Foundations Investment Advisors LLC Purchases 467 Shares of The Bank of New York Mellon Co. (NYSE:BK)

Foundations Investment Advisors LLC lifted its holdings in The Bank of New York Mellon Co. (NYSE:BKGet Rating) by 6.5% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 7,688 shares of the bank’s stock after buying an additional 467 shares during the quarter. Foundations Investment Advisors LLC’s holdings in Bank of New York Mellon were worth $320,000 as of its most recent SEC filing.

Other hedge funds also recently bought and sold shares of the company. Norges Bank purchased a new position in shares of Bank of New York Mellon during the fourth quarter valued at $555,083,000. AGF Investments Inc. grew its holdings in Bank of New York Mellon by 9,905.7% in the 1st quarter. AGF Investments Inc. now owns 2,065,768 shares of the bank’s stock valued at $102,524,000 after buying an additional 2,045,122 shares in the last quarter. Millennium Management LLC lifted its stake in shares of Bank of New York Mellon by 1,368.8% in the 4th quarter. Millennium Management LLC now owns 1,668,416 shares of the bank’s stock valued at $96,902,000 after purchasing an additional 1,554,823 shares during the last quarter. American Century Companies Inc. lifted its stake in shares of Bank of New York Mellon by 8.3% in the 1st quarter. American Century Companies Inc. now owns 14,454,703 shares of the bank’s stock valued at $717,387,000 after purchasing an additional 1,110,848 shares during the last quarter. Finally, Qube Research & Technologies Ltd acquired a new position in Bank of New York Mellon during the 1st quarter worth about $40,504,000. Institutional investors own 83.00% of the company’s stock.

Bank of New York Mellon Stock Down 1.2 %

Shares of BK opened at $43.89 on Monday. The stock has a market cap of $35.47 billion, a price-to-earnings ratio of 11.14, a P/E/G ratio of 1.73 and a beta of 1.11. The company has a quick ratio of 0.67, a current ratio of 0.67 and a debt-to-equity ratio of 0.78. The Bank of New York Mellon Co. has a 12 month low of $39.78 and a 12 month high of $64.63. The company has a 50-day moving average price of $43.06 and a two-hundred day moving average price of $45.01.

Bank of New York Mellon (NYSE:BKGet Rating) last posted its quarterly earnings data on Friday, July 15th. The bank reported $1.03 EPS for the quarter, missing the consensus estimate of $1.12 by ($0.09). Bank of New York Mellon had a net margin of 20.61% and a return on equity of 9.49%. The company had revenue of $4.25 billion during the quarter, compared to the consensus estimate of $4.17 billion. During the same period in the prior year, the firm posted $1.13 earnings per share. The company’s revenue was up 7.4% compared to the same quarter last year. Equities analysts predict that The Bank of New York Mellon Co. will post 4.22 EPS for the current fiscal year.

Bank of New York Mellon Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, August 5th. Shareholders of record on Monday, July 25th were given a dividend of $0.37 per share. This represents a $1.48 dividend on an annualized basis and a dividend yield of 3.37%. The ex-dividend date was Friday, July 22nd. This is a positive change from Bank of New York Mellon’s previous quarterly dividend of $0.34. Bank of New York Mellon’s dividend payout ratio is presently 37.56%.

Insider Transactions at Bank of New York Mellon

In related news, CEO Thomas P. Gibbons sold 105,062 shares of the stock in a transaction that occurred on Monday, August 8th. The shares were sold at an average price of $43.24, for a total value of $4,542,880.88. Following the completion of the transaction, the chief executive officer now owns 221,018 shares of the company’s stock, valued at approximately $9,556,818.32. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. 0.08% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

BK has been the topic of a number of research reports. Citigroup dropped their price target on Bank of New York Mellon from $50.00 to $46.00 in a research note on Tuesday, July 12th. Morgan Stanley dropped their price target on Bank of New York Mellon from $53.00 to $45.00 and set an “equal weight” rating for the company in a research report on Wednesday, July 6th. The Goldman Sachs Group lowered their price objective on Bank of New York Mellon from $51.50 to $45.00 and set a “neutral” rating for the company in a research report on Wednesday, June 29th. Wells Fargo & Company lowered their price objective on Bank of New York Mellon from $57.00 to $46.00 and set an “equal weight” rating for the company in a research report on Friday, July 1st. Finally, Piper Sandler lowered their price target on Bank of New York Mellon from $54.00 to $48.00 and set a “neutral” rating for the company in a research report on Friday, June 24th. Eleven equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. According to MarketBeat.com, Bank of New York Mellon currently has a consensus rating of “Hold” and an average target price of $50.73.

Bank of New York Mellon Company Profile

(Get Rating)

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, prime brokerage, and data analytics.

Further Reading

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

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