wealth Enhancement Advisory Services LLC lifted its stake in shares of Bank of New York Mellon by 29.1% in the first quarter. Wealth Enhancement Advisory Services LLC now owns 223,438 shares of the bank’s stock worth $18,740,000 after buying an additional 50,368 shares in the last quarter. Formidable Asset Management LLC purchased a new stake in shares of Bank of New York Mellon during the first quarter valued at approximately $247,000. Finally, Sumitomo Mitsui DS Asset Management Company Ltd grew its holdings in shares of Bank of New York Mellon by 121.8% during the first quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 183,602 shares of the bank’s stock valued at $15,399,000 after buying an additional 100,810 shares during the last quarter. Institutional investors own 85.31% of the company’s stock.

Bank of New York Mellon Stock Performance

Shares of BK opened at $106.48 on Monday. The business has a 50-day simple moving average of $104.60 and a two-hundred day simple moving average of $93.05. The company has a quick ratio of 0.72, a current ratio of 0.72 and a debt-to-equity ratio of 0.86. The Bank of New York Mellon Corporation has a 52 week low of $70.46 and a 52 week high of $110.87. The stock has a market cap of $75.09 billion, a price-to-earnings ratio of 16.26, a PEG ratio of 1.01 and a beta of 1.13.

Bank of New York Mellon (NYSE:BK) last released its earnings results on Tuesday, July 15th. The bank reported $1.94 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.73 by $0.21. Bank of New York Mellon had a net margin of 12.27% and a return on equity of 13.46%. The company had revenue of $4.77 billion during the quarter, compared to analyst estimates of $4.80 billion. During the same period in the prior year, the firm posted $1.51 EPS. The firm’s quarterly revenue was up 9.4% compared to the same quarter last year. On average, analysts expect that The Bank of New York Mellon Corporation will post 6.96 EPS for the current year.

Bank of New York Mellon Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, August 7th. Stockholders of record on Friday, July 25th were given a dividend of $0.53 per share. This represents a $2.12 annualized dividend and a dividend yield of 2.0%. The ex-dividend date was Friday, July 25th. This is a positive change from Bank of New York Mellon’s previous quarterly dividend of $0.47. Bank of New York Mellon’s payout ratio is 32.37%.

Insider Buying and Selling at Bank of New York Mellon

In related news, EVP J Kevin Mccarthy sold 20,000 shares of the company’s stock in a transaction on Tuesday, July 22nd. The shares were sold at an average price of $98.45, for a total value of $1,969,000.00. Following the completion of the transaction, the executive vice president owned 35,115 shares of the company’s stock, valued at approximately $3,457,071.75. This represents a 36.29% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Company insiders own 0.14% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on BK shares. TD Cowen began coverage on Bank of New York Mellon in a report on Thursday, September 25th. They set a “buy” rating on the stock. Weiss Ratings restated a “buy (b+)” rating on shares of Bank of New York Mellon in a research note on Saturday, September 27th. Keefe, Bruyette & Woods lifted their price target on shares of Bank of New York Mellon from $105.00 to $113.00 and gave the stock an “outperform” rating in a research note on Wednesday, July 16th. BMO Capital Markets assumed coverage on shares of Bank of New York Mellon in a research report on Friday. They set an “outperform” rating and a $125.00 price objective on the stock. Finally, Evercore ISI lifted their target price on shares of Bank of New York Mellon from $91.00 to $110.00 and gave the stock an “in-line” rating in a research report on Tuesday, September 30th. Ten investment analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $103.46.

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.