LPL Financial LLC Grows Stake in The Bank of New York Mellon Co. (NYSE:BK)

LPL Financial LLC boosted its stake in shares of The Bank of New York Mellon Co. (NYSE:BK) by 9.2% during the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 206,813 shares of the bank’s stock after purchasing an additional 17,369 shares during the period. LPL Financial LLC’s holdings in Bank of New York Mellon were worth $9,398,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Brown Brothers Harriman & Co. lifted its position in Bank of New York Mellon by 97.1% during the first quarter. Brown Brothers Harriman & Co. now owns 609 shares of the bank’s stock valued at $30,000 after purchasing an additional 300 shares in the last quarter. Exos TFP Holdings LLC bought a new stake in Bank of New York Mellon during the fourth quarter valued at about $32,000. Glass Jacobson Investment Advisors llc bought a new stake in Bank of New York Mellon during the fourth quarter valued at about $36,000. Sandy Spring Bank bought a new stake in Bank of New York Mellon during the fourth quarter valued at about $36,000. Finally, Coppell Advisory Solutions Corp. bought a new stake in Bank of New York Mellon during the fourth quarter valued at about $45,000. 81.19% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other news, EVP J Kevin Mccarthy sold 35,000 shares of the company’s stock in a transaction that occurred on Wednesday, July 19th. The stock was sold at an average price of $46.33, for a total transaction of $1,621,550.00. Following the transaction, the executive vice president now owns 98,102 shares of the company’s stock, valued at $4,545,065.66. The transaction was disclosed in a legal filing with the SEC, which is available at this link. In related news, EVP J Kevin Mccarthy sold 35,000 shares of the stock in a transaction that occurred on Wednesday, July 19th. The stock was sold at an average price of $46.33, for a total value of $1,621,550.00. Following the transaction, the executive vice president now owns 98,102 shares of the company’s stock, valued at $4,545,065.66. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, insider Kurtis R. Kurimsky sold 14,045 shares of the stock in a transaction that occurred on Friday, August 4th. The stock was sold at an average price of $45.64, for a total value of $641,013.80. Following the completion of the transaction, the insider now directly owns 23,816 shares in the company, valued at approximately $1,086,962.24. The disclosure for this sale can be found here. Insiders own 0.10% of the company’s stock.

Analyst Ratings Changes

BK has been the topic of a number of recent analyst reports. Citigroup decreased their price target on Bank of New York Mellon from $58.00 to $55.00 in a report on Wednesday, July 19th. Deutsche Bank Aktiengesellschaft lifted their target price on Bank of New York Mellon from $43.00 to $44.00 in a report on Wednesday, July 19th. Evercore ISI reduced their target price on Bank of New York Mellon from $49.00 to $46.00 in a report on Friday, May 12th. Finally, StockNews.com began coverage on Bank of New York Mellon in a report on Thursday, August 17th. They issued a “hold” rating on the stock. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and five have given a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $52.90.

Bank of New York Mellon Trading Up 0.4 %

Shares of NYSE BK opened at $43.73 on Monday. The business’s 50 day moving average is $44.59 and its two-hundred day moving average is $44.82. The company has a debt-to-equity ratio of 0.94, a current ratio of 0.72 and a quick ratio of 0.72. The Bank of New York Mellon Co. has a 1-year low of $36.22 and a 1-year high of $52.26. The stock has a market capitalization of $34.06 billion, a P/E ratio of 12.75, a PEG ratio of 1.13 and a beta of 1.09.

Bank of New York Mellon (NYSE:BK) last announced its earnings results on Tuesday, July 18th. The bank reported $1.38 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.22 by $0.16. The business had revenue of $4.45 billion during the quarter, compared to analyst estimates of $4.37 billion. Bank of New York Mellon had a return on equity of 11.88% and a net margin of 10.95%. The company’s revenue for the quarter was up 4.7% compared to the same quarter last year. During the same quarter in the previous year, the business earned $1.15 earnings per share. As a group, research analysts expect that The Bank of New York Mellon Co. will post 4.87 EPS for the current year.

Bank of New York Mellon Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, August 10th. Stockholders of record on Friday, July 28th were paid a dividend of $0.42 per share. This is a boost from Bank of New York Mellon’s previous quarterly dividend of $0.37. The ex-dividend date of this dividend was Thursday, July 27th. This represents a $1.68 dividend on an annualized basis and a dividend yield of 3.84%. Bank of New York Mellon’s dividend payout ratio is currently 48.98%.

Bank of New York Mellon Company Profile

The Bank of New York Mellon Corp. is a bank holding company, which engages in the provision of financial services. It operates through the following segments: Securities Services, Market and Wealth Services, Investment and Wealth Management, and Other segment. The Securities Services segment includes Asset Servicing business, which provides global custody, fund accounting, integrated middle-office solutions, transfer agency and data and analytics solutions.